The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both

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• We agree with today’s narrative: AI promises to revolutionize the economy and our lives.
• Because Nvidia has emerged as the cornerstone company designing chips for the AI revolution, investors are understandably euphoric about the prospects for its stock price.
• We believe that, like Cisco and Qualcomm in 1999-2000, Nvidia has terrific long-term business prospects and its stock price may be a bubble.