By Ananya Gairola
Publication Date: 2026-02-21 06:19:00
On Friday, Deepwater Asset Management’s managing partner Gene Munster said that investors are underestimating NVIDIA Corp.’s (NASDAQ:NVDA) long-term AI-driven growth as the chip giant heads into its earnings report.
AI Utility And Capex Surge Shape Nvidia Earnings Outlook
In a post on X, Munster said he expects revenue guidance for calendar 2026 to come in ahead of expectations but argued that “the real question is: what about 2027?”
“My take: Growth in CY27 will be closer to 40% vs. the Street at 28%,” he wrote.
He also shared a blog post in which Munster said that Wall Street currently models about 55% revenue growth for 2026 for Nvidia, up from earlier estimates near 50%.
Munster believes commentary from CEO Jensen Huang suggests growth could exceed 65%.
While markets have questioned returns on that spending, Munster said it signals conviction from “the buyers closest to the AI opportunity.”
2027 And Beyond: Inference, China And Physical AI
Munster also said that the longer-term debate centers on inference demand, China exposure and emerging “physical AI” applications, including robotics and autonomous systems.
He argued inference could be significantly larger than training over time, creating a sustained demand cycle for Nvidia’s GPUs.
Regarding China, he noted, the Street is not pricing in a major upside scenario, leaving room for potential surprise.
Nvidia Earnings Date Set For Feb. 25
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