Will Nvidia Form the $6 Trillion Club on May 20?

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Nvidia (NASDAQ: NVDA) is skyrocketing ahead of its highly anticipated first-quarter fiscal 2027 earnings call on May 20. At recent prices, the stock is up about 20% since the semiconductor giant reported its fourth-quarter and full-year fiscal 2026 results. That's even after a 5.7% sell-off from Nvidia's all-time high closing price on May 14 to market close on May 18.

With a market cap of $5.4 trillion, Nvidia would need to gain 11.5% to become the world's first member of the $6 trillion club.

Here's why Nvidia could blow past $6 trillion over the long term, but also why investors shouldn't expect fireworks on May 20.

The market didn't respond to Nvidia's last earnings report

On Feb. 25, Nvidia delivered blowout earnings for the fiscal year that ended Jan. 25, including a mind-numbing $215.9 billion in revenue and $120.1 billion in net income. Despite being a much larger company now than it was a few years ago, Nvidia continues to generate rapid, high-margin growth as cloud computing behemoths gobble up its artificial intelligence (AI) chips and associated hardware required for data center infrastructure.

On March 16, Nvidia founder and CEO Jensen Huang delivered a keynote at the GTC 2026 conference, forecasting $1 trillion in Blackwell and Rubin chip orders through 2027 -- double his prior guidance. Orders continue to pour in for Nvidia's next-generation Rubin architecture. Rubin includes a rack-scale offering tailor-made for data centers that features a graphics processing unit (GPU), central processing unit (CPU), memory chips, and interconnects -- demonstrating that Nvidia is no longer a pure-play GPU giant.

Despite all these announcements, Nvidia's stock price continued to stagnate. At one point in early March, it was cheaper than the S&P 500 (SNPINDEX: ^GSPC) based on forward earnings, despite having a far faster growth rate and higher margins than the index.

Why Nvidia soared in April and May

Nvidia's recent move is a reminder of why it's never a good idea to time the market. Investors who bought Nvidia in February in the hopes that it would soar if it delivered a strong earnings report and exciting announcements at GTC 2026 were left scratching their heads, wondering why the stock wasn't reacting to this news. But those who bought and held Nvidia because those announcements reinforced its underlying investment thesis as the high-growth bedrock fueling the AI boom have been handsomely rewarded.