Nvidia and Broadcom sit level on price, but the ground under Nvidia is giving way.

NVIDIA

Nvidia at 16x Earnings: MSU Analysis vs. Broadcom (Pt.3)

10 min · 23 Oct 2026

Nvidia trades at its lowest multiple since 2015. We compare our view with the Market’s and the Street’s, and explain why a shrinking moat makes Nvidia a possible value trap and Broadcom, at similar multiples, the stronger case.

Nvidia at 16x Earnings: Bargain or Value Trap? (Pt.2)

Nvidia’s margins are safe for now. We look at who really profits from the AI chip shortage, why Nvidia is now guaranteeing its customers’ data centers, where it lags on optics, and why 2028–2029 is the real test for its prices.

19 min read 20 Oct 2026

18 min read 15 Oct 2026

Nvidia at 16x Earnings: Bargain or Value Trap? (Pt.1)

Is Nvidia at 16x earnings a bargain or a value trap? We look at how Nvidia’s GPU is turning into a TPU, why tile languages and AI-written code weaken CUDA, and why Broadcom is better placed to win as AI labs build their own chips.

38 min read 09 Oct 2026

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.1)

AI spending keeps growing, but the winners are changing. Our 4Q26 rebalance favors Broadcom over NVIDIA and backs suppliers enabling logic folding and optical integration. We also explore Tesla’s physical AI opportunity and the risks to TSMC’s long-term dominance.

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