By Michael Foster
Publication Date: 2026-01-10 13:45:00
TOPSHOT – Nvidia CEO Jensen Huang delivers a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Nevada on January 6, 2025. Gadgets, robots and vehicles imbued with artificial intelligence will once again vie for attention at the Consumer Electronics Show, as vendors behind the scenes will seek ways to deal with tariffs threatened by US President-elect Donald Trump. The annual Consumer Electronics Show (CES) opens formally in Las Vegas on January 7, 2025, but preceding days are packed with product announcements. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
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The run that AI poster child NVIDIA (NVDA) has been on these last few years is truly incredible. That’s not news, of course. But what matters now is whether investors are overpaying for that growth—in both NVIDIA and AI as a whole.
NVIDIA’s Monstrous Run
Once a chipmaker known for appealing mainly to gamers, NVIDIA started to climb in 2023, thanks to a new technology only a few people really understood at the time: generative AI.
Then, as AI spread in 2024, hopes—and NVIDIA’s stock—soared. That was followed by more fears of a bubble in AI. As with NVIDIA’s share price, a chart is the best way to do these worries justice:
There’s so much discussion of an AI bubble now that we seem to be in a bubble of talking about bubbles! That’s why some advisors are saying that this AI bubble talk is a distraction. I’d agree, as we can’t even…
