$NVIDIA(NVDA)$
What will matter in the coming weeks is the fundamentals. The forward P/E is historically low at 20x, which is below the broader market and much lower than some competitors. Nvidia has an 85% share in the data center market, with others splitting the remaining 15%. Revenue grew 88% last year, with another double likely on the way. The company is on track to generate significant free cash flow by year-end, with about half going to buybacks. Margins are at 75% and rose last quarter. The new Rubin platform has higher margins and is now shipping, and the upcoming Vera CPU is expected to contribute over $20 billion in the second half of 2026. That could push the annual run rate past $40 billion by year-end, which is comparable to another major competitor's total revenue this year. The valuation disconnect seems significant.
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