Wall Street clashes on Nvidia’s AI cycle expiration date following Jensen Huang’s CES keynote

Jensen Huang may have just delivered his most ambitious blueprint yet, but Wall Street is increasingly divided on whether Nvidia’s (NVDA) breakneck growth is reaching a ceiling or just entering its second act.

“I think if you walk out of there thinking that this is an AI bubble, then you had a little too much something to drink in Vegas,” Wedbush analyst Dan Ives told Yahoo Finance’s Opening Bid. “The reality is that … we’re talking about trillions of dollars being spent.”

His comments came shortly after CEO Jensen Huang took the stage at CES 2026 to unveil the Vera Rubin platform — a suite of six new chips destined for mass production in the second half of the year. While Huang’s keynote focused on physical AI — robots, autonomous cars, edge computing — the debate on the floor remains on the cold, hard math of data centers.

While Ives remains the ultimate tech bull, eyeing a $6 trillion market cap for Nvidia, DA Davidson analyst Gil Luria offered a more sober perspective. The skepticism lies in the “cycle,” he noted.

For two years, Nvidia has traded almost exclusively on the explosive demand for its AI GPUs. Luria suggested the market is starting to price in a rollover, questioning if the next phase can arrive fast enough to pick up the slack.

“Why Nvidia is so inexpensive is that really all it’s pricing in is a data center market that’s getting close to a peak,” Luria said. He argued that Huang is already…