If you aren't sure if there is a hard landing or no landing, rate cuts or rate hikes forthcoming, or whether AI stocks are in a bubble or not, stand in line. A lot of people feel the same way
Could you please elaborate on the relation between Copper/Gold and US treasury yields? Why would yields go higher if global growth turns higher? Is it that as growth increases, commodities go lower, US$ goes lower and therefore yields have to go higher to support US bonds due to lower demand?
BTW: the next leg up in NVDA's growth after say 2026+ will be less about GPUs and more about subscription based software in AI, industrial automation and next gen transportation. By then generic and custom/application specific GPUs will be aplenty, LLMs will be open-source and data will be supremely important - clean data, licensed data, content IP etc. NVDA's GPU product lifecycle will turn a corner and it will imperative for them to pivot to becoming a software company to maintain their dominance in AI.
Another great write up, Richard. Thanks!
Could you please elaborate on the relation between Copper/Gold and US treasury yields? Why would yields go higher if global growth turns higher? Is it that as growth increases, commodities go lower, US$ goes lower and therefore yields have to go higher to support US bonds due to lower demand?
BTW: the next leg up in NVDA's growth after say 2026+ will be less about GPUs and more about subscription based software in AI, industrial automation and next gen transportation. By then generic and custom/application specific GPUs will be aplenty, LLMs will be open-source and data will be supremely important - clean data, licensed data, content IP etc. NVDA's GPU product lifecycle will turn a corner and it will imperative for them to pivot to becoming a software company to maintain their dominance in AI.
"Nvidia accounts for around 70% of AI semiconductor sales" Wow!