$NVDA could buy back ~20% of its market cap by 2030 because every AI dollar eventually becomes a GPU, a network switch or a system and Nvidia sells all three.
What’s even more wild is capex was under 4% of FCF last quarter making this one of most capital efficient infrastructure businesses ever built.
What’s even more wild is capex was under 4% of FCF last quarter making this one of most capital efficient infrastructure businesses ever built.
