Tesla Q1 earnings beat expectations, Nvidia likely to remain top by market cap

Tesla’s Q1 earnings exceeded expectations, with non-GAAP EPS of $0.41 against $0.36 expected and revenues of $22.387 billion, but the Polymarket contract on NVIDIA being the largest company by market cap on April 30 remains at 99.8% YES.

## Market reaction

The odds are nearly unchanged after Tesla’s earnings report. The April 30 contract sits at 99.8% YES, down from 100% a day ago. With one day left, the market prices NVIDIA as holding its position, supported by its own chip revenue and recent performance.

## Why it matters

Trading volume is $62,088 in USDC. The market is thin: only $2,050 is needed to move the price five points, meaning a single large order could shift the contract. Tesla’s inventory buildup and energy storage deployment shortfall may offset the earnings beat, even as ARK Invest maintains bullish projections on the stock.

## What to watch

The near-certainty here leaves little room for profit on the YES side. A YES share at 99.8¢ pays $1 if NVIDIA is the largest company by April 30, a minimal return. Tesla’s earnings surprise alone is unlikely to close the market cap gap in one trading day, but traders betting on a Tesla surge are getting long odds. Any last-minute announcements from either company, or unexpected moves in NVIDIA’s share price, could matter in the final hours.

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