Despite its hefty market cap, Nvidia still trades at a reasonable forward P/E ratio, just 45 times full-year earnings estimates. Wall Street analysts currently anticipate Nvidia's earnings growing by an average of almost 33% annually over the next three to five years. That is plenty of growth to justify owning the stock at these levels.

IREN stock soared on Monday after announcing a nearly $10 billion deal with Microsoft to provide access to Nvidia chips.

The five-year deal, valued at roughly $9.7 billion, includes a 20% prepayment and marks a significant step in IREN’s expansion into large-scale artificial intelligence (AI) infrastructure. The company has also signed a $5.8 billion procurement deal with Dell Technologies to source the GPUs and supporting equipment.

Nvidia, Microsoft, Apple, Alphabet, Amazon, Broadcom, Meta Platforms, Tesla, Oracle, and Netflix form the "Ten Titans," which make up a staggering 39% of the S&P 500. The "Ten Titans" have produced monster returns in recent years, stretching valuations. But there's still room to run for many of the Titans, including Nvidia and Microsoft.

Microsoft Corp. once again surpassed $4 trillion in valuation, joining artificial intelligence chipmaker Nvidia in the exclusive club that also briefly included Apple on Tuesday.

Despite a wave of key S&P 500 earnings and a Fed rate cut on deck this week, Nvidia is once again drawing the biggest headlines and driving the biggest market swings. The chip giant made a series of announcements Tuesday including: A $1 billion investment in Nokia, the legacy telecom company

Meta Platforms is growing its revenue faster than almost every other "Magnificent Seven" company, yet its stock is the cheapest of them all.

Key Takeaways Shares of IREN surged to a record high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft. IREN is also spending $5.8 billion to purchase Nvidia chips from Dell Technologies.

Apple has joined one of the most exclusive clubs in business after its stock hit a record high on the back of strong iPhone 17 sales and AI buzz.

Microsoft has entered into a $9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia's chips.