May 25, 2023.

Every tech investor should remember this date.

This was the day Wall Street realized it had completely underestimated artificial intelligence.

Nvidia shares surged 24% to a record high on this day after issuing a blockbuster earnings report.

Investors knew AI was exciting.

After all, ChatGPT was released just a few months earlier.

What they didn't know was how much money companies were about to spend.

Nvidia provided the answer by not just beating earnings expectations…

It blew them out of the water and told investors the next quarter would be 50% higher than analysts were expecting.

Overnight, the narrative changed.

AI wasn't a future opportunity anymore.

It was happening.

Nvidia added $200 billion in market value that day because investors suddenly had to reprice the entire AI buildout.

I call this the "Nvidia Moment."

And now… over two years later, we're about to have another one.

The Next “Nvidia Moment” – Coming Soon

The difference between today and May 2023 is simple.

Back then, investors underestimated the entire AI buildout.

Today, they're underestimating Nvidia.

The stock is trading at the same price it was in October 2025.

Yet earnings have exploded higher and the AI buildout shows no signs of slowing.

Here are Nvidia’s 2027 earnings estimates – that quietly tick higher nearly every day.

• Current EPS estimate: $13.04

• 30 days ago: $12.81

• 60 days ago: $12.67

• 90 days ago: $12.59

Yet the stock is flat over the last 10 months.

This is an unusual combination – earnings keep rising while the stock price stays flat.

Today, Nvidia trades at just 16 times forward earnings.

In 275th place, Nvidia is sandwiched between McCormick (MKC) and Ulta Beauty (ULTA).

No offense to either company.

McCormick is a spice manufacturer out of my home state of Maryland.

It's a great business… But the spice trade isn't exactly booming anymore and revenue is growing in the low single digits.

Ulta is a well-known beauty retailer, but its financials have been stagnant for years.

Nvidia is in a completely different league.

It’s expected to grow revenue 83% this year and another 44% next year.

Earnings are expected to grow 89% this year and another 45% next year.

Nvidia should trade at a premium multiple.

Yet, it trades at a discount multiple similar to these low-growth companies.

Tonight – Nvidia’s Big Announcement

Tonight, Nvidia reports earnings again.

Wall Street expects the company to report quarterly results of $92.2 billion in revenue and $2.09 in earnings per share.

That’s up from $46.7 billion and $1.05 last year, respectively.

But I'll be paying even closer attention to the guidance.

Since the AI buildout began, Nvidia has consistently raised expectations, forcing analysts to increase earnings estimates quarter after quarter.

If management raises guidance again tonight, the current $13.04 earnings estimate will move even higher.

That means if the stock stays around $200, Nvidia gets even cheaper.

At some point, I believe investors will stop valuing Nvidia at 16x forward earnings and start assigning it a premium multiple that better reflects its growth.

A move from 16x to 20x forward earnings would imply a stock price of $260 based on today's estimates.

A move to 25x implies a stock price of $326.

These multiples don't strike me as aggressive for a company with Nvidia’s growth and dominance.

That's why I believe another "Nvidia Moment" is coming.

The first Nvidia Moment happened because Wall Street underestimated the AI buildout.

The next Nvidia Moment will happen because Wall Street finally realizes it has been underestimating Nvidia itself.

Maybe that realization begins tonight.

If not, it's only a matter of time.