Nvidia: Biting The Bullet And Upgrading My Rating

The author upgrades NVIDIA Corporation (NVDA.OQ) to Buy, citing rapid diversification beyond hyperscalers into networking, software, end-to-end data‑center solutions and sovereign AI contracts that reduce revenue concentration risk. Networking (Spectrum‑X) revenues are scaling ~40% annualized, boosting gross margins and net dollar retention. The analyst argues NVDA’s moat and accelerating EPS growth justify a ~24x forward P/E and sets a $280 target price, implying roughly 20% annual returns. The thesis positions NVDA as a long‑term compounder with improved visibility and margin expansion, reinforcing bullish investor expectations despite a premium valuation.