US Stocks Movement | Nvidia Turns From Decline to Gain in Pre-market, Focus on These Two Key Windows in the Future

```htmlGolden Ten Data May 21｜NVIDIA turned from a decline to a rise in pre-market trading. NVIDIA announced results early today that exceeded expectations: its financial figures surpassed forecasts, Q2 guidance was better than expected, and the strategic increment (Vera CPU) completely surprised the market. However, after the earnings announcement, the stock price showed a downward trend during after-hours and overnight trading, and even in the early pre-market period. Some analysts say that the post-earnings decline reflects a valuation game rather than fundamental logic. While most analysts have raised their price targets to the $285-$325 range, the main reason for the short-term pressure is that the "upside surprise wasn't big enough"—this is essentially the "perfect tax," an inherent property of high-priced assets. There has been a shift in consensus narrative after the financial report: from "whether Blackwell can be mass-produced on schedule" to "the Vera Rubin ramp-up slope" and "realizing Vera CPU revenues," with market attention turning to the next-generation platform. The two most critical windows to observe for NVIDIA: First, whether Vera Rubin can be mass-produced as scheduled in Q3 this year, and whether its ramp-up slope exceeds Blackwell; second, whether the $20 billion in Vera CPU revenue visibility can turn into realized income within the year. The realization of these two variables will determine whether the current 50-55x NTM P/E valuation is justified.```