Your numbers are wrong. The last quarter profit was $19B and the projected profit is 21B next quarter. That is 84B/year profit with zero growth.

If META,STARGATE,xAI,etc.. all increased spending rapidly you could get to 200B profit rate in 2026.

3T / 200B = 15

That means they could return a 6.6 dividend which is higher than 10 year bonds and is in no way overvalued by historial standards.

All that to say, I sold all my NVDA last month because I don't think Wall St. is buying that everyone is going to actually invest that much.