Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Myrmikan Research Daniel Oliver | “Nvidia was founded in 1993 to develop microchips to process graphics for the video game industry. In 2006, Nvidia developed CUDA (Compute Unified Device Architecture), a programming platform that allowed developers to use GPUs for general-purpose computing. When AI mania broke out with the release of ChatGPT in November of 2022, Nvidia found itself with a monopoly over the AI architecture, and the company now sells roughly 90% of AI microchips (nearly all of which are fabricated in Taiwan). Nvidia's share price ran from a split-adjusted $0.50 the month CUDA was released to $15 when ChatGPT came out, then to $206 currently, granting the company a $5 trillion market capitalization, tying it with Apple as the most valuable company in the world. Just as the hyperscalers are funding AI labs to establish equity ownership of and to fund their customers, Nvidia is also aligning with its customers to subsidize its own revenue and ensure that its microchip design remain the standard in the user market. Nvidia has invested $30 billion into OpenAI and $10 billion into Anthropic. On July 26, the Wall Street Journal reported that Nvidia is in talks with OpenAI to guarantee a $250 billion financing for a data center in Ohio: Nvidia's backing would allow the data-center developer… to raise debt at more favorable terms than it could if OpenAI had no financial backer, since OpenAI has no investment-grade credit rating as an unprofitable private company. Much of that $250 billion would return to Nvidia as revenue when OpenAI uses the funds to buy the microchips. Nvidia also funded Nebius with $2 billion in equity, taking a 9.3% stake, and placed $2 billion of equity into CoreWeave along with a $6.3 billion agreement to repurchase unused computing capacity: Under the terms of agreement, in instances where the Company's datacenter capacity is not fully utilized by its own customers, NVIDIA is obligated to purchase the residual unsold capacity through April 13, 2032. In other words, CoreWeave gets to buy the specialized microchips, Nvidia books the sale as revenue, records the profit, but then Nvidia guarantees CoreWeave's revenue, a guarantee that CoreWeave can then use to raise debt it needs to issue in order to pay Nvidia for the microchips.” | NEUTRAL | Q2 2026 Aug 31, 2026 | View Pitch |
New West Capital Kyle Tushaus | “Nvidia is the buildout's supplier, not its payer. Its capital base has grown several times over, but the profit it earns on that base has grown faster still. So its return on capital has multiplied rather than thinned. However, the path wasn't a straight line. The spread nearly closed in early 2023, in the depths of the gaming and crypto downturn, before the AI cycle sent it vertical. When the rest of the world is buying your chips to build their data centers, the capex wave becomes your revenue line, not your cost. Notably, even before AI, Nvidia has always ranked high in our approach, clearing the high quality bar as far back as 2001. Whether that continues past the initial AI wave is the real question to ask.” | NEUTRAL | Q2 2026 Aug 31, 2026 | View Pitch |
Rothschild & Co LongRun Equity Fund Anthony Bailly | “Nvidia's profile has changed over time. End markets are now more stable due to the massive installed base built up over the years. Moreover, thanks to CUDA, Nvidia's software ecosystem for accelerated computing, switching costs are high, as moving to an alternative would cause enormous disruption given the depth of the developer tools and application libraries. It remains the go-to platform, ensuring that Nvidia will enjoy a healthy replacement cycle. Furthermore, its architectural design delivers superior performance for the power consumed. The stock has de-rated despite becoming fundamentally even stronger, and we are taking the opportunity to build a position.” | NEUTRAL | Q2 2026 Aug 24, 2026 | View Pitch |
FPA Source Capital Source Capital Portfolio Managers | “At year-end 2024 investors were generally bullish on Nvidia, ChatGPT had been introduced two years earlier. Nvidia had seen its revenue increase by 4x, and stock increase 6x since the introduction of ChatGPT. Despite being a well-recognized beneficiary of AI-led chip demand, analysts materially underestimated Nvidia's near-term performance. At year-end 2024, analysts expected 2026 revenue of $130-150bn. Run-rate will be closer to $400bn.” | NEUTRAL | Q2 2026 Aug 19, 2026 | View Pitch |
Baron Fifth Avenue Growth Fund Alex Umansky | “Since Google introduced its first TPU in 2016, investors have repeatedly worried that ASICs would disrupt NVIDIA. Yet NVIDIA's data center revenue has grown 225-fold, from about $830 million in 2016 to $187 billion in 2025. Have TPUs gained share over the past decade? Sure. Has NVIDIA lost as a result? Not even close. The market expanded dramatically, and NVIDIA's ecosystem has proven difficult to displace. It has the largest installed base, the broadest developer adoption, models are consistently optimized for its architecture, customers benefit from strong total cost of ownership and reliability, and utilization remains high because its architecture supports the widest range of use cases. The current price of NVIDIA's stock implies a terminal growth rate of 3% (GDP or less?), assuming weighted average cost of capital of 10%, starting next year. In other words, from 100%-plus growth this year, to 3% growth next year. We believe there is a disconnect between the valuation of NVIDIA, and for that matter, Broadcom and those of the AI bottleneck companies. If the market is right about NVIDIA, it is necessarily wrong about the AI bottleneck names, unless future AI demand is met by chips other than NVIDIA's GPUs or Broadcom's ASICs, which together effectively account for the entire market today, or unless their margins are effectively competed away. The reverse is also true. NVIDIA and Broadcom cannot trade as if AI is not real or not sustainable, while the broader AI buildout beneficiaries trade as if AI is just beginning. That said, both companies' growth outlooks are so strong that we do not need multiple expansion, though we believe that risk is skewed to the upside. Fundamentally, both companies continue to perform exceptionally well. NVIDIA's Blackwell, its latest generation GPU, is the fastest ramping chip in the company's history, gaining significant share in networking, where revenues tripled year-over-year, and demand remains unprecedented, with approximately $500 billion of orders booked in roughly 4.5 months, just as AI is beginning to demonstrate real ROI with roughly $175 billion of ARR. Lilly has made a landmark $1 billion co-innovation lab with NVIDIA, which is designed to virtually simulate complex molecular dynamics in silico before beginning physical trials and should help accelerate early-stage drug discovery.” | NEUTRAL | Q2 2026 Aug 14, 2026 | View Pitch |
ClearBridge Investments All Cap Growth Evan Bauman, Erica Furfaro, Aram Green, Amanda Leithe, Margaret Vitrano | “Microsoft and Meta Platforms handily outperformed the benchmark as both they and semiconductor companies, including Nvidia and Broadcom, were boosted by solid earnings and renewed expectations of widespread adoption of AI. The Strategy's mega cap positioning was mostly neutral for the quarter as an overweight to Meta and underweight to underperforming Apple offset relative headwinds from underweights to Microsoft and Nvidia. Broadcom maintained strong execution in development of custom silicon chips for AI computing. The company is well-positioned for continued healthy investment in AI, working with several large technology companies to develop custom silicon that we expect to grow alongside robust demand for Nvidia's all-purpose GPUs. The primary relative detractors were UnitedHealth Group, Microsoft, Nvidia, Vertex Pharmaceuticals and Thermo Fisher Scientific.” | BEAR | Q2 2026 Aug 14, 2026 | View Pitch |
Baron Durable Advantage Fund Alex Umansky | “NVIDIA has been a stellar, truly unicorn-like performer as its revenues grew from $61 billion in 2023 to $130 billion in 2024, and to $216 billion in 2025, with revenues expected to almost double again this year to $424 billion. With stellar profit margins, consensus earnings per share and free cash flow are expected to grow 113% and 116% this year, respectively. Yet, the stock is trading at a 14.5 times P/E on next year's estimate and at a 6.3% free cash flow yield, a 25% to 30% discount to the S&P 500 Index. The current price of NVIDIA's stock implies a terminal growth rate of 3% (GDP or less?), assuming weighted average cost of capital of 10%, starting next year. In other words, from 100%-plus growth this year, to 3% growth next year. We think not!” | NEUTRAL | Q2 2026 Aug 12, 2026 | View Pitch |
Baron Opportunity Fund Michael Lippert | “NVIDIA is a semiconductor and systems company specializing in compute and networking platforms for accelerated computing. The company's dominant position in AI infrastructure—spanning AI accelerator chips (graphics processing units, or GPUs), systems, software, and high-performance networking solutions—continues to underpin strong fundamentals and robust financial results. The company delivered another strong earnings report and raised its forward outlook meaningfully above prior expectations. Demand for NVIDIA's products remains exceptional—as CEO Jensen Huang remarked on the first quarter earnings call, demand has gone parabolic. In the company's April quarter, data center revenue grew 92% year-over-year to $75.2 billion, with total revenue of $81.6 billion, up 85%; for its July quarter, the company guided for total revenue to grow at least another $9.5 billion sequentially. The company's offerings retain strong differentiation as the AI compute paradigm evolves from model training to inference to the emerging agentic era, in which AI agents autonomously plan and execute complex tasks. This was particularly evident in the company's disclosure that it is poised to become one of the world's largest CPU (central processing units) providers — a product category that has historically been outside its core focus. The company's next-generation platform, Vera Rubin, remains on track for second-half delivery despite earlier rumors of delays. We retain conviction in NVIDIA as a core long-term holding, viewing its full-stack platform, software moat, and visibility into sustained hyperscaler capital spending as durable advantages supporting a multiyear growth trajectory.” | NEUTRAL | Q2 2026 Aug 6, 2026 | View Pitch |
Saltlight Capital David Eborall | “NVIDIA presently captures roughly three dollars of gross profit for every one dollar of cost. NVIDIA's CUDA software moat has held a fifteen-year advantage, with millions of developers trained and organised around it, and we are obliged to report that we hold this view rather less firmly than we once did. The painful work of porting away has begun in earnest. The moat, after all, is accumulated developer effort, and the price of developer effort is collapsing before our eyes. Notably, who is funding the assault: NVIDIA's own customers, whose margins are so thoroughly harvested that they will happily spend billions to stop being harvested. NVIDIA has locked up significant portions of scarce physical inputs - advanced memory, packaging capacity, and networking - for years into the future, and its largest customers are not bubble-financed dot-coms burning other people's money, but the most cash-generative enterprises in commercial history.” | NEUTRAL | Q2 2026 Aug 6, 2026 | View Pitch |
Sands Capital Global Growth Fund Brian A. Christiansen, David E. Levanson, Daniel Pilling | “NVIDIA contributed positively during the quarter, supported by strong first-quarter results and continued investor confidence in the durability of AI infrastructure spending. Revenue grew 85 percent, and earnings per share grew 131 percent, reflecting sustained demand for accelerated computing. We believe NVIDIA remains well positioned as AI adoption broadens from training to inference, agentic workflows, and enterprise use cases that require significantly more computing power over time. Importantly, the opportunity is expanding beyond graphics processing units, with management highlighting meaningful visibility into standalone central processing unit revenue. This reinforces NVIDIA's growing role as a systems-level provider across the AI infrastructure stack. We maintain conviction that the scale and duration of future AI capital spending remain underappreciated. NVIDIA's software ecosystem, product roadmap, and leadership in programmable computing should position the business well to sustain above-average growth as AI workloads become more complex and more widely adopted.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
Sands Capital Select Growth Fund Wesley A. Johnston, Thomas H. Trentman, Benjamin H. Betcher | “NVIDIA's contribution reflected continued evidence that demand for accelerated computing remains robust. First-quarter revenue grew 85 percent and earnings per share grew 131 percent, driven by sustained demand for AI infrastructure. While GPUs remain the core driver, the company's opportunity is broadening as AI adoption expands from training toward inference, agentic workflows, and enterprise use cases. Management also highlighted meaningful standalone CPU revenue visibility, reinforcing NVIDIA's evolution from a GPU supplier into a systems-level provider across the AI infrastructure stack. We believe NVIDIA remains one of the clearest beneficiaries of a large and potentially underappreciated AI capital spending cycle.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
Sands Capital Technology Innovators Fund Michael Clarke, Thomas Trentman | “NVIDIA's contribution reflected continued evidence that demand for accelerated computing remains robust. First-quarter revenue grew 85 percent and earnings per share grew 131 percent, driven by sustained demand for AI infrastructure. While GPUs remain the core driver, the company's opportunity is broadening as AI adoption expands from training toward inference, agentic workflows, and enterprise use cases. Management also highlighted meaningful standalone CPU revenue visibility, reinforcing NVIDIA's evolution from a GPU supplier into a systems-level provider across the AI infrastructure stack. We believe NVIDIA remains one of the clearest beneficiaries of a large and potentially underappreciated AI capital spending cycle.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
SGA - U.S. Large Cap Growth Tucker Brown | “Nvidia was a top contributor to performance during the quarter. The company reported strong results and introduced a new sales breakdown that highlights demand from the largest cloud companies, with the underlying numbers lining up well with its long-term outlook. Management commentary and investor focus also reflected confidence that demand remains strong despite ongoing debate around AI investment sustainability. Additionally, management reiterated sustained expectations for multi-trillion-dollar AI spending over the long term, growing contributions from both hyperscaler and non-hyperscaler customers and increasing visibility into the company's networking and emerging CPU opportunities. Networking sales now run at about $60 billion annualized, and the new Vera processor is expected to add $20 billion. Capital returns also stepped up, with a commitment to return at least half of cash to shareholders and about $25 billion of buybacks planned each quarter. While competition and AI spending debates may contribute to periodic volatility, we believe the scale of the opportunity and Nvidia's technological advantages position the company favorably over the long term. We raised the target and added to the position during the quarter, maintaining an above-average weight.” | BULL | Q2 2026 Jul 30, 2026 | View Pitch |
Edgewood Management Alan Breed | “NVIDIA showed 140% year-over-year EPS growth in the most recent quarter. Portfolio weighting is 8.8% as of June 30, 2026. Edgewood estimates 2026 EPS of $8.22 (24x P/E) and 2027 EPS of $10.20 (20x P/E), representing 75% growth in 2025-2026 and 24% growth in 2026-2027, with a 5-year estimated growth rate of 28%. NVIDIA provides compute and foundation models for physical AI: Alpamayo for robotaxis, Cosmos world models, GR00T for humanoids. The portfolio added 1.0% to NVIDIA position during Q2 2026.” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
Platinum International Fund David Steinthal | “The Fund increased its investment in Nvidia. This reflects our view that AI is rapidly becoming more capable and that AI capital expenditure will be 'stronger for longer.' We had materially underestimated the growth in AI, the size of the addressable market and Nvidia's associated growth and profitability. Since then, our earnings and cash flow expectations for Nvidia for the next few years have almost doubled. Yet the share price has 'only' increased around 15% since our initial investment. This has been reflected in a material derating of Nvidia's near term trading multiples. Market commentators are generally not concerned about Nvidia's short term earnings prospects. Their key concern is longer term loss of market share, and questions over management's allocation of Nvidia's immense free cash flow. We expect Nvidia will lose share within the entire 'AI compute pie,' but the rapid growth in the whole pie will mean Nvidia's smaller share still corresponds to very strong growth and financial performance. We are comfortable with Nvidia's overall capital allocation strategy. We consider Nvidia to be trading well below fair value today – an example of value to be found amongst all this AI exuberance.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
Longriver Investment Partners Graham F. Rhodes | “Nvidia sells working computing systems, not merely chips. Its software, scale and supply-chain execution remain difficult to replace, while inference is broadening demand beyond training. Nvidia anticipated supply chain constraints earlier than most, using its scale and balance sheet to secure capacity at TSMC and supplies of critical components like memory and optical connectivity. Buyers may not want to pay Nvidia's margins, but they may still do so if Nvidia offers the fastest and lowest-risk path to working compute. Supply-chain coordination has become part of Nvidia's product. Nvidia was ahead of the pack in its evolution from designing individual circuits to complete 'AI Factories' that not only work, but work efficiently. By integrating across chips, networking, memory, software, power and cooling, Nvidia is able to coordinate design to achieve superior performance, avoid commoditisation and capture more of the system's margin.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
Brown Advisors Global Leaders Strategy Mike Poggi | “The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June. Over the last four years, Nvidia has positioned itself as the leader across all parts of the technical component layer within the AI technology stack, including AI silicon, networking, cooling and total rack systems. The Compute & Networking segment at Nvidia has increased from 41% of revenue in FY2022 to roughly 90% in FY2026, with operating margins rising from 37% to over 60% over the same timeframe. The free cash flow margin has risen from approximately 30% to closer to 45% over this period. This is among the highest free cash flow margins in the S&P 500. One question we have been concerned about for Nvidia is potential share loss within AI inference, given Nvidia already dominates AI training. Nonetheless, so far this year we have seen Nvidia's share of inference increase to over 75%, despite the wider availability of rival options. We have updated our estimates right through the technical infrastructure layer, including TSMC's new capex expansion plans noted above, and they are supportive of our new base-case estimates for Nvidia to reach a double-digit five-year IRR. We initiated a position in Nvidia in June. Over the last four years, Nvidia has positioned itself as the leader across all parts of the technical component layer within the AI technology stack, including AI silicon, networking, cooling and total rack systems. Meanwhile, it has invested heavily in seeding an AI ecosystem based on Nvidia technology within the application, model and cloud compute layers, helping to drive usage of its infrastructure products. Nvidia has reshaped its business from consumer and professional GPU cyclicality toward data-centre infrastructure platform economics.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
L1 Capital International Fund David Steinthal | “TSMC contributed more than 2.0% to the Fund's returns (measured in A$), while Amazon.com contributed around 1.0%. Four other companies (AerCap, Alphabet, Nvidia and Visa – in alphabetic order) each contributed around 0.5% or greater. TSMC, and to a lesser extent Nvidia, benefitted from the market favouring AI capex winners. Our valuation of both businesses continues to increase, and the rationale for increasing the Fund's investment in Nvidia is discussed on page 9. Nvidia and TSMC are currently top 5 holdings in the Fund. During the June 2026 Quarter the Fund's investment in Nvidia was increased. This reflects our view that AI is rapidly becoming more capable and AI capital expenditure will be stronger for longer. Nvidia is now a top 5 holding. It is the world's largest company by market capitalisation, so is hardly unknown. We have followed Nvidia for many years, but our first investment in the company was slightly less than 12 months ago. At that time, we explained that we had materially underestimated the growth in AI, the size of the addressable market, and Nvidia's associated growth and profitability. Since then, Nvidia's financial performance has gone from strength to strength, and our earnings and cash flow expectations for Nvidia for the next few years have almost doubled. Yet the share price has 'only' increased around 15% since our initial investment. This has been reflected in a material derating of Nvidia's near term trading multiples. Market commentators are generally not concerned about Nvidia's short term earnings prospects. Key concerns are focused on longer term loss of market share, and questions over management's allocation of Nvidia's immense free cash flow. We do expect Nvidia will lose share within the entire 'AI compute pie', but the rapid growth in the size of the pie will mean Nvidia's smaller share still corresponds to very strong growth and financial performance. While there may be some unsuccessful investments, we are comfortable with Nvidia's overall capital allocation strategy. We consider Nvidia to be trading well below fair value today – an example of value to be found amongst all this AI exuberance.” | NEUTRAL | Q2 2026 Jul 17, 2026 | View Pitch |
NZS Capital - Growth NZS Capital, LLC | “NVIDIA was added back to the portfolio as a resilient position late in the quarter. NVIDIA had been a long-time holding in the portfolio before we exited in the third quarter of 2025. The stock has since lagged the broad surge in the AI semiconductor ecosystem as the market began contemplating budding risks to the GPU's market share in AI compute. This scenario was our primary concern when we exited the position, but we now think the lowered valuation more than compensates for this type of risk. Further, NVIDIA's growth relative to competitors indicates the GPU is actually taking share at present.” | NEUTRAL | Q2 2026 Jul 17, 2026 | View Pitch |
“Jensen Huang himself frequently highlights power as the key constraint to the data center buildout needed to drive the AI revolution. More recently a global shortage in DRAM due to the high bandwidth ” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch | |
Andrew Hill Investment Advisors, Inc. Andrew D.W. Hill | “Nvidia's stock has waned recently, despite excellent financial performance. Their cash flow from operations for the recent quarter was over $50 Billion. Only Saudi Aramco and Apple had bigger cash flow production in a single quarter. Recently we reduced the position in Nvidia and increased our position in Eli Lilly. Nvidia continues to solidify its role as the backbone of the AI revolution, driving the global market forward with its superior computer chips. The company maintains incredibly high profit margins as tech and healthcare leaders route massive portions of their capital expenditure directly to Nvidia's computational hardware. We view the current valuation as attractive due to their rapid annual pace of product development which provides a clear path to future revenue growth in an era of insatiable compute demand. In our view, all roads lead to Nvidia. Nvidia remains the alpha in computer capabilities.” | NEUTRAL | Q2 2026 Jul 6, 2026 | View Pitch |
Chevy Chase Trust Amy P. Raskin | “Nvidia is highlighted as a primary beneficiary of artificial intelligence hardware demand whose near-term earnings growth may decelerate as hardware supply expands and customer depreciation burdens mount.” | BEAR | Q2 2026 Jul 1, 2026 | View Pitch |
Nightview Capital Arne Alsin | “The AI efficiency selloff in NVIDIA earlier this year gave us an opportunity to add to our position. Our view: the demand for AI compute is not declining; the efficiency of that compute is improving. ” | BULL | Q1 2026 Apr 20, 2026 | View Pitch |
Ophir Andrew Mitchell & Steven Ng | “Nvidia's one-year forward PE is 18.7x, while ExxonMobil's is 20.2x. That's right, Nvidia stock is now cheaper than ExxonMobil. The company supplying the picks and shovels for the AI gold rush – the mo” | BULL | Q1 2026 Apr 15, 2026 | View Pitch |
Silvant Focused Growth Fund Portfolio Manager | “NVIDIA recorded a strong quarter with excellent financial metrics and upbeat guidance, though its stock consolidated near a major valuation threshold amidst rotational market shifts. The fund maintained its holding, supported by NVIDIA's dominant role in AI chip provision and robust data center expansion.” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Columbia Seligman Global Technology Fund Columbia Management Investment Advisers, LLC | “The fund maintained an underweight position in NVIDIA relative to the MSCI World Information Technology Index. The chip manufacturing company still maintained a large allocation in the benchmark, at an average weight of over 8.4% during the quarter. The fund's underweight position contributed to performance relative to the benchmark. NVIDIA continued to deliver strong results, including an earnings beat during the quarter and an upbeat outlook. However, the market reacted cautiously following the earnings report, as investors digested margin compression and whether the future upward guidance had already been priced into the strong run the stock has had since 2023. BSD Analysis: NVIDIA is the clear choke point in AI compute, with demand driven by necessity rather than enthusiasm. Its hardware sits at the center of every serious AI deployment, creating pricing power few tech companies ever achieve. Supply constraints reinforce margins instead of capping growth. Investors debate valuation while customers design roadmaps around NVIDIA availability. Software, ecosystems, and developer lock-in deepen the moat beyond silicon. Competition exists, but alternatives lag in performance and maturity. Capital intensity is high, but returns justify it. This is infrastructure dominance masquerading as a growth stock. When compute matters, NVIDIA sets the terms.” | BULL | Q4 2025 Jan 26, 2026 | View Pitch |
Diameter Capital Partners Scott Goodwin and Jonathan Lewinsohn | “were millstones, contributing to ballooning credit spreads. Much of this critical discernment was a symptom of the widening debate around the differences between the Google (TPUs) and Nvidia (GPUs) ecosystems. Only Google, with its TPU chip, realized significant scaling gains in 2025. The Nvidia team was caught for much of the year in a wait for the new Blackwell chip, which had impatient investors wondering if OpenAI, Anthropic, xAI, and Meta would be able to replicate Google's feats. By the end of 2026, we'll know whether scaling laws will hold across technologies. OpenAI and Oracle, in particular, will shift in the wind until ChatGPT can release a version that hunts with Gemini 3. BSD Analysis: NVIDIA is the undisputed arms dealer of the AI revolution, sitting at the center of compute demand no one can sidestep. Its hardware, software, and ecosystem integration create a moat that goes well beyond chip performance. Near-term demand looks almost absurd, but the long-term shift toward accelerated computing is real. Margins are extraordinary because NVIDIA controls the bottleneck everyone needs to pass through. Investors debate valuation while customers scramble for supply. Even competition helps validate NVIDIA's centrality rather than threaten it. This is not a cycle — it's a platform moment.” | BULL | Q4 2025 Jan 8, 2026 | View Pitch |
NS Partners James Macpherson | “The manager is highly skeptical of Nvidia's massive valuation and the capital-intensive nature of the broader AI race. He argues that massive capital expenditure forecasts are unsustainable, datacenters face rapid obsolescence, and early investments are highly likely to yield disappointing returns.” | BEAR | Q4 2025 Dec 31, 2025 | View Pitch |
Chevy Chase Trust Amy P. Raskin | “The manager has significantly reduced exposure to mega-cap technology stocks due to growing skepticism over the near-term return on capital for massive artificial intelligence investments. While these firms possess strong core cash flows, their high index concentration and exponential growth assumptions pose substantial downside risk if AI enthusiasm fades.” | BEAR | Q4 2025 Dec 31, 2025 | View Pitch |
Lansing Street Advisors Matt Topley | “The manager highlights Nvidia's reasonable valuation relative to its growth and historical market bubble peaks. Despite recent market corrections, its forward P/E ratio is lower than defensive consumer giants, reflecting strong underlying earnings power rather than speculative hype.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Baron Fifth Avenue Growth Fund Alex Umansky | “NVIDIA started out as a graphics-card supplier for gamers. Over time, the company has evolved into the leading AI infrastructure company in the world. It continues to evolve constantly, accelerating its innovation cycles to an annual cadence, moving to extreme co-design where it designs half a dozen chips simultaneously from networking to CPUs, GPUs, racks, and full AI data centers, while continuously challenging its pre-existing beliefs. At the same time, the company remains true to what we believe makes it unique – a focus on the ecosystem, investing for the long term, and focusing on solving hard problems that others cannot. NVIDIA's Co-Founder and CEO, Jensen Huang, described it best in the company's recent CES investor meeting 6: “We like to solve insanely hard problems we are uniquely positioned to solve… I like these things that take a long time, but when you finally get there, it's very likely you'll be quite alone… NVIDIA is powering just about every quantum computer in the world and everybody goes 'zero, zero, zero.' “Models change all the time… that's why NVIDIA is the right answer - because we're flexible… versatile… You have finite power... Have to utilize that finite power for the overall consumption of the data center. And the more flexible it is, the better it is… We are constantly trying to come up with a new way to do better… I'm trying to disrupt myself all the time." BSD Analysis: NVIDIA remains the undisputed leader of the AI revolution, reporting record third-quarter fiscal 2026 revenue of 57 billion dollars as demand for its Blackwell architecture goes off the charts. The company's data center segment continues to grow at an exponential rate, with gross margins holding steady above 73 percent despite the massive scale of its operations. NVIDIA is successfully expanding its reach beyond chips into a full-stack AI platform, including software, networking, and compact supercomputers like the DGX Spark. Shareholder returns have been massive, with nearly 40 billion dollars returned in the first nine months of the year, backed by a robust cash position and a dominant market moat. As compute demand continues to accelerate across both training and inference, NVIDIA's status as the foundational layer of the global AI economy remains unmatched.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Baron Durable Advantage Fund Alex Umansky | “Since the ChatGPT moment in late 2022, NVIDIA's stock has been a monster. Its attractiveness, or at least the extraordinary opportunity set as a primary beneficiary of the AI buildout, was immediately apparent to investors even without the benefit of hindsight. Almost simultaneously, the fortunes of Alphabet, the parent company of search leader Google, went in the opposite direction. The bear case was just as easy to grasp – the AI world will likely be dominated by Large Language Models (LLMs) such as ChatGPT, and Google with its near monopoly position in legacy search had the most to lose. This narrative was further reinforced by the seemingly insurmountable lead built by OpenAI, and the innovators' dilemma confronting Google's search – a highly profitable business that had to adapt to the AI disruption and required significant changes and massive upfront investments. While investor optimism drove NVIDIA's shares to unprecedented returns, Alphabet's stock languished to a point where its valuation dropped to historical lows of 20% below the S&P 500 Index (based on the next-twelve-months P/E multiple) in the second quarter of this year. But here is the thing... you know what else happened in late 2022 after the release of ChatGPT, albeit to much less fanfare? Sergei Brin, one of the two co-founders of Google, returned to the company full time to begin work on Gemini, Google's own LLM. By early 2025 Brin's AI team was known for 60-hour in office work weeks and the margin pressure caused by the company's accelerated investments in AI began to alleviate. By the time the company released its Gemini 3 family of AI products in the fall, the stock was in full recovery mode. Pushing the Pareto frontier on performance and cost of AI models, the number of Gemini monthly active users reached 650 million, closing the gap with ChatGPT's 900 million, helping Alphabet fully regain its mojo. Not coincidentally, the growth in Google Cloud Platform, its cloud computing business accelerated, while Waymo continued to scale up its autonomous ride sharing platform. Though it took some time, the narrative had flipped and this $4.5 trillion market cap company finished the year with a 65.5% gain. Though the challenges were real, the company proved to be more adaptable to change than investors had realized. The Alphabet story is instructive and will contribute to our collection of “Lessons Learned” insights and perspectives from two different angles. First, perceptions and narratives have always influenced the short-term performance of stocks more than fundamentals, but the magnitude has changed. The rise of passive investing, which lacks a price-discovery mechanism (buying and selling indiscriminate of company-specific prices or fundamentals) combined with high frequency and algorithmic trading accounting for larger and larger shares of the trading volumes have made this phenomenon even more pronounced. When a company finds itself on the wrong side of the prevailing narrative, the impact on its stock price is often significant. In addition to Alphabet, we have experienced other stock price reactions that were downright violent. Broadcom lost 23% of its value over five days in December due to concerns that their customers could one day in-source their chip design. Monolithic Power declined almost 39% at one point in the first quarter on rumors that their products were designed out of NVIDIA's Blackwell chip, and of course, NVIDIA itself, suffered a 25% pullback after a DeepSeek scare in late January. There were other examples. In most cases, our research and due diligence will lead us to either validate or disprove the prevailing narrative relatively quickly and we would take advantage of stock price dislocations where we can. But it can be quite jarring and disconcerting when it happens to your largest holdings. Second, we have often written about the importance of our businesses being able to adapt to disruptive change. We believe it will be even more critical in the age of AI. The stakes are much higher this time around as AI disruption is coming for ALL knowledge workers and that will be just the beginning. Most physical workers will also likely get disrupted (think autonomous cars, then humanoid robots). To survive, let alone to succeed, our companies must overcome innovators' dilemmas, challenge conventional wisdom, embrace the disruption by making sure that decision makers on AI are NOT the same people whose jobs are on the line, and most importantly, be willing to invest aggressively and penalize short-term results. Those companies that cannot or will not – will be left behind. This requires having a certain culture. We believe that most companies we own have adopted a similar mindset. NVIDIA started out as a graphics-card supplier for gamers and has evolved into the leading platform for AI infrastructure. The company has been accelerating its innovation cycle at a breathtaking pace, compressing it to an annual cadence by moving to extreme co-design where it designs half a dozen chips simultaneously from networking to CPUs, GPUs, racks, and full AI data centers, while continuously challenging its pre-existing beliefs. At the same time, the company focuses on remaining true to its unique characteristics – a focus on the ecosystem, investing for the long term and solving hard problems that others cannot. NVIDIA's Co-Founder and CEO, Jensen Huang, described it best in the company's recent presentation to investors at the CES: “We like to solve insanely hard problems we are uniquely positioned to solve… I like these things that take a long time, but when you finally get there, it's very likely you'll be quite alone… NVIDIA is powering just about every quantum computer in the world and everybody goes 'zero, zero, zero.' “Models change all the time… that's why NVIDIA is the right answer - because we're flexible… versatile… You have finite power... Have to utilize that finite power for the overall consumption of the data center. And the more flexible it is, the better it is… We are constantly trying to come up with a new way to do better… I'm trying to disrupt myself all the time". BSD Analysis: NVIDIA is no longer just a chip company — it's the operating system of the AI economy. GPUs are the visible product, but CUDA, software libraries, and developer lock-in are the real moat. Demand isn't being pulled forward; it's being structurally rewritten as compute becomes the bottleneck of modern business. Investors argue about valuation while hyperscalers argue about allocation. Competition exists on slides, not in deployed production workloads at scale. Margins reflect monopoly-like positioning at the frontier of performance, not cyclical semiconductor pricing. Capital-light economics turn revenue growth directly into free cash flow. This is infrastructure pricing power masquerading as a tech stock, and the market still underestimates how hard it is to dislodge once embedded.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Brown Advisory Large-Cap Growth Strategy Brown Advisory LLC | “NVIDIA delivered strong returns in 2025 despite early-year volatility tied to margin concerns. The company beat earnings expectations and raised guidance throughout the year, supported by robust demand for its data center chips. Momentum accelerated following its October conference, where management outlined an ambitious roadmap for data center growth. Management projected $500 billion in combined Blackwell and Rubin revenue. NVIDIA remains widely viewed as the primary beneficiary of the AI trade. BSD Analysis: NVIDIA controls the picks and shovels of the AI buildout, not just the hype layer. CUDA and ecosystem lock-in matter more than silicon specs alone. Investors debate peak demand while hyperscalers race to secure supply. Margins reflect monopoly-like positioning at the frontier. Competition exists, but switching costs are measured in years, not quarters. Capital-light economics amplify cash generation. This is platform dominance disguised as a chip company.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Emerald Wealth Partners - Growth Equity Strategy Portfolio Manager | “After revising our assumptions on AI, we reduced our underweight in Nvidia as GPUs will remain an indispensable part of AI data centers for inferencing for longer than initially thought. Despite expectations that custom chips would rapidly displace GPUs, recent developments suggest Nvidia's role remains central. AI adoption continues to accelerate, increasing demand for training and inference capacity. While we still favor Broadcom for ASIC exposure, Nvidia's technological leadership and ecosystem strength justify increased exposure. The position adjustment reflects improved long-term visibility rather than short-term momentum chasing. BSD Analysis: NVIDIA is the gravitational center of the AI compute universe, and nothing else comes close. GPUs, networking, software, and developer ecosystems form a stack competitors can't replicate quickly. Demand visibility is driven by capital budgets, not consumer whims. Margins are extraordinary because NVIDIA controls the bottlenecks everyone else needs. Competition exists, but switching costs rise with every software layer adopted. Capital intensity is high across the industry, but NVIDIA captures the economic surplus. This is not a cyclical semiconductor story. It's a platform monopoly riding a once-in-a-generation infrastructure buildout. Valuation only matters if the cycle ends — and it hasn't.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Guinness Global Innovators Dr Ian Mortimer, CFA | “Nvidia (-12.6%, USD), the leading designer of AI chips, was the Fund's weakest-performing stock in November, despite once again exceeding expectations and raising its outlook thanks to continued momentum for its Blackwell product. The stock's weakness appears to have been driven by negative news flow, most notably a report from The Information suggesting that Meta is in talks to purchase Alphabet's (+13.9%, USD) custom Tensor Processing Unit (TPU) chips, potentially signalling a shift in market share away from Nvidia's dominant GPUs. Importantly, rising interest in TPUs highlights a broader industry trend toward workload-optimised hardware. At a high level, GPUs remain highly valued for their flexibility and programmability, especially as AI models evolve rapidly. BSD Analysis: NVIDIA is the choke point of the AI buildout, monetizing scarcity and switching costs simultaneously. The moat is full-stack: GPUs, networking, systems, software, and developer gravity. The market prices durability, but parts of the cycle will inevitably normalize. Hyperscalers are both customers and future bargaining threats when supply loosens. Competition will appear “suddenly” because it always does in capital-heavy categories. Yet production switching costs are higher than skeptics admit. Margins reflect current power—don't assume entitlement. The bull case is multi-year infra spend; the bear case is digestion plus pricing pressure. NVIDIA is a great business priced like a destiny.” | BULL | Q4 2025 Dec 1, 2025 | View Pitch |
Saltlight Capital David Eborall | “In our last letter, we pondered the risk of an “AI Air Pocket” as market participants digest a growing gap between AI infrastructure capex and the demonstrable return on those investments. That scepticism has intensified in the last couple of weeks, alongside a general apprehension about the US economy and the government shutdown. For perspective, at the end of the quarter, we had 41% exposure to North America — dominant enough to make macro matter, even if we spend most of our time thinking in micro. We have been “AI bulls” for a long time, investing in NVIDIA before ChatGPT entered the zeitgeist, and, five years on, we remain firmly convinced this is a multi-decade technology epoch. That said, our enthusiasm has become more discriminating about where we place our bets. What has really sharpened our discernment is OpenAI's recent deal-making. The size, structure, and implied capacity behind these announcements have blown past even the upper bounds of our internal assumptions. BSD Analysis: NVIDIA is the unassailable, high-margin kingmaker of the AI revolution, converting its technological dominance into a grotesque amount of cash flow. Its true moat is not just its GPUs, but the CUDA software ecosystem, which locks in every hyperscaler and AI lab with high switching costs that are virtually unbreachable. Bears continue to scream "AI bubble," but their argument is fundamentally flawed: the demand is sustained by the increasing complexity of models (like OpenAI's Q1 and Q3), which demand exponentially more compute intensity, confounding the "AI efficiency" bears. With triple-digit data center revenue growth and gross margins exceeding 70%, NVIDIA's premium valuation is utterly justified by its strategic position, cash generation, and multi-year backlog. The stock is a core holding for anyone looking for leveraged exposure to the trillions of dollars of value that AI is set to unlock.” | BULL | Q3 2025 Nov 26, 2025 | View Pitch |
Third Point Partners Daniel S. Loeb | “NVIDIA was one of Third Point's largest contributors this quarter, benefiting from sustained AI compute demand. Despite concerns over AI efficiency improvements, the reality has been the opposite—reasoning-based models like OpenAI's o1 and o3 have increased compute intensity by orders of magnitude. NVIDIA's GPUs and AI platforms remain mission-critical as AI workloads multiply across industries. BSD Analysis: NVIDIA continues to dominate the AI infrastructure stack, benefiting from exponential compute demand. Its leadership in GPUs, CUDA ecosystem, and software integration underpins durable growth. With data center revenue growing 50%+ and margins exceeding 70%, NVIDIA remains the core enabler of global AI expansion. Valuation reflects excellence, not exuberance.” | BULL | Q3 2025 Oct 31, 2025 | View Pitch |
Pernas Research Deiya Pernas | “The pace of capital moving into companies with close proximity to promising themes seems to have accelerated across AI, drones, defense, cybersecurity, semiconductors, and automation. Many of the companies we track that show interesting trends or thematic exposure are now seeing their stock prices move well ahead of fundamentals. For example, quantum stocks that have yet to show any fundamental progress have experienced massive gains in the quarter. Investors are beginning to see this froth as a possible indicator of a late-cycle market. Naturally, this has led to rising concern about the mother of all the thematic drivers: AI. Google searches for “AI bubble” increased 20-fold during the quarter, following a wave of AI-backed announcements: OpenAI signed a $300 billion compute contract over five years, and Nvidia is partnering to build massive AI data centers. We believe that while valuations are rich, the AI-investment cycle is more durable than the 1990s fiber boom. AI CAPEX is sequenced, demand-anchored, and largely cash-funded. Data center utilization remains high, providing the cushion that prevents a capital-cycle collapse. We believe those calling for an imminent AI bubble implosion will continue to be very wrong. BSD Analysis: Pernas views Nvidia as the fulcrum of the AI infrastructure buildout. Unlike the debt-fueled fiber bubble, AI CAPEX is backed by real demand, with hyperscalers reinvesting cash flow. Nvidia's dominant GPU share and pricing power sustain industry leadership. High utilization and recurring data center demand underpin near-term growth. While valuation risk exists, structural AI demand keeps the bull case intact.” | BEAR | Q3 2025 Oct 28, 2025 | View Pitch |
Boyar Value Group Jonathan I. Boyar | “NVIDIA continues to power the AI revolution, with its GPUs essential for data center build-outs and model training. The stock gained 39% year-to-date as investors rewarded its leadership in compute and software ecosystems. Although valuations remain elevated, demand for AI infrastructure sustains strong revenue and cash flow growth. BSD Analysis: NVIDIA remains the epicenter of global AI infrastructure, with demand for H100, H200, and Blackwell GPUs far outpacing supply and creating multi-year revenue visibility unheard of in semiconductors. Its lock-in advantage comes not just from hardware, but from CUDA, networking, and a rapidly expanding software stack that entrenches NVIDIA across the AI workflow. Data center growth is explosive, and sovereign AI demand adds a second major leg to the story. Margins continue to expand as NVIDIA captures more value across the full AI compute stack. While valuation invites debate, the company's revenue growth, ecosystem control, and pricing power are unique in modern tech. As AI scales globally, NVIDIA remains the single most advantaged company in the hardware + software layer of the AI economy.” | BULL | Q3 2025 Oct 17, 2025 | View Pitch |
Warden Capital Hawkins Entrekin | “Warden Capital criticizes the AI bubble and specifically Nvidia's $100 billion vendor-financing arrangement with OpenAI, describing it as a symptom of late-cycle mania. The letter argues Nvidia's willingness to fund OpenAI's capex — which will in turn be spent on Nvidia chips — mirrors the vendor-financing excesses of the dot-com bubble. The manager questions whether current AI infrastructure spending can generate the $2 trillion in revenues needed to justify the ~$400B annualized AI capex pace. BSD Analysis: Nvidia is the choke point of the AI economy — without its GPUs and networking stack, the entire industry slows to a crawl. CUDA is a moat that simply doesn't crack, and Blackwell's early demand signal is absurd. Revenue visibility is stretching into years, not quarters. Networking (NVLink + InfiniBand) is becoming Nvidia's second monopoly. Yes, it looks expensive — but nothing else has its unit economics, strategic positioning, or growth trajectory. Nvidia remains the most important company in modern computing. The center of gravity in AI isn't shifting anytime soon.” | BEAR | Q3 2025 Oct 14, 2025 | View Pitch |
Claret Asset Management Alain Chung | “Since the release of ChatGPT in 2022, any investment that contains the word “Artificial Intelligence (AI)” has gone up over 100%. While one exchange-traded Fund (ETF) is up more than 160%, some stocks have more than tripled, even quadrupled: NVIDIA is up 1500%. Investors are drawn to this latest technology that will not only revolutionize everyday life, but also corporate America's business models, workforce, and even supply chains. The 64 million $ question is: AI bubble? It is impossible to know the top of a secular growth cycle like AI and/or the Internet, and it is equally hard to know with 100% certainty whether we are actually in a bubble or not. BSD Analysis: NVIDIA's dominance across the AI compute stack continues to widen, with Blackwell representing another step-change in performance, efficiency, and system-level optimization. The company's control over hardware, networking, and CUDA software creates a vertical platform effect that competitors struggle to match. Data center demand remains white-hot, and sovereign AI projects add a large new buyer class. Networking is becoming a major profit pillar as InfiniBand and Spectrum scale alongside compute. The business is transitioning from explosive growth to a more durable, multi-engine earnings model — still with enormous upside. In the AI infrastructure buildout, NVIDIA remains the indispensable vendor.” | BEAR | Q3 2025 Oct 1, 2025 | View Pitch |
Chilton Capital Management Bradley J. Eixmann | “NVIDIA remains a leading beneficiary of AI-driven capital expenditures globally. Chilton highlights its visionary leadership, strong demand for GPUs, and robust data center build-outs as driving forces for continued earnings expansion. Despite high valuation, structural tailwinds justify sustained growth. BSD Analysis: NVIDIA's dominance across the AI compute stack continues to widen, with Blackwell representing another step-change in performance, efficiency, and system-level optimization. The company's control over hardware, networking, and CUDA software creates a vertical platform effect that competitors struggle to match. Data center demand remains white-hot, and sovereign AI projects add a large new buyer class. Networking is becoming a major profit pillar as InfiniBand and Spectrum scale alongside compute. The business is transitioning from explosive growth to a more durable, multi-engine earnings model — still with enormous upside. In the AI infrastructure buildout, NVIDIA remains the indispensable vendor.” | BULL | Q3 2025 Oct 1, 2025 | View Pitch |
Columbia Global Technology Growth Fund Columbia Management Investment Advisers, LLC | “Core holding NVIDIA (NVDA) delivered strong gains during the quarter, as the company reported impressive quarterly results driven by extraordinary demand for its data-center products. Accelerating adoption of NVIDIA chips related to generative AI across hyperscalers, enterprise and sovereign customers resulted in quarterly revenue doubling compared to the prior year. With its unmatched hardware leadership, robust software ecosystems (CUDA platform, AI frameworks and networking) and an expanding base of enterprise customers and strategic partners — including the announcement of a $100 billion investment in AI leader OpenAI — NVIDIA remains uniquely positioned at the center of the global AI computing cycle. BSD Analysis: NVIDIA didn't just build GPUs; it built the AI economy's operating system. Enterprise AI, hyperscaler clusters, robotics, simulation — everything runs through NVIDIA's hardware + software stack. Competitors don't have a product problem, they have a reality problem: you don't catch a company that moves this fast and has developers locked into CUDA. Demand is overwhelming, margins are unbelievable, and Blackwell is about to reset the industry again. NVIDIA is the most important company in the world right now — full stop.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Advisors Capital Chuck Lieberman | “NVIDIA and other “Mag 7” names continue to anchor market valuations. Advisors Capital notes that while valuations are elevated, rapid earnings growth and dominant AI positioning justify premiums. NVIDIA's ability to sustain growth through AI infrastructure and high-margin datacenter chips supports ongoing leadership in the market. The manager views concerns over overvaluation as overblown, citing robust fundamentals. :contentReference[oaicite:4]{index=4} BSD Analysis: NVIDIA's dominance in GPU compute, software ecosystems, and datacenter integration creates one of the most powerful flywheels in technology. Its CUDA platform and deep partnerships across hyperscalers ensure long-term visibility and pricing leverage. The company is also expanding horizontally into networking, AI software, and custom silicon—broadening its TAM. While valuations remain rich, its sustained 30–40% revenue growth and 70%+ gross margins justify premium multiples. NVIDIA's capital discipline and supply-chain advantages reinforce its structural leadership in the AI arms race, providing investors with a unique blend of growth, profitability, and cash flow durability.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Baron Fifth Avenue Growth Fund Alex Umansky | “NVIDIA Corporation is a fabless semiconductor company specializing in platforms for accelerated computing. Its dominant position in AI infrastructure with a comprehensive portfolio spanning graphics processing unit (GPUs), systems, software, and high-performance networking solutions, continues to drive strong performance. Shares rose 18.1% during the quarter as investor confidence in AI infrastructure expansion grew. NVIDIA reported mid-term visibility of tens of GWs in AI buildouts, with each GW representing an estimated $35 billion total addressable market (TAM). During its last earnings call, the company announced that its long-term TAM expanded from $1 trillion to between $3 and $4 trillion, while more recently announcing a 10 GW deal with OpenAI. As AI infrastructure investment accelerates, NVIDIA's leadership continues to strengthen through durable moats across compute silicon, networking, systems, software, and supply chain. We maintain a long-term constructive view, as leading AI labs show growing confidence in their ability to achieve human-level intelligence and deploy AI products in enterprise settings. All the industries bottlenecked by intelligence will leverage AI, unlocking trillions of dollars in value. Most of these AI workloads will be supported by large language models running in the datacenters. NVIDIA is uniquely positioned to power this transformation through its full-stack approach, spanning silicon, systems, software, and developer ecosystem, and hence its competitive moat continues to widen. BSD Analysis: NVIDIA is the arms dealer to the AI revolution, and right now it controls both supply and pricing. The moat extends beyond silicon into software, developer ecosystems, and relentless execution velocity. Demand today is real, but investors are increasingly underwriting permanence rather than cycle. Hyperscalers are both customers and future competitors, which caps long-term negotiating power. Any normalization in supply or capex discipline will ripple straight into expectations. That said, switching costs are brutally underestimated. NVIDIA is a phenomenal business priced for dominance without interruption. When sentiment shifts, it will be violent—but until then, fundamentals justify arrogance. This is scarcity economics with a timer attached.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Invenomic Capital Management Ali Motamed | “NVIDIA was one of the fund's largest short positions during the month. The fund believes the company's current valuation reflects an unsustainable AI-driven bubble. While fundamentals remain strong, the pace of capex expansion across hyperscalers appears excessive relative to near-term monetization opportunities. We believe market expectations for growth are unrealistic and current multiples provide a poor risk/reward setup. BSD Analysis: Invenomic takes a bearish stance on NVIDIA, viewing it as emblematic of speculative AI euphoria. Trading at ~35x EV/EBITDA and >20x sales, valuation embeds perfection. Slowing data center orders, concentrated hyperscaler exposure, and supply chain risks could trigger multiple compression. semiconductors, AI, valuation, bubble, hyperscalers, capex, risk” | BEAR | Q3 2025 Sep 30, 2025 | View Pitch |
Sands Capital Global Growth Fund Brian A. Christiansen, David E. Levanson, Daniel Pilling | “NVIDIA delivered another stellar quarter as AI-related demand continued to outstrip supply. Data center revenue excluding China grew 73% year-over-year, with guidance implying further acceleration to 84%. The upcoming Vera Rubin “superchip” is expected to significantly enhance compute performance, supporting pricing power. A new strategic partnership with OpenAI to deploy at least 10GW of NVIDIA systems for next-generation AI infrastructure underpins durable growth visibility. BSD Analysis: Sands Capital highlights NVIDIA as a key enabler of global AI infrastructure buildout with robust pricing discipline and expanding supply chain capacity. The Vera Rubin platform deepens its technological moat, while recurring software and enterprise service revenues are set to lift margin durability. At ~35x forward earnings and sustained 60%+ gross margins, NVIDIA remains a long-term compounder despite cyclical volatility.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Antero Peak Group Christopher Smith | “Under the “Transformation of the Enterprise” and “Technology and Power” themes, Antero Peak underscored NVIDIA as central to the AI infrastructure buildout. Oracle's GPU backlog and TSMC's foundry capacity highlight NVIDIA's unparalleled demand funnel. The group estimates that data center power requirements could triple by 2028, with NVIDIA as the key beneficiary of rising capital intensity across hyperscale compute. They expect structural EPS growth exceeding 20% as capital intensity and AI workloads expand globally. BSD Analysis: NVIDIA remains the fulcrum of the AI and data infrastructure cycle, capturing disproportionate economic rents across GPU, software, and networking layers. With 70%+ data center share and visibility through 2028, cash generation is exceptional. While valuation reflects optimism, margin durability and AI adoption underpin the bull thesis.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Sands Capital Technology Innovators Fund Michael Clarke, Thomas Trentman | “NVIDIA continues to dominate the AI infrastructure buildout, delivering another strong quarter with datacenter revenue growth accelerating from 64% to 73% year-over-year, with guidance implying 84% growth next quarter. Ex-China sales have offset near-zero China contribution, with strong uptake expected for the upcoming “Vera Rubin” superchip, which will significantly expand compute performance and ASPs. NVIDIA also announced a partnership with OpenAI to deploy 10 GW of NVIDIA systems for OpenAI's next-gen infrastructure, slated for rollout in 2026. :contentReference[oaicite:0]{index=0} BSD Analysis: NVDA's unparalleled ecosystem moat—CUDA dominance, software lock-in, and new AI chip cycles—drives sustainable pricing power. Capex visibility from hyperscalers supports continued revenue compounding. Shares remain core to the AI compute stack.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
NCG Large Cap Growth Strategy Next Century Growth Investors, LLC | “NVIDIA was among the top contributors to performance in the NCG Large Cap Growth strategy. The company continues to benefit from rapid adoption of AI workloads, data center expansion, and demand for high-performance computing chips. Its ability to innovate across GPU and software stacks reinforces its leadership in accelerated computing. BSD Analysis: NVIDIA continues to dominate the AI semiconductor ecosystem, driven by unparalleled GPU architecture, proprietary CUDA software, and vertical integration across data centers and AI infrastructure. Data center revenue rose over 50% YoY, fueled by hyperscaler demand and inference workloads. Margins remain robust above 70%, with sustained pricing power across its H100 and B200 series chips. The firm's pivot toward networking and software-as-a-service offerings enhances recurring revenue visibility. With a pristine balance sheet, $40B+ in annualized FCF, and strategic partnerships with leading AI firms, NVDA's fundamentals justify its premium multiple and position it as a cornerstone of the AI revolution.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Alger Spectra Fund Patrick Kelly, Dan Chung, Ankur Crawford | “Nvidia Corporation is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality, and high-performance computing. The company is leading in most secular growth categories in computing, and especially AI and super-computing parallel processing techniques for solving complex computational problems. In our view, Nvidia's computational power is a critical enabler of AI and therefore essential to AI adoption. Shares of Nvidia contributed positively to performance largely because the company delivered results and guidance that reinforced its leadership in the artificial intelligence boom. The company reported record revenue and earnings that exceeded analyst estimates, driven by surging demand for its AI-focused chips and related data center products. Specifically, the strongest growth came from its data center segment, which benefited from widespread adoption of Nvidia's advanced processors by cloud providers and enterprise customers building AI infrastructure. This momentum was supported by the ramp-up of its next-generation Blackwell chips, which are designed to handle increasingly complex AI workloads. Investors were also encouraged by management's upbeat outlook for the coming quarter. BSD Analysis: NVIDIA remains the dominant hardware beneficiary of AI compute demand. With data-center revenue up triple digits YoY, gross margin > 75%, and net cash position, valuation near 35× FY26 EPS is justified by > 30% sales CAGR. Catalysts include continued cloud-GPU orders, Blackwell ramp, and software monetization via CUDA and DGX platforms. Risks center on supply constraints and competitive ASIC development, but fundamentals remain exceptional.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Fawkes Capital Management Xinyu Ru | “The next iteration of NVIDIA's GPU architecture, Rubin, is scheduled for release in 2026 and is set to significantly alter the energy infrastructure within data centres. We are actively evaluating which companies stand to benefit most from these shifts. The core architectural changes will likely drive: • Increased demand for supercapacitors – miniature batteries that store energy at the chip level. • Greater reliance on advanced semiconductors that enable voltage step-down closer to the chip, with silicon carbide (SiC) and gallium nitride (GaN) emerging as preferred materials over traditional silicon. We are currently assessing a handful of names that may be well positioned, including AEHR Test Systems, Navitas Semiconductor, Delta Electronics, and Aixtron. It's increasingly clear to us that we will hit an energy limitation on data centre development probably around the middle to end of next year. Companies like Argan, Power Solutions International, Tecogen, Bloom Energy, Willdan and Solaris may benefit. While there will be many ways to take advantage of this shortage, we believe the current valuation of these stocks does not yet reflect the future opportunity set, and we are waiting for more attractive entry points. There are many that draw similarities between the current rapid pace of data centre development and the many miles of fibre optic cable that were laid down when the internet was invented. We believe that this analogy is flawed. Fibre infrastructure, once laid, does not scale proportionally with demand. The system does not require a doubling of fibre to support a doubling of usage. In contrast, AI inference and model training are compute and power-intensive tasks that scale non-linearly with usage, and the infrastructure must grow accordingly. A more material threat to demand would be a breakthrough in compute efficiency – a new way of achieving the same computational output with less energy. We continue to monitor this risk. BSD Analysis: NVIDIA isn't just riding the AI wave — it is the wave, with a hardware–software stack so entrenched that hyperscalers effectively budget around Jensen Huang's roadmap. The company's dominance in accelerated computing gives it absurd pricing power and margins rarely seen in semiconductors. CUDA remains a formidable moat, locking developers and enterprises into an ecosystem that compounds with every AI model trained. Supply constraints are easing, but demand from LLM training, inference, and AI factories continues to outpace even aggressive capacity expansions. Competition is rising, yet NVIDIA keeps moving up the stack into networking, software, and full-stack platforms where it captures even more value. The risk isn't whether AI slows — it's how long NVIDIA can remain the bottleneck everyone is forced to pay. For now, it's still the house in a casino it built.” | BULL | Q2 2025 Aug 27, 2025 | View Pitch |
Artemis US Select Fund Cormac Weldon | “Nvidia delivered strong performance in the quarter. Demand for its AI-related chips continued to rise while the company managed supply constraints effectively. Its leadership in graphic processing units helped maintain a competitive edge. The company also developed strong cash generation across data center and cloud applications. Nvidia's strong positioning contributed meaningfully to the fund's overall return. BSD Analysis: NVIDIA remains the dominant AI-compute vendor with unmatched software-hardware integration and strong pricing power. Revenue and margins continue expanding at extraordinary rates, justifying premium valuation levels. Data-center demand remains the core driver, with hyperscaler and enterprise uptake accelerating. Key risks include competitive responses and supply constraints, but NVIDIA's ecosystem lock-in provides a durable moat.” | BULL | Q2 2025 Aug 4, 2025 | View Pitch |
Artisan Focus Fund Christopher Smith | “NVIDIA's Computing Architecture Is Helping Enable the Scale Up of Agentic AI NVIDIA's new accelerated compute architectures have enabled the scale up of agentic AI by reducing the inferencing costs per token. The B200 and B300 introduce higher density high-bandwidth memory (HBM) to remove bottlenecks for large context windows. For context, the GB300 (which is currently in testing and in volume shipments to hyperscalers in 2H 2025) is almost 700X more efficient at inferencing than the Ampere chips that were in production in 2020–2021. NVIDIA's management is emphasizing “lowest cost per inference token” as the design goal of new product launches. NVIDIA has demonstrated expertise in advancing the inferencing efficiency of its compute architecture, supported by an ambitious roadmap and accelerated product cadence that creates significant hurdles for competitors attempting to keep up. Following the debut of its Blackwell architecture in late 2024, the B300 (shipping in 2H 2025) is expected to deliver a 50% boost in inferencing efficiency with only a 10%–15% increase in system cost (ASP) versus the B200. This enhancement offers substantial performance-per-dollar advantages for hyperscalers building out large clusters over the next few years. The upcoming Vera-Rubin architecture in 2026 and Feynman in 2028 are both strategically designed to help optimize inferencing workloads, which we expect will further cement NVIDIA's dominance. On top of the rapid hardware progress, NVIDIA's CUDA and TensorRT stack is also helping to boost inference throughput. “Rapid advancements in NVIDIA software algorithms boosted Hopper inference throughput by an incredible 5X in one year and cut time to first token by 5X,” stated NVIDIA CFO Colette Kress on the Q3 FY2025 earnings call. BSD Analysis: NVIDIA is the unassailable, high-margin kingmaker of the AI revolution, converting its technological dominance into a grotesque amount of cash flow. Its true moat is not just its GPUs, but the CUDA software ecosystem, which locks in every hyperscaler and AI lab with high switching costs that are virtually unbreachable. Bears continue to scream "AI bubble," but their argument is fundamentally flawed: the demand is sustained by the increasing complexity of models (like OpenAI's Q1 and Q3), which demand exponentially more compute intensity, confounding the "AI efficiency" bears. With triple-digit data center revenue growth and gross margins exceeding 70%, NVIDIA's premium valuation is utterly justified by its strategic position, cash generation, and multi-year backlog. The stock is a core holding for anyone looking for leveraged exposure to the trillions of dollars of value that AI is set to unlock.” | BULL | Q2 2025 Jul 31, 2025 | View Pitch |
Impax US Sustainable Economy Fund Scott LaBreche, Christine Cappabianca | “Nvidia (Information Technology, Semiconductors) has one of the highest Corporate Resilience scores in the US universe and is playing a critical role in the AI economy by providing material energy and compute efficiency. The stock hit an all-time high in the quarter despite facing sales restrictions in China. The company reported strong year-over-year growth driven by high chip demand. Nvidia's growth in AI infrastructure remains robust, with new opportunities in robotics, autonomous systems and a strong ecosystem. Revenue is expected to remain solid due to ongoing supply constraints in graphics processing units (GPUs) and increasing adoption by 'hyperscale' cloud service providers. BSD Analysis: NVIDIA remains the gravitational center of the AI arms race, with unmatched GPU performance, an entrenched CUDA ecosystem, and a developer base that behaves like a locked-in operating system. Hyperscalers are still scrambling for supply even as NVIDIA expands into new product categories like networking, systems, and AI software. Its moat is widening, not narrowing, because AI workloads demand integrated compute stacks, exactly what NVIDIA sells. Competitors try to undercut on price or promote custom silicon, but they're fighting a flywheel that's already spinning at escape velocity. Margins remain extraordinary due to system-level control and software attach. Even if growth moderates, NVIDIA's dominance in AI compute is nowhere near mature. This is the rare case where “expensive” keeps being cheap in hindsight.” | BULL | Q2 2025 Jul 15, 2025 | View Pitch |
The Davenport Core Leaders Fund George L. Smith III, Jeffrey Omohundro, Christopher G. Pearson | “Contributors: In the second quarter, the Fund continued to benefit from diversification across sectors. However, quarterly performance was concentrated in technology and technology related companies including NVIDIA Corp (NVDA), Meta Platforms, Inc. (META), Microsoft Corp (MSFT), and Broadcom, Inc. (AVGO). NVIDIA was the strategy's top performer for the period as the company's first quarter results demonstrated continued strong demand for their leading artificial intelligence chips. While the tech sector turnaround in the quarter was encouraging, we continue to remain underweight some of the sector's leaders such as NVIDIA and Apple, which largely reflects our ongoing risk management discipline around position sizing and concentration. BSD Analysis: NVIDIA is no longer just a semiconductor company; it's the control plane for the global AI build-out. Its GPUs, networking, and software stack have become the default infrastructure for training and running large-scale AI models. CUDA remains a powerful moat, locking developers into an ecosystem that compounds with every new application built. While custom silicon and competitors are emerging, they mostly address overflow demand rather than displacing NVIDIA at the core. The next leg of growth is inference, which broadens demand beyond hyperscalers into enterprises and edge deployments. Valuation is elevated, but that reflects NVIDIA's position as a bottleneck supplier in an AI arms race. As long as compute intensity keeps rising, NVIDIA's earnings power remains structurally advantaged.” | BULL | Q2 2025 Jul 15, 2025 | View Pitch |
Alger Spectra Fund Patrick Kelly, Dan Chung, Ankur Crawford | “Nvidia Corporation is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality, and high-performance computing. The company is leading in most secular growth categories in computing, and especially AI and super-computing parallel processing techniques for solving complex computational problems. In our view, Nvidia's computational power is a critical enabler of AI and therefore essential to AI adoption. Shares rose during the quarter after the company reported better-than-expected first-quarter operating results, where total revenues grew 69% year-over-year (y/y). Strong revenue growth was fueled by a 73% y/y increase in data center sales; that segment now contributes 89% of Nvidia's revenue as AI workloads shift to compute-intensive inference and large “AI factory” build outs. Further, Blackwell (GB-200) chips currently generate 70% of data center revenue, nearly completing the transition from Hopper, its previous GPU architecture. In our view, Nvidia is extending its lead with Blackwell Ultra (GB-300), now in trials, which retains the same architecture but offers 50% more high-bandwidth memory and up to 50% faster inference performance than the GB-200, according to management. BSD Analysis: NVIDIA is the gravitational center of the AI universe — everything eLondon Stock Exchange orbits around it. Demand is overwhelming supply, margins are stellar, and the company's software ecosystem ensures its hardware advantage compounds over time. Blackwell isn't just another chip — it's the next governor of global compute. NVIDIA is sucking all the oxygen out of the AI budget, and competitors can't keep up. The stock looks expensive because greatness is expensive. NVIDIA is the toll operator of the AI revolution.” | BEAR | Q2 2025 Jul 15, 2025 | View Pitch |
The Baird Chautauqua Global Growth Fund Haicheng Li, CFA | “Nvidia reported first quarter results that were extremely solid. The company took a write-down on China-specific datacenter products and flushed out any future China contributions from their guidance, following the new export restrictions introduced in April. Demand commentary ex China was extremely encouraging—Nvidia is outgrowing expectations despite supply constraints and outgrowing competing ASIC products by a large margin. We have been underweight Nvidia relative to the benchmark, which was up 46% in the quarter, given our short-to-medium-term concerns that the feverish AI datacenter build may be resulting in overcapacity, which has not come to bear. BSD Analysis: NVIDIA is no longer just a semiconductor company; it's the control plane for the global AI build-out. Its GPUs, networking, and software stack have become the default infrastructure for training and running large-scale AI models. CUDA remains a powerful moat, locking developers into an ecosystem that compounds with every new application built. While custom silicon and competitors are emerging, they mostly address overflow demand rather than displacing NVIDIA at the core. The next leg of growth is inference, which broadens demand beyond hyperscalers into enterprises and edge deployments. Valuation is elevated, but that reflects NVIDIA's position as a bottleneck supplier in an AI arms race. As long as compute intensity keeps rising, NVIDIA's earnings power remains structurally advantaged.” | BULL | Q2 2025 Jul 1, 2025 | View Pitch |
Ithaka US Growth Strategy Scott O'Gorman, Andy Colyer, Daniel White | “Nvidia is the undisputed leader in accelerated computing, with dominant market share in Graphics Processing Units (GPUs) powering both training and inference AI workloads across data centers, edge devices, and emerging platforms. Its superior end-to-end ecosystem—from silicon to software (CUDA, networking, and AI frameworks)—creates high switching costs and a wide competitive moat. With secular demand for AI infrastructure still in its early innings, Nvidia stands to benefit from sustained top-line growth and strong operating leverage. Nvidia's stellar performance in 2Q25 underscored its role as the preeminent AI growth story, driven by robust demand for its data center solutions, resilience to tariff volatility, and a compelling product pipeline. As soon as Liberation Day tariff announcements had been digested by the market, investors quickly returned to the AI darlings, which were once again supported by strong fundamental earnings reports. BSD Analysis: NVIDIA is still the central choke point in the global AI build-out, with its GPUs, networking, and software stack effectively setting the pace for everyone else. CUDA and its surrounding tools keep developers locked into the ecosystem, which is why hyperscalers are willing to pay premium prices and design entire data centers around NVIDIA roadmaps. The company is steadily moving from “chip vendor” to full-stack platform, layering in networking, systems, and enterprise software that capture more of the AI dollar. Competitors and custom silicon are real threats, but they are mostly fighting for the overflow, not the core. The risk is less that AI dies and more that NVIDIA's share of the value chain normalizes from extraordinary to merely great. Until that happens, earnings and cash generation remain in a different zip code from traditional semis. You're effectively paying up to own the tollbooth on accelerated computing.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Mar Vista Global Equity Fund Silas Myers and Brian Massey | “NVIDIA (NVDA) shares rebounded from their calendar Q1 lows as investor concerns over DeepSeek's efficiency gains and U.S. government restrictions... proved overstated. Demand for NVIDIA's next-generation Blackwell platform remains strong, fueled by the growing complexity of large language models and the emergence of reasoning-based applications. As CEO Jensen Huang noted, reasoning tasks can require up to 10 times the compute power of training a conventional large language model. With the Al market still in the early stages of a multi-year infrastructure build-out, NVIDIA is well-positioned to capture significant value as the industry standard for accelerated computing. BSD Analysis: NVIDIA is the unassailable, high-margin kingmaker of the AI revolution, converting its technological dominance into a grotesque amount of cash flow. Its true moat is the CUDA software ecosystem, which locks in every hyperscaler and AI lab with high switching costs. Bears continue to scream "AI bubble," but demand is sustained by models demanding exponentially more compute intensity. With triple-digit data center revenue growth and gross margins exceeding 70%, NVIDIA's premium valuation is utterly justified by its strategic position, cash generation, and multi-year backlog. The stock is a core holding for leveraged exposure to the trillions of dollars of value that AI is set to unlock.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Sands Capital Technology Innovators Fund Michael Clarke, Thomas Trentman | “NVIDIA is the market-leading provider of AI technology based on revenue. Its most recent results eased concerns about AI demand and the impact of export restrictions on China. Although the H20 ban created a $10.5 billion revenue headwind in the first half of 2025, demand remains strong. Excluding China, datacenter revenue grew 64 percent year-over-year and is expected to accelerate to 70 percent next quarter. Management also guided for gross margins to rise to the mid-70 percent range from 72 percent. Rack yield concerns were addressed, with major hyperscalers now deploying nearly 72,000 Blackwell GPUs per week. NVIDIA ended the quarter as the strategy's largest position and remains a high-conviction business at Sands Capital. BSD Analysis: NVIDIA is the unassailable, high-margin kingmaker of the AI revolution, converting its technological dominance into a grotesque amount of cash flow. Its true moat is the CUDA software ecosystem, which locks in every hyperscaler and AI lab with high switching costs that are virtually unbreachable. The financial performance is ruthless: Q4 FY2025 revenue surged 78% year-over-year to $39.3 billion, driven by 93% growth in Data Center revenue. The entire investment thesis is fueled by the success of its next-generation Blackwell AI supercomputers, which the CEO describes as having "amazing" demand as reasoning AI adds another scaling law. NVIDIA's consistent, aggressive cadence of innovation is a formidable barrier to competitors, and its stock is a core holding that is paying a justified premium for its systemic, indispensable role in AI adoption worldwide.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Sands Capital Global Growth Fund Brian A. Christiansen, David E. Levanson, Daniel Pilling | “NVIDIA is the market-leading provider of AI technology. Its most recent results eased concerns about AI demand and the impact of export restrictions on China. Although the H20 ban created a $10.5 billion revenue headwind in the first half of 2025, demand remains strong. Excluding China, datacenter revenue grew 64 percent year-over-year and is expected to accelerate to 70 percent next quarter. Management also guided for gross margins to rise to the mid-70 percent range from 72 percent. Rack yield concerns were addressed, with major hyperscalers now deploying nearly 72,000 Blackwell GPUs per week. NVIDIA ended the quarter as the strategy's largest weight and remains one of the high-conviction businesses at Sands Capital. BSD Analysis: NVIDIA is still the central tollbooth in the AI compute build-out, and hyperscalers keep paying because the alternative is falling behind. The moat is not just chips—it's the software stack, the networking, the systems, and the developer ecosystem that compounds with every new model. Competitive threats and custom silicon will take some share at the margins, but NVIDIA's pace of innovation keeps moving the goalposts. The risk is valuation and normalization: at some point, growth rates slow and pricing power moderates from absurd to merely great. Inference demand is becoming the next wave, which extends the runway beyond training-only cycles. NVIDIA is building a platform business inside semiconductors, which is why it earns platform-like margins. It's expensive, but it's expensive for reasons.” | BEAR | Q2 2025 Jun 30, 2025 | View Pitch |
Contrarius Global Equity Fund Waystone Management Company (IE) Limited | “Nvidia, a pioneer of GPUs since 1999, has evolved from a gaming hardware provider to the linchpin of the AI revolution. Nvidia's main business currently is selling GPUs for data centers. It is however much more than merely a hardware business. Today, Nvidia's ecosystem—comprising cutting-edge hardware, software libraries, interconnect solutions and a large and growing developer base—underpins its market leadership. This ecosystem, cultivated over decades under the leadership of Nvidia's visionary founder, Jensen Huang, helps to entrench customers (by creating high switching costs) and results in recurring revenues from hardware upgrades and software licensing over time. Importantly, we also believe that it insulates Nvidia to a degree from competitors despite fierce rivalry in AI hardware. Given where one is currently in terms of AI adoption and usage, demand for Nvidia's products is likely to remain strong. LLM usage continues to grow significantly and the evolution of these LLM based products to include features such as memory (remembering all previous personal interactions) and multi-step processes, are likely to continue to leave AI companies compute constrained for a while, even with improvements in efficiencies. This is likely to lead to continued growth from here for Nvidia in its data center business, albeit not at the levels previously seen. While we expect Nvidia to face greater competition in inference than it currently enjoys in training, the size of the inference market is expected to be multiples larger than the training market in the long term, providing significant further opportunities for growth. In addition, we would expect that as inference performance continues to improve, the use cases are likely to continue to grow from here. Whilst we believe that the market to some degree appreciates the large opportunity that Nvidia has from a hardware perspective, the real long-term upside in Nvidia, which we believe one is not paying for, is its services business. Of their ~36,000 employees, around 75% are involved in research and development. It is believed the majority of these roles are engineering. The Company states over half their engineers work on software, and all of them have access to advanced AI tools. Software revenues are currently a very small portion of their business, but are likely to become a meaningful contributor in the coming years. Nvidia's GPUs, (unlike general-purpose CPUs), require tailored software and algorithms to fully leverage their parallel computing capabilities for AI and other high-performance tasks. Software does not automatically benefit from GPU acceleration; it must be specifically designed to exploit the architecture. Nvidia's early focus on accelerated computing also resulted in deep learning frameworks (such as PyTorch and TensorFlow) being developed to leverage CUDA for optimum performance on Nvidia GPUs. As investors in Apple early in the prior decade, we have experienced first-hand how valuable the transition of a business to high-margin services is, once a company leverages its dominant installed base. We believe Nvidia's hardware dominance provides it with a similar opportunity for significant growth in software and services well into the future. BSD Analysis: NVIDIA remains the central hardware and software backbone of modern AI infrastructure, with unmatched leadership in GPU compute, CUDA adoption, networking bandwidth, and accelerated computing. Its 90% share of AI training reflects the depth of its ecosystem and the high switching costs competitors face in replicating both hardware and software performance. While growth in the core data-center GPU business may decelerate from extraordinary levels, Nvidia's long-term financial engine now includes emerging business lines in software, inference platforms, simulation (Omniverse), robotics, and automotive AI. These carry structurally higher margins and recurring revenue potential. Importantly, Nvidia's R&D intensity—one of the highest in the S&P 500—positions it ahead in next-generation architectures, giving it a durable moat. The market underappreciates the multiyear expansion in services and inference workloads, which could materially increase earnings power. Key risks include increased competition in inference, geopolitical restrictions on chip exports, and hyperscaler verticalization, but the company's ecosystem strength provides substantial insulation.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Columbia Global Technology Growth Fund Columbia Management Investment Advisers, LLC | “Shares of core holding NVIDIA (NVDA) surged during the quarter, after the company reported strong quarterly results driven by very strong demand for the company's next-generation Blackwell architecture. The new Blackwell chips deliver compelling performance improvements, with up to 30x faster inference capabilities as compared with prior generations and, importantly, are much more energy efficient. The company also proved resilient against a backdrop of increasing geopolitical tension, as sovereign deals announced in parts of the world such as the Middle East and Taiwan helped to offset headwinds that resulted from U.S. export restrictions on China sales. BSD Analysis: NVIDIA remains the central beneficiary of the AI hardware buildout, with Blackwell offering category-defining performance and efficiency advantages. Demand visibility extends through multiple years as hyperscalers and sovereign buyers commit to high-volume deployments. Gross margins should remain elevated given tight supply and a premium product mix. Despite geopolitical risk and export controls, diversified end markets and sovereign deals mitigate volatility. Valuation is rich but justified by unmatched scale, software lock-in and multi-year EPS compounding.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Mar Vista's U.S. Quality Portfolio Manager | “The manager initiated a position in NVIDIA following a sharp pullback driven by overcapacity fears from the emergence of DeepSeek. They argue that efficiency gains will actually increase overall compute demand (Jevons' paradox), making NVIDIA's dominant market position highly attractive at its compressed valuation.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Distillate Capital Large Cap Value Portfolio Manager | “Distillate acknowledges NVIDIA's massive fundamental growth and high margin expansion driven by AI chip demand. However, the manager raises concerns over the cyclicality of the sector, rising competition from clients, and potential slowdowns in AI chip demand. Ultimately, they worry that current valuations price in an overly optimistic future with no margin for error.” | BULL | Q4 2024 Jan 10, 2025 | View Pitch |
Ariel Appreciation Fund John W. Rogers | “Nvidia is identified as a 'Magnificent Seven' constituent whose performance helped lead markets in 2024.” | BULL | Q4 2024 Dec 31, 2024 | View Pitch |
Montaka Global Investments Andrew Macken | “Nvidia has capitalized on massive AI chip demand in a supply-constrained environment, driving exceptional short-term share price performance. However, long-term visibility is obscured by impending competition from major customers and rival chipmakers developing custom silicon. Consequently, the manager chooses to avoid owning the stock due to unpredictability in its long-term moat.” | BULL | Q2 2024 Jun 30, 2024 | View Pitch |
Fidelity Dividend Growth Fund Zach Turner | “Nvidia generated exceptional performance due to sustained AI chip demand, tripling quarterly sales and surging earnings sevenfold. Despite strong long-term conviction in its generative AI leadership, the manager modestly trimmed the position to harvest gains after significant appreciation.” | BULL | Q2 2024 Jun 30, 2024 | View Pitch |
“Nvidia experienced historic earnings-driven gains as global data centers transition from CPU to GPU architectures. Despite trimming position size to manage concentration risk, the firm retains Nvidia as its top holding due to strong software ecosystem lock-in and technological leadership.” | BULL | Q2 2024 Jun 30, 2024 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.