By Alex Sirois
Publication Date: 2026-11-03 17:45:00
Quick Read
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NVDA shares dropped 13% over the past month while revenue surged 106% YoY, leaving shares trading at just 13x fiscal 2028 earnings consensus.
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AMD trades at 29x 2027 earnings with a 49.5% gross margin versus NVDA’s 13x multiple and 71% gross margin, making NVDA the cheaper, stronger business.
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My NVIDIA (NASDAQ:NVDA) position grew again this month, and every pullback gets me to the buy button faster. Shares sit at $202.06. They fell 13.63% over the past month and gained only 0.03% over the past year, while revenue roughly doubled. I keep buying because the stock and the business have diverged.
Why I Keep Coming Back to NVIDIA
NVIDIA sells the whole AI toolkit: chips, networking, CUDA software and full systems. The biggest AI buyers keep signing on for multiple product generations. OpenAI committed to 10+ gigawatts of NVIDIA systems, Anthropic is taking up 1GW, and Meta Platforms (NASDAQ:META) signed a multi-year, multi-generation agreement. To me, that makes NVIDIA a toll road I want to own for decades.
Three Receipts Behind My Conviction
First,…