Can’t directly paste the link here so I’m just gonna attach the photos. But it sounds like they’re saying that the bear case is that hyperscalers do genuinely see a demand for higher cloud compute, but that’s only because more datacenters don’t exist yet.
But NVDA trades on forward P/E and if hyperscalers have overcommitted on data centers than those forward numbers are incorrect and this will be the peak for NVDA.
What do you guys think? He wrote a really long post and I know OP posts here too. Please feel free to comment Calcus Cal :)