Here’s a clean, professional take without mentioning sources.

Nvidia just delivered the kind of quarter that confirms it as the core equity proxy for the AI infrastructure boom: explosive top‑line growth, unusually high and expanding margins, and guidance that signals demand is nowhere near saturated yet. From a fundamentals perspective, it still looks like a best‑in‑class business with a multi‑year runway, not a “late‑cycle” story.

However, the *stock* is in a very different place from the *business*. A lot of that strength is already reflected in the valuation and in positioning. The market now expects:

- Data‑center growth to stay very high.

- AI capex from the big cloud players to rise or at least remain elevated.

- Nvidia to hold a dominant share of AI accelerators and maintain rich margins.

If any of those expectations wobble, even slightly, the multiple can compress fast, regardless of how good the printed numbers still look.

My professional view:

- For **long‑horizon investors** (multi‑year, high risk tolerance): holding makes sense, and it’s reasonable to treat pullbacks as opportunities rather than threats, provided the thesis (AI capex + Nvidia dominance) remains intact.

- For **new capital or tactical trades**: the near‑term skew is no longer obviously favorable. After such a strong run and blowout earnings, I’d avoid chasing at current levels and instead look to buy only on meaningful corrections or clear sentiment washouts.

- For **risk management**: if you’re already long and sitting on good gains, it’s prudent to trim into strength, tighten stops, or use options/hedges, because the next big move is likely to be driven by changes in expectations around AI capex, not by backward‑looking results.

In short: fantastic company, still strong structural story, but the easy money in this leg of the rally is probably behind us; treat it as a core AI hold, not a fresh high‑conviction momentum entry.

Sources