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$NVDA is at a 4.7T market cap
The market is probably nervous that this valuation can only be sustained with multi-hundred-billion-dollar AI CAPEX spending
There’s a good chance the Overton window shifts drastically when it comes to valuations
Maybe hundreds of billions of dollars in CAPEX isn’t the top the market thinks it is
Maybe it’s actually a minuscule amount compared to what could come over the next decade as AI progresses
If that happens, $NVDA at 20x 2026 EPS would look very obvious in retrospect