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Nvidia: The $31 Billion Footnote Nobody
Rick Orford · 2026-04-27 · via All Articles on Seeking Alpha

Summary

  • Nvidia Corporation remains a Strong Buy, trading at a relative discount despite robust growth and sector-leading fundamentals.
  • Networking, now a $31B annual business within Data Center, is growing at triple-digit rates and expanding NVDA’s competitive moat.
  • Gross margin risk is present due to Blackwell ramp and high HBM costs, but historical cycles suggest margin recovery as production scales.
  • With AI spending surging and NVDA’s order book strong, the current valuation disconnect offers an attractive entry for long-term investors.
Nvidia company building in China

Robert Way/iStock Editorial via Getty Images

For the last few years, Nvidia Corporation (NVDA) has been on investors' radars for the same reasons: record-breaking quarters. Well, I get it. The numbers are very hard to ignore.

In this piece, I

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I have an indirect beneficial long position in NVDA through a fund.

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