Quick Read – NVDA turned $1,000 in 2016 into nearly $197,000 today, a ~70% annualized return that obliterated the S&P 500’s 261% gain. – Revenue surged 85% and gross margins held at 75%, but heavy hyperscaler concentration means one bad capex guide could quickly erase 20%. – The…
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From Gaming Chips to the Center of the AI Universe A decade ago, NVIDIA (NASDAQ:NVDA) was still primarily known for GeForce gaming cards. The data center business existed, but nobody outside niche research circles cared about CUDA. Then came the crypto mining boom and bust, the Hopper H100 ramp, and the post-ChatGPT explosion that turned Jensen Huang’s company into the default picks-and-shovels trade for generative AI.
Over the past year, the story shifted again. Blackwell scaled into full production, Blackwell Ultra followed, and the Vera Rubin platform was announced with a promised order-of-magnitude jump in inference economics. Partnerships with OpenAI, Anthropic, Meta, Microsoft, Google Cloud, Oracle, and xAI piled up.