Nvidia vs 12 Iconic Companies
Apple, Walmart, Coca-Cola, P&G, PepsiCo, Disney, McDonald's, Costco, GM, Nike, Starbucks and UPS earned $57.9B between them last quarter. Nvidia earned $59.7B on its own.
The comparison is real but the margin isn't. Roughly $7.8B of Nvidia's profit came from revaluing its stakes in Intel and SpaceX - paper gains on investments, not chips sold. Strip that out and operating profit lands near $54B, slightly behind the twelve combined.
Which doesn't make the number less remarkable. Nvidia did $96.2B in revenue at a 75% gross margin, up 106% year over year, and guided to $108B for the current quarter. Apple, second on this list at $29.8B, needed a billion devices and two decades of retail to get there. Nvidia sells one product category to a few dozen customers.
The risk sits in that same sentence. Four customers now account for over 60% of Nvidia's revenue. Coca-Cola's $4.4B comes from hundreds of millions of people buying a $2 drink - the least concentrated earnings on this page, and the reason it will still be here in ten years.
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August 28, 2026 909 8
