One of the firms with the fastest growing earnings in the world, and with a lower total cost of compute ownership, is cheaper than the S&P 500. Why did Nvidia lag other semis? My read is $NVDA became the 'funding leg' for various long memory names. In the same way that software $IGV became the funding leg for semis. In the same way that the year prior, small caps were the funding leg for large gaps. Different forces take hold at different times (e.g., valuations, technicals, positioning, etc.) The covering of that funding leg combined with the mispricing I expect would lead to meaningful out-performance in Nvidia over the next 12 months.
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