NVDA - Nvidia Corporation

Dominant AI chip maker benefiting from insatiable demand across all cloud and enterprise segments. Host has a large position and is trimming only to manage concentration, not due to bearishness.

Shaan mentions Nvidia as a beneficiary of the Jevons Paradox: as AI training becomes more efficient, inference demand could explode by 1 million times, driving massive GPU demand. This is presented as a positive observation rather than a personal buy recommendation.

Benefiting from increased AI spending, OpenAI spending estimates higher, positive comments from Jensen Huang. Host targets $250 and expects new all-time highs.

Central to the AI trade; if hyperscaler spending cuts, NVIDIA's revenue could collapse, leading to a sharp decline.

Vera Rubin platform in full production with higher ASPs (7-9M per rack vs 3-4M for Blackwell). Strong demand from hyperscalers. Host holds Nvidia and plans to sell covered calls or trim if it runs to $280.

Largest holding, accumulation milestone, AI compute demand strong

Nvidia is a core holding (50% of portfolio). Kimi K3 and other models increase compute demand for inference, debunking the idea of less need. Constrained supply and long-term training/inference spend support high valuation.

Highly dependent on AI spending from hyperscalers; returns on AI investment are declining; risk of CapEx cuts could severely impact revenue.

Used as example of profit per share growth; politicians may own it.

Nvidia earns a 26% return on capital, indicating strong profitability and efficient use of capital.