Nvidia’s share price has started to rebound since late July. The market is refocusing on three variables: whether AI chip demand can remain sustained, whether supply capacity is improving, and whether the massive AI capital expenditures can translate into customer revenue. The rebound itself suggests that earlier pessimistic expectations have been partially repaired, but it doesn’t mean valuation risks have disappeared. Nvidia benefits from the expansion of training and inference compute, but it also faces competition from cloud providers’ in-house chips, customer concentration, and changes in the capital expenditure cycle. For the stock, the most crucial factor is often not whether “demand is still growing,” but whether that growth exceeds what the already-high market expectations have priced in. If orders, deliveries, and gross margin all remain strong, the rebound has fundamental support; if customer investment growth slows, the high valuation will amplify volatility. Instead of asking whether the rally can continue, it’s better to watch whether earnings upgrades in the next phase will keep pace. Do you think this rebound signals a new trend, or is it a valuation adjustment amid high volatility? $NVDAB