Amid the massive demand for its AI accelerators, it accumulated a backlog of $500 billion in combined bookings for 2025 and 2026. Also, when CEO Jensen Huang was in Seoul in June, he stated that we are at the beginning of the AI boom, even as Nvidia stock has made massive gains over the last four years. Moreover, Nvidia is an investor in many of its customers, leading to questions about whether the $500 billion is a true reflection of the backlog. Despite that valuation and Huang's assertion about the AI boom, Nvidia is not trading at a premium. Still, CoreWeave gives Nvidia a platform where it can more quickly deploy and test its hardware.