Nvidia's growth is backed by cold hard cash. It is operating at a huge 64% net profit margin. Yet its projected forward P/E ratio is only 27x to 28x, which is rather surprising and modest.
NVIDIA has the proprietary CUDA software platform where developers are locked into Nvidia's universe. This means that competitors cannot displace them easily on price alone.
Compute is now revenue. NVIDIA is treating processing power as the new global currency and it controls the mint.
As long as the world demands more intelligence, more automation & more data synthesis, the foundational architecture belongs to NVIDIA.
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