NVIDIA Corporation (NASDAQ:NVDA) is now worth more than Apple Inc. (NASDAQ:AAPL), but investors are paying far less for each dollar of its expected earnings. With Nvidia at a $5.77 trillion market cap and 24.88x forward earnings, compared with Apple's $4.86 trillion valuation and 35.21x multiple, the question is not simply which company is cheaper. It is why Apple commands the higher multiple. At those valuations, Nvidia's multiple implies roughly $232 billion of forward earnings, while Apple's implies around $138 billion. In other words, the market is already expecting Nvidia's earnings to be dramatically larger. Yet Nvidia still trades at about a 29% discount to Apple's forward P/E.
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