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VRA Letter: Front-running of March/April Underway. NVDA’s “Stunningly Great” Earnings. Trading Note: Extreme Fear in Nasdaq. X1 News. Vista Gold Offering.

Good Thursday morning. We look for front-running into two of the best months of the year to now be underway, as investors rush back into US tech/momentum stocks in what will be a continuation of this textbook rotational bull ma ...

Posted On February 26, 20265 MIN Read
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Good Thursday morning. We look for front-running into two of the best months of the year to now be underway, as investors rush back into US tech/momentum stocks in what will be a continuation of this textbook rotational bull market. In addition to solid trading action on Tuesday and Wednesday, yesterday we got a stunningly good Nvida (NVDA) earnings report. Bears could hardly be more wrong on this VRA 10-bagger. 

NVDA’s numbers are hard to believe. $68.1 billion in revenue in Q4 alone, with gross margins of an almost unheard of 75.2%. To put this in perspective, just 4 years ago Nvidia’s total annual revenues came in at just $16.7 billion. One of the most interesting and underreported parts of this story is their cash flow and capital structure. NVDA has virtually no debt, $62 billion in cash and are now generating $200 billion in free cash flow per year.

This astonishing level of cash flow is also enabling lots of share buybacks: Nvidia has returned $41.1 billion to shar...

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