Sylvia, how do you look at these invidious results in terms of how it relates to the broader tech space that you invest in? Yeah, I mean, I would carry on that positive sentiment that you just had here with Dan.

I actually think that the results are great, right? And what happens is you have these lofty expectations and so it's hard to beat lofty expectations. But they gave they did give you that extra 2% in either direction.

And they're within the range of the outlook for Q4. But, you know, if if anybody is doing quite well, it's also a supplier to a lot of the hyperscalers. Right. And so, you know, you kind of have to think that if their orders are ramping

up and if their profits and revenues are ramping up, that bodes well for the MEG seven that are also invested in this space. So I do think it helps positive sentiment and tech space in general. Is Jensen Huang being conservative when he gives this forecast?

We kind of go on about this plus or -2%, but it's preventing people from seeing this as a blockbuster that they had expected too, because Nvidia has trained them to expect bigger and better things each time. Yeah, and I think it's really hard when you're at the top and you know, every

year you're you're doubling sales amounts, right? And you have this massive revenue growth. Like if you look at the compounded annual growth rate expectation for the S&P 500, it's like 5.7% sales, 13% of revenues for NVIDIA, it's it's 40% on

both, right?
So they have these high and lofty expectations.
And I think that if he starts to level set a little bit, that'll ease us into
the fact that, you know, perhaps this kind of tames down as we go forward.
I think A.I.

is in its infancy for sure, but it's
really hard to expect a company to double, you know, every two years.
So we're hearing that, you know, Blackwell will exceed supply for several
quarters into full fiscal year 2026.

But, you know, we're not seeing ramp
until next quarter. What more can Jensen give this market?
I mean, it's obviously the dominant player and the stock is being sold off
after hours. Right?
And he and this is kind of what I wanted

to hear and what I want to hear on the
call is that the demand is so high that, you know, we're kind of we're running
out. We're going to have to come up with more
chips, but that the demand is clearly

there.
Right. And then there's a plan for the supply
chain. So I think this is kind of how the
market has become, right. We just expect these lights out, types
of results from earnings. But then we take a step back, a couple
of days go by in the stock rallies

because investors realize, oh, this
company just blew through their earnings expectations.
There is going to be concern not just at the media headquarters, but at Defiance
headquarters about Donald Trump and the tariff issue and how much that impacts
on video.

Because after all, if it impacts NVIDIA, it impacts the whole S&P 500. Yeah, I think it'll be really interesting to see how this all plays out because that that might be balanced with deregulation and taxes, right?

So maybe what you lose on one side, you gain on the other. So we kind of have to wait and see and it's not clear to us whether or not that's more of a negotiation tactic versus, you know, a hard line of a

tariff that they're actually going to employ on these semiconductor companies. I think at the end of the day, you know, I think Donald Trump likes a good market rate. And I don't I don't think that we're going to have as taxing of a policy as we expect there.

But again, like it's the I think it's the deregulation and the taxes will offset some of the also the inflation issues, the supply chain issues and the tariffs. So bottom line, a Trump administration is good news for NVIDIA. And I ask this because they rely on TSMC

to do a lot of their manufacturing of chips and TSMC is caught in this awkward situation with the manufacturing plants in Taiwan and President-elect Trump making clear that he doesn't think the US should rush to Taiwan's aid if China were to attack the island.

Right. And none of this sounds particularly good, I think. But overall I do think that it's it's going to be about deregulation and taxes. And I just think he's going to walk a fine line with the strong words during

the campaign and what actually gets put
into play here. So I don't think that at all.
Watch what he does. Not what.
Yeah, exactly. Yeah.
So what's a good valuation for Nvidia? Well, you know, I mean, it feels like
it's been a price discovery since, you

know, the beginning, you know, when,
when there was a 10 to 1 split and we crossed $1,000 and then, you know,
obviously now we're at 140 headed for 150.
Right. Where does it stop?
What is it what is the correct

valuation?
Yeah, I mean, that's really a hard question to answer, because I think that
until they stop beating earnings expectations and they stop having this,
you know, hyperbolic growth, then we can say that the stock should and deserves
to continue to rise.

Right.
I mean, the amount of growth in the price of the stock after the split is
just remarkable. I wouldn't be surprised if the stock
doubled in the next couple of years, but they have to keep up.
And this is based on a lot of, you know.

BLACKWELL And no tariffs and things like
that. But I think if they keep up on earnings
expectations, then it's you know, it's to the moon.
I mean, they're the only they're the number one supplier of chips to
hyperscalers, to quantum computing, to

supercomputing, to data centers.
I mean, it's literally their game right now.
And of course, people will catch up eventually.
But I think that they're too far away. When we say people will catch up, we're
talking about AMD, Broadcom.

I think it could be AMD and Broadcom,
but I also think it could be the companies themselves,
right? Maybe it's Microsoft, maybe it's Google,
maybe it's Apple. So but they've made clear that they
want their own supply chain.

Exactly.
Eventually, they'll figure it out, but they haven't, you know, thus far.
So I think that Nvidia is in a good spot.

Nvidia Stock Price May Double Next Couple of Years: Jablonski

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엔비디아의 4분기 실적과 기술 분야의 긍정적 정서

기대치를 약간 상회하는 Nvidia의 결과에 대해 긍정적으로 평가합니다.

하이퍼스케일러 공급에 따른 높은 성과는 다른 기술 기업들에게도 긍정적인 영향을 미쳤습니다.

젠슨 황의 예측이 +/- 2% 범위를 고려할 때 보수적인 것인지에 대한 논의가 있었습니다.

엔비디아의 높은 성장 기대치와 이러한 속도를 유지하기 위한 과제에 대한 분석.

AI의 초기 단계와 엔비디아의 빠른 성장 지속의 어려움.

Nvidia에 대한 시장의 반응 및 기대치

실적 호조에도 불구하고 시간 외 대량 매도가 발생하여 시장의 기대감이 부각되었습니다.

높은 수요와 공급망 문제가 주요 원인으로 논의되었습니다.

초기 반응 이후 실적에 대한 시장의 높은 기대감과 그에 따른 주가 상승이 이어집니다.

트럼프 행정부 정책이 엔비디아에 미치는 영향

관세에 대한 우려 및 관세의 잠재적 영향이 Nvidia와 더 넓은 시장에 미치는 영향.

관세 영향을 상쇄하는 규제 완화와 세금의 잠재적 균형 효과.

규제 완화, 세금, 인플레이션이 엔비디아에 미칠 잠재적 영향에 대해 논의합니다.

TSMC에 대한 의존도를 고려할 때 트럼프 행정부 하에서 엔비디아의 전망은 전반적으로 긍정적입니다.

대만 내 제조 공장에 대한 TSMC의 상황과 잠재적인 미국 정책 영향에 대한 우려.

엔비디아의 가치와 미래 성장성

빠른 성장세를 고려할 때 Nvidia의 공정 가치를 결정하기 어렵다는 논의가 있었습니다.

지속적인 실적 기대감에 따른 주가 상승과 추가 성장 가능성.

성장세를 유지한다는 전제 하에 향후 몇 년 안에 주식이 두 배로 늘어날 가능성이 있습니다.

다양한 시장(하이퍼스케일러, 양자 컴퓨팅 등)에서의 엔비디아의 지배적인 위치.

AMD, Broadcom 및 자체 공급망을 개발 중인 다른 거대 기술 기업과의 향후 잠재적 경쟁에 대해 논의합니다.