Nvidia has inked a $3.4 billion supply agreement with Bitcoin miner IREN for its AI accelerators, featuring a built-in $2.1 billion share purchase option exercisable over the next two years. The multi-year contract underscores robust corporate spending on Nvidia’s GPUs for large-scale machine learning and data center deployments.

After rising less than Alphabet’s 27% year-to-date gain in 2026, Nvidia nonetheless commands 59% odds in prediction markets to finish the year as the world’s most valuable company versus Alphabet’s 31% probability. The divergence between retail sentiment and market traders reflects differing views on AI growth prospects and margin leverage.

Chip stocks have broadly surged following reports of stronger Apple orders for custom silicon, with Intel logging a fourth straight record high on the back of renewed PC and data center demand. This sector upswing may buoy Nvidia’s shares ahead of its next earnings release, as investors weigh continuing AI hardware tailwinds.