. Nvidia (NASDAQ: NVDA) The price of shares is a eternal climb since April. The company’s market chapters led to the breakdown of 4 – at the time of writing on July 21.

It seems that almost since reaching the level of $ 3tr, but it looks like everyone is doing it. Microsoft is now valued at 3.8 -Trn, z Apple Pushing $ 3.2 %, when “wonderful seven” pioneers of artificial intelligence (AI) lead the US markets up.

A trillion club of dollars is also growing, z Taiwan Semiconductor Manufacturing Company The latest to join the few elite. I write about the fact that I write above $ 1.2 %.

Does anyone other than me look nervously on the shoulders on the dotcom bubble in 1999? Do you know the one in which some reserves will break by more than 90%when they break?

Big nvidia profits

Nvidia has one huge thing that few in the early boom and bust was shared. It is profitable and good. In the first quarter of the 2025 tax year, the company recorded an escalate in revenues by 12% to USD 44.1 billion. Net profit increased by 26% to USD 18.8 billion.

We look at the ratio of ahead (P/E) of 41. This may seem a bit high, but the forecasts will drop to 32 to 2027, and the US government allows Nvidia to resume the export of H20 processors to China. These are not the highest class chips, but Chinese demand is powerful.

Despite optimism, I think I see a few red flags.

He is expected to overcome expectations

In the United States we are entering the magnificent seven season reporting season Alphabet AND Tesla Throwing the ball on July 23. And commentators are increasingly expressing fears that only good results may not be good enough.

With the progress of the spell, stubborn investors expect their growth actions to overcome analysts’ estimates. And if not, well, we saw what could happen when the previous spells of technology growth reversed.

I also see how they appear, it will be a powerful pushing AI. Will hope for the transformation of the world take place quickly enough to justify today’s huge expenses? Are the profits really in the race in the race? How many expenses drive fear of missing?

We have already seen Apple approaching AI. Maybe “AI in everything” can be further than the bull’s thought.

Buy, sell or what?

It is complex to say what these thoughts mean the future of Nvidia. At the moment I think that the actions still look quite good, even at this market height. NVIDIA also has a clear technical advantage over competitors who, I think, will face a very demanding challenge to catch up.

Those who do not share my troublesome doubts as to the rapid pace of AI expenses could now consider buying NVIDIA shares.

But I will wait off the beaten track, in case we heard that deflation hiss (or, worse, noisy). I will sleep better without risk.