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VRA Letter: Nvidia Did Not Disappoint with “Amazing” Demand. Ed Yardeni: “Buy the Dip”. Investor Sentiment: Unprecedented Bearishness Just 3% From ATH

Good Thursday morning. With all eyes on Nvidia earnings after the close yesterday they did not disappoint, with CEO Jensen Huang calling the demand for their new Blackwell chip “amazing” and with slight beats to both the top a ...

Posted On February 27, 20255 MIN Read
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Good Thursday morning. With all eyes on Nvidia earnings after the close yesterday they did not disappoint, with CEO Jensen Huang calling the demand for their new Blackwell chip “amazing” and with slight beats to both the top and bottom line. Yes, margins have continued to slide (down 3% y/y) but are still at a remarkable 73%. NVDA is trading top 2% on the news to $134. While we do not have a direct position in NVDA, through our positions in SOXL (3 x Semi ETF) we have indirect exposure of approx. 20%.

On the earnings call, here’s how Jensen Huang responded to "How do you feel about your new Blackwell chip today compared to three months ago"?

Huang: my confidence in Blackwell is even stronger than last quarter for two reasons. First, production has ramped up. Second, demand for Blackwell is "greater than ever.” Bottom line: Nothing has changed. Nvidia remains in a strong position for a decade-long paradigm shift into AI growth and never-before-seen levels of CAPEX throughout the t...

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