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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