Nvidia’s (NVDA) Alpamayo Launch and the Robotaxi Bet

Nvidia launched Alpamayo 2 Super, an open reasoning model for robotaxis and self-driving cars, reinforcing its push to monetize AI software beyond chips. The article frames this as a strategic growth path: the model is open-licensed, can be fine-tuned and commercialized by automakers and suppliers, and Nvidia says it outperformed Gemini 2.5 Pro and GPT-4o on a driving benchmark. The bullish case is supported by strong fundamentals, including 71% trailing 12-month revenue growth to $253 billion, 92% data center revenue growth to $75.2 billion, and a raised dividend plus $80 billion buyback authorization. However, the stock’s reaction has softened despite strong results, and the market is concerned about its ~$5 trillion valuation, slowing growth expectations, and the risk that hyperscaler AI spending or autonomous-driving investment could decelerate. Positioning data remains constructive, with rising hedge fund ownership and low short interest.