Nvidia Faces Micron’s 4× Revenue Surge and IREN’s $3.4B Contract
NVDA•Nvidia trades at 30× forward earnings versus Apple’s 37× premium valuation while contending with Intel’s nascent AI chip push and Micron’s 7.4× forward P/E after revenue quadrupled year-over-year. Australian AI infrastructure firm IREN secured a $3.4 billion contract from Nvidia as it targets $6.44 billion revenue by fiscal 2028.
1. Valuation Comparison with Apple
Nvidia sells at a 30× forward P/E versus Apple’s 37× premium multiple, with Apple trailing by a $190 billion market-cap gap. Nvidia’s stronger AI revenue trajectory has narrowed that gap ahead of Apple’s July earnings and rumored iPhone update.
2. Competitive Pressures from Micron and Intel
Micron’s revenue quadrupled year-over-year, earning a 7.4× forward P/E compared to Intel’s 147× multiple and 7 percent growth, presenting a value alternative to Nvidia’s AI story. Intel is also expanding its AI chip, CPU and foundry operations with government incentives boosting its outlook.
3. Backdoor AI Infrastructure Deal
Australian AI infrastructure specialist IREN landed a $3.4 billion contract with Nvidia atop a $9.7 billion Microsoft deal, underscoring Nvidia’s ecosystem reach. IREN projects revenue growth from $510 million in fiscal 2025 to $6.44 billion by fiscal 2028, reflecting robust demand for Nvidia-powered solutions.
