Nvidia will reach a $10 trillion market cap by end of decade due to CUDA lock-in, 15% annual growth over 5 years, revenue at least doubling, massive cash flow, and difficulty for competitors to displace the platform.
The trend of being short software and long semiconductors will persist because software multiples have contracted but earnings will continue to miss as customers pressure pricing and AI spending shifts; semis are justified by massive earnings growth.
The trend of being short software and long semiconductors will persist because software multiples have contracted but earnings will continue to miss as customers pressure pricing and AI spending shifts; semis are justified by massive earnings growth.