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What these earnings quietly showed, however, is that Nvidia has evolved into the foundational infrastructure layer in the world of AI. It is not only selling the chips anymore. The company started to monetize the entire AI factory stack that involves compute, networking, orchestration, sovereign AI deployments and even CPUs. Since my last coverage, NVDA is up 8% but it still hasn’t experienced the kind of explosive rerating many smaller AI stocks have seen this year.
While critics have pointed to the company's premium valuation and lagging third-party technology segment, I feel as though I see the business for what it is: the first truly all-in-one financial platform, where users can bank, draw credit, invest, insure, and much more, all in the same place, with minimal fees and a tech-first platform. The company's recent earnings report underscores this belief, with significant top-line growth ongoing and the company's 10th consecutive profitable quarter on the books.
Key risks include elevated capital expenditures and the need to secure funding, but operating leverage and contracted power growth support the investment thesis.
MU could see further upside if the market re-rates this growth further; however, much of this growth is now priced in, and actually growth is expected to slow in fiscal 2028.
Analysts forecast more than $102 FY2027 EPS and $173 billion revenue, implying substantial upside under higher AI-driven valuation multiples.
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