Dan Ives Is Still Bullish on Nvidia: ‘We’re in the 3rd Inning of the AI Revolution,’ and Demand Is Outpacing Supply “12 to 1” Quick Read – Dan Ives cites a 12-to-1 demand-to-supply ratio for NVIDIA chips, backed by $82B in Q1 revenue and $91B Q2 guidance. – Meta raised its 2026…
pex guidance to a range of $125B to $145B, while Alphabet’s AI buildout drove its first negative free cash flow in 22 years. – Ives says the industry is only 15% through total AI spending, with prediction markets giving Amazon a 95% chance of beating next earnings. – Dan Ives, Partner and Senior Managing Director at Yorkville Ives & Co., took to CNBC on July 27, 2026 to push back on the growing chorus of tech skeptics. His central message: the recent pullback in high-growth names is a digestion period, and the AI investment cycle is nowhere near its late stages. “We’re third inning of the AI revolution and it’s just further validation from earnings,” Ives said
The backdrop matters. The Nasdaq 100 is trading at 22 times forward P/E, a nearly 10% discount to its ten-year average, and sits 8% below June 2026 highs. Volatility has ticked up modestly, with the VIX at 18.70 as of July 23, 2026, still inside the normal range.
Ives’s framing is that this is exactly what a healthy consolidation looks like inside a multi-year buildout. The NVIDIA Thesis: One Chip, 12-to-1 Demand NVIDIA (NASDAQ:NVDA) sits at the center of Ives’s argument. “There’s one chip in the world fueling the AI revolution, and that’s Nvidia,” he said, adding that “Demand to supply today is 12 to 1 for their chips. Physical AI hasn’t even started to play out.” The most recent numbers give that view some weight.