Nvidia Corporation ($NVDA) has emerged as a pivotal player in the U.S. stock market, significantly influencing the performance of the S&P 500. Since hitting $140 in June 2024, analyst estimates for Nvidia's earnings per share (EPS) for fiscal year 2026 have increased by 35%, resulting in a decrease in the price-to-earnings (P/E) multiple from 40 to 30. This trend suggests that as EPS estimates continue to rise, the P/E multiple is likely to decline further. Analysts have noted that without Nvidia, the S&P 500 would have underperformed compared to European markets since the current bull market began in 2022. Nvidia's strong financial performance is underscored by its Q3 revenue of $30.77 billion, surpassing its total revenue of $26.97 billion for the entire fiscal year 2023. Additionally, Nvidia's free cash flow has seen nearly 15-fold growth over the past two years, reflecting its robust financial health and market impact.