Nvidia (NVDA) shares rose 4.2% to $138.40 in Sunday pre-market trading, adding roughly $214 billion in market capitalization, after Microsoft's confirmation of a $112 billion Copilot Enterprise framework agreement with the top 50 U.S. banks underscored the structural demand for accelerated computing infrastructure. Nvidia's market value now stands at $5.36 trillion, regaining the title of world's most valuable company from Apple.
Goldman Sachs, JPMorgan, Bank of America and Citigroup were among the named participants in the Microsoft framework, which calls for the deployment of Copilot Enterprise to roughly 2.4 million bank employees over a three-year horizon. JPMorgan analyst Toni Sacconaghi estimated that fulfilling the contract will require deployment of approximately 4.6 million Nvidia GPUs at hyperscaler data centres — primarily H200, B200 and the next-generation Rubin processors.
Earnings on May 28 Will Test the Hype
Nvidia is scheduled to release fiscal first quarter earnings on May 28. Consensus calls for revenue of $44.6 billion, up 71% year-on-year, with EPS of $0.94. Bookings visibility for fiscal 2027 has stretched to 11 months from 7 months reported a quarter ago, according to commentary on the February call. CFO Colette Kress flagged that data centre revenue will exceed $300 billion for the full fiscal year, an unprecedented threshold for a single semiconductor product line.
Rivals continue to gain limited share. Advanced Micro Devices (AMD) projects MI400 series revenue of approximately $9 billion in calendar 2026, while Broadcom's (AVGO) custom AI ASIC business — anchored by Google TPU and Meta's MTIA — is expected to deliver $24 billion of revenue this fiscal year.
Power and Cooling Bottlenecks Persist
Despite the demand surge, Nvidia and its hyperscaler customers continue to face physical constraints. Microsoft, Amazon, Google and Meta have collectively contracted for more than 92 gigawatts of incremental data centre capacity through 2028 — equivalent to the entire installed base of nuclear power in France. Power infrastructure stocks Vertiv (