News Summary

• Nvidia (NASDAQ:NVDA) stock is now breaching all-time highs, and even with the AI thesis potentially containing medium-term cyclical dynamics, the return horizon is likely very strong for the next few years.
• It's very likely that Nvidia will achieve 50-60% revenue growth for Fiscal 2026, which is remarkable and sets the stage for very strong near-term returns.
• However, value investors may rightly notice that much of this growth is already significantly priced in.
• In all likelihood, Nvidia remains a cyclical investment, and AI capital allocators should get out of the AI opportunity sooner rather than later.