Agreed. I have said many times since 2022 that $NVIDIA(NVDA)$ was overpriced, and that it was better to sell chip designers and buy memory makers. That said, $NVIDIA(NVDA)$ 's price trends higher because it makes higher EPS every quarter. Since memory prices will go up, more people are rushing to buy sooner.
Also, $NVIDIA(NVDA)$ was trading in the middle of the range over the last 4 quarters, and this quarter it is at the bottom of the range.
$NVIDIA(NVDA)$ is much cheaper than $Apple(AAPL)$ , and it barely dropped.
$NVIDIA(NVDA)$ gross margins will likely decline a bit due to memory not being as cheap as it was.
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