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ATLANTA--(BUSINESS WIRE)---- $QMLS #QMLS--QumulusAI, a neocloud infrastructure provider purpose-built for the AI computing era, today announced a two-year, take-or-pay agreement to supply NVIDIA Blackwell B300 nodes to a GPU cloud marketplace used by AI teams across more than 100 regions worldwide. The contract, valued at more than $18 million, makes QumulusAI a core Blackwell supplier to the customer. Capacity under the agreement will be served from QumulusAI's active U.S. data center footprint, with initial.

Key Takeaways NVIDIA's AI leadership, Blackwell adoption and data center growth support its stronger outlook.AMD is gaining AI traction through Instinct GPUs, EPYC processors and major cloud partnerships.NVIDIA's 19.31X forward P/E trails AMD's 53.04X despite stronger growth and profitability. Artificial intelligence (AI) continues to reshape the semiconductor industry, and NVIDIA Corporation (NVDA - Free Report) and Advanced Micro Devices, Inc. (AMD - Free Report) remain at the center of this transformation. Both companies are expanding rapidly as cloud providers, enterprises and AI developers spend heavily on AI infrastructure. While NVDA still dominates the AI accelerator market, AMD is making meaningful progress with its Instinct GPUs (graphics processing units) and EPYC server processors.

The question for investors is whether Advanced Micro Devices' faster stock rally makes it the better opportunity, or if NVIDIA's unmatched leadership still makes it the stronger long-term investment.

NVIDIA: The Undisputed AI Computing Chip LeaderNVIDIA continues to dominate the AI computing space. The company’s last reported results for first-quarter fiscal 2027 were another exceptional financial performance. First-quarter revenues soared 85% year over year to $81.6 billion as data center sales jumped 92% to a record $75.2 billion. Non-GAAP earnings surged 140% to $1.87 per share.

The rapid adoption of its Blackwell platform, strong networking demand and growing deployment across hyperscalers, enterprises and sovereign AI projects continue to strengthen its competitive position. During the last earnings call, management highlighted expanding opportunities in AI infrastructure, forecasting industry spending could eventually reach trillions of dollars annually.

Beyond GPUs, NVIDIA is widening its moat through networking, software and AI systems. CUDA remains the industry's preferred AI software ecosystem, making it difficult for customers to switch platforms. The company is also entering the data center CPU (central processing unit) market with Vera, creating another long-term growth engine.

Its enormous free cash flow supports higher shareholder returns through dividends and share repurchases while funding aggressive research and development. During the first quarter of fiscal 2027, NVIDIA generated $50.3 billion in operating cash flow and $48.6 billion in free cash flow. The company returned $243 million to its shareholders through dividend payouts and repurchased stocks worth $19.3 billion in the first quarter.

However, NVIDIA is not without risks. The company faces export restrictions to China, an increasingly competitive AI market and the challenge of sustaining extraordinary growth after several years of explosive expansion.

AMD: A Strong Challenger With Growing AI MomentumAdvanced Micro Devices is steadily strengthening its position in AI infrastructure. The company’s first-quarter 2026 revenues climbed 38% year over year to $10.3 billion, driven by record data center revenues of $5.8 billion, which increased 57%. Non-GAAP earnings jumped 43% year over year to $1.37 per share.

Advanced Micro Devices is witnessing strong demand for its EPYC server processors. The company’s Instinct AI accelerators continue to gain traction as customers move from pilot projects to production deployments. During the first-quarter earnings call, management expressed confidence that AI accelerator revenues could reach tens of billions of dollars annually in 2027, supported by growing partnerships with Meta, OpenAI and major cloud providers.

Advanced Micro Devices' biggest strength is its broad portfolio. Along with AI GPUs, it continues to gain server CPU market share, expand its AI PC offerings and improve its ROCm software platform. These efforts are making AMD a more credible alternative to NVIDIA.

Strong revenue growth and improving profitability are helping Advanced Micro Devices generate huge cash flows. In the first quarter of 2026, AMD reported $3 billion of cash from continuing operations and free cash flow of $2.6 billion.

Nonetheless, challenges remain for the company. NVIDIA continues to dominate the AI accelerator market with a much stronger software ecosystem and a larger installed customer base. Advanced Micro Devices also expects higher memory and component costs to weigh on PC and gaming demand during the second half of 2026. AMD’s share buybacks are not massive as it continues to invest heavily to narrow the technology gap with NVDA. In the first quarter of 2026, it repurchased shares worth $221 million.

NVIDIA vs. AMD: Which Has a Better Growth Outlook?Both companies are benefiting from growing spending on AI infrastructure buildouts by hyperscalers and enterprises, but analysts appear more optimistic about NVIDIA's growth outlook.

The Zacks Consensus Estimate for NVIDIA’s fiscal 2027 revenues and earnings indicates year-over-year growth of 80% and 90.6%, respectively. The consensus mark for fiscal 2027 earnings has also been revised upward by 4.36% over the past 60 days. The meaningful upward earnings estimate revision reflects growing confidence that sustained AI investments will continue to support NVDA’s earnings growth.

NVDA Consensus EPS Estimate Revision Trend
Image Source: Zacks Investment Research

On the other hand, the Zacks Consensus Estimate for Advanced Micro Devices’ 2026 revenues and earnings indicates year-over-year growth of 42.3% and 74.6%, respectively. AMD is also seeing positive estimate revisions, although the magnitude is relatively smaller. During the past 60 days, the consensus estimate for 2026 earnings has increased by 0.97%. While this remains encouraging, it suggests that analysts currently see stronger earnings momentum at NVIDIA.

AMD Consensus EPS Estimate Revision Trend
Image Source: Zacks Investment Research

Valuation: NVIDIA Offers Better Value Than AMDAt first glance, Advanced Micro Devices' 154.3% year-to-date rally far exceeds NVIDIA's 10.9% gain, reflecting growing investor confidence in its AI ambitions. However, the sharp rise has also pushed AMD's valuation significantly higher.

NVIDIA currently trades at a forward 12-month price-to-earnings (P/E) multiple of 19.31, well below Advanced Micro Devices' 53.04. That is notable because NVIDIA is delivering much faster revenue growth, stronger profitability, significantly higher free cash flow and remains the clear leader in AI accelerators. AMD remains an attractive long-term AI company, but much of its near-term optimism already appears reflected in its valuation.

NVIDIA vs. AMD: Which AI Stock Wins?Both NVIDIA and Advanced Micro Devices are well-positioned to benefit from the long-term AI investment cycle. AMD is executing well, gaining market share and building stronger customer relationships that should support years of growth.

However, NVIDIA continues to outperform on nearly every major metric, including revenue growth, profitability, software leadership, ecosystem strength, cash generation and shareholder returns. Combined with its lower valuation multiple, NVIDIA offers a more compelling balance of growth and value. For investors looking to capitalize on the AI boom today, NVIDIA remains the better investment bet.

Currently, NVIDIA sports a Zacks Rank #1 (Strong Buy), giving it a clear edge over Advanced Micro Devices, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Nvidia (NASDAQ:NVDA | NVDA Price Prediction) might be 12% off its all-time highs from around three months ago, but, all the while, the valuation recently has sunk to depths not seen in around seven years. Indeed, the value case for shares of the fast-rising GPU gainer is really nothing new. Whether you look at the 31.7 times trailing price-to-earnings (P/E) or the 23.2 times forward P/E multiple, it’s not hard to make an argument for accumulating shares while they’re in a relatively cool spot.

Of course, if the semiconductor names fold, don’t expect shares of Jensen Huang’s $5 trillion empire to be spared. In any case, there’s no shortage of believers in the name, even as the stock chart starts looking far less attractive than in recent years. Duan Yongping of H&H International Investment actually added a huge position in the firm back in the first quarter.

A Magnificent bargain in the Mag Seven While I understand concerns that the seemingly cheap (at least relative to the astronomical growth at gross margins that scream “too good to be true”) name might actually be a trap once hyperscalers finish their data center builds or start phasing out Nvidia hardware for their own custom silicon, there’s great uncertainty with the timeline. Until the hyperscalers spend less (it feels like they’ll spend more from here) and produce enough silicon to satisfy their own inference needs (chokepoints and demand will make this hard), Nvidia is bound to keep selling — and selling well.

Add Nvidia’s widening software moat into the equation, especially when it comes to the robotics platform it’s building up, and it’s hard to gauge how the transition will go as some piece of Nvidia finds itself in the robotic innovations of the future.

Is it an uncertain time for Nvidia as AI data center moves at a blistering pace while AI bubble fearers attempt to time a top? Most definitely. But, at the same time, there’s more than one way that Nvidia can continue knocking balls out of the park as the third or fourth innings of AI come along (some think we’re in even earlier innings in this AI ballgame).

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Nvidia’s wins might not be limited to the early days of the AI boom If the company can shift gears from a GPU vendor to an ecosystem platform for physical AI and agentics, maybe that 75% gross margin that’s more reminiscent of a software company isn’t going anywhere, at least not anytime soon. In any case, at close to 23 times forward P/E, shares of Nvidia already seem priced as a GPU vendor that’s already seen its best days. With the profound performance leaps to be had with Rubin and Vera, I’d say that’s far from the case.

The company has pulled the curtain on a number of breakthroughs in recent quarters. And while the market might not reward the stock accordingly, especially amid the latest upset in semis, I do think that it’s long-term investors who will ultimately be rewarded as Jensen Huang plays to his strengths. So, unless you’re an AI bubble believer, I do think that Nvidia shares stand out as one of the most undervalued large-cap names out there.

It’s hiding in plain sight at the very top of the market, but if the AI revolution goes as planned and firms start making serious money as they execute their AI game plans, perhaps envisioning Nvidia stock at $500 per share isn’t so much of a stretch. If Nvidia’s platform proves untouchable in the AI era, perhaps we could find ourselves paying a much higher multiple on shares, even once growth comes in.

The bottom line If you own the hyperscalers, which are scrambling to cut Nvidia out of their stacks with their own custom silicon, I think you also have to own Nvidia in case the pushback doesn’t go as intended. Add recent open-source innovations (look no further than the Cosmos 3 world model platform) into the equation, and I think it’s clear that Nvidia is set to become an AI enabler that very few can keep pace with.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.

Contact [email protected] for any questions or corrections.

Nvidia (NVDA +2.10%) was the market's go-to artificial intelligence (AI) stock for a time. Its data center products, including graphic processing units (GPUs), were in such high demand that it was hard to keep up with the company's soaring revenues.

Buyers piled into the stock, resulting in the price more than tripling in 2023 and nearly doing so again in 2024. But investors began diversifying into the sector last year, with names in memory chips and data center power suppliers attracting more attention.

Investors shouldn't count Nvidia out, though, especially now that the stock has flatlined over the past three months. I believe next month's earnings report from Nvidia will be a wake-up call. Here's why.

Image source: Nvidia.

Just do the math Nvidia stock has hardly moved over the last three months. Year to date, it is up 8.75%, but that trails the Nasdaq-100 by nearly five percentage points.

The stagnation of Nvidia stock is somewhat understandable. Memory chip companies have seen sales and earnings soar, attracting significant investment capital from the tech industry. Investors are also anticipating the public debuts of AI model leaders Anthropic and OpenAI, and Space Exploration Technologies (SpaceX) just completed the largest initial public offering (IPO) in history. There's only so much capital to go around.

But that spells opportunity, and investors might want to act before the next catalyst from Nvidia.

Data source: Nvidia. Chart by author.

Nvidia's revenue growth has not only been stellar but also accelerating, driven by its data center segment. Management predicts fiscal second-quarter revenue will jump approximately 12% over Q1. Simply meeting that guidance would represent a 95% year-over-year increase. That's phenomenal growth for any tech company in the markets. 

Nvidia is a safer bet Nvidia isn't being valued as such a strong growth stock, though. Its forward price-to-earnings (P/E) ratio of about 22 is even lower than the Nasdaq-100 index's 25 P/E average. SpaceX isn't profitable yet, so P/E isn't a metric being used, but its price-to-sales (P/S) ratio is about four times that of Nvidia based on expected 2026 revenue.

While investors have been distracted by other growth and potential growth stories, Nvidia remains a known entity with promising prospects as far out as is reasonable to see. That's why it's not hard to predict that Nvidia's stock price will move higher after the company confirms its expected sales and earnings in August.

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That move higher might not happen right away. Or investors could push the stock up ahead of earnings. There's no way to know when, but it seems a good bet that Nvidia's share price will continue to rise as its financial results improve.

A $1,000 investment in Nvidia (NASDAQ: NVDA) around the launch of DeepSeek-R1 in January 2025 would be worth approximately $1,480 today, representing a gain of about 48%.

DeepSeek-R1, unveiled on January 20, 2025, drew global attention by demonstrating advanced reasoning capabilities at a fraction of the computing cost of many leading AI models. 

The development sparked concerns that more efficient AI systems could reduce demand for expensive AI hardware.

Those fears culminated on January 27, 2025, when Nvidia shares plunged nearly 17% in a single session, erasing roughly $600 billion in market value in the largest one-day market-cap loss ever recorded by a public company.

The downturn proved temporary as Nvidia recovered and continued climbing. An investor who bought about 7.14 shares at roughly $140 each shortly after the DeepSeek-R1 launch would now hold a position worth around $1,480, based on Nvidia’s current share price near $207.

NVDA one-year stock price chart. Source: Finbold Nvidia’s rebound after DeepSeek AI scare  While DeepSeek-R1 raised concerns about AI infrastructure spending, the broader AI market continued expanding throughout 2025 and into 2026. 

Nvidia benefited from sustained investment by hyperscalers, enterprises, and AI developers building large-scale training and inference systems.

The company also continued advancing its data center and AI chip offerings, helping maintain its leadership position.

Nvidia’s business has continued expanding at a rapid pace based on the financial figures. The company reported record fiscal 2026 revenue of $215.9 billion, including $68.1 billion in fourth-quarter revenue and $62.3 billion from its data center segment.

Investor attention is now turning to Nvidia’s August 4 earnings report. In this line, recent market expectations call for quarterly revenue of around $91 billion, reflecting continued demand for Blackwell AI systems.

Additional support has come from improving sentiment around international sales. Recent U.S. approvals allowing limited AI chip exports to China have eased some concerns about access to one of the world’s largest AI markets.

Despite periodic volatility, Wall Street continues to view Nvidia as one of the main beneficiaries of the global AI buildout. The upcoming earnings report is expected to provide a key test of whether massive AI infrastructure spending by major technology companies can continue at its current pace.

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The factory forms part of the $500 billion the U.S. company has committed to investing in advanced artificial-intelligence platforms in the U.S.

A general view of electronics manufacturer Wistron's new global operations headquarters in Hsinchu, Taiwan June 19, 2025. REUTERS/Wen-Yee Lee/File Photo Purchase Licensing Rights, opens new tab

TAIPEI, July 22 (Reuters) - Taiwan's Wistron (3231.TW), opens new tab, a supplier to Nvidia (NVDA.O), opens new tab, launched a $700 million manufacturing ​facility in Texas on Tuesday to produce ‌the U.S. chipmaker's latest AI systems, as Taiwanese electronics makers expand U.S. production to meet soaring ​demand for AI infrastructure.

Here are a ​few details:

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The Fort Worth facility manufactures Nvidia's ⁠GB300 Grace Blackwell Ultra Superchip. Nvidia CEO ​Jensen Huang has described the AI system built ​around the product as "the most powerful AI supercomputer in the world."

Wistron said the site is where Nvidia's ​first GB300 Grace Blackwell Ultra Superchip was ​built and mass-produced in the United States.

The factory will ‌also ⁠manufacture Nvidia's next-generation Vera Rubin Superchip, Wistron said.

The factory is expected to scale up production this year to manufacture tens of thousands ​of computing ​boards per ⁠month, according to Nvidia.

The factory has created more than 500 jobs, ​Nvidia said, adding that it is ​on ⁠track to expand its workforce to 1,000 employees by the end of the year.

Nvidia said ⁠Wistron's ​Fort Worth plant forms ​part of the $500 billion U.S. investment commitment it announced in ​2025.

Reporting by Wen-Yee Lee; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Nvidia (NVDA - Free Report) closed the most recent trading day at $207.29, moving +1.97% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.89%. At the same time, the Dow added 0.74%, and the tech-heavy Nasdaq gained 1.29%.

Heading into today, shares of the maker of graphics chips for gaming and artificial intelligence had lost 2.57% over the past month, outpacing the Computer and Technology sector's loss of 6.6% and lagging the S&P 500's loss of 0.63%.

The investment community will be paying close attention to the earnings performance of Nvidia in its upcoming release. The company's earnings per share (EPS) are projected to be $2.09, reflecting a 99.05% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $91.71 billion, up 96.2% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $9.09 per share and revenue of $387.84 billion, which would represent changes of +90.57% and +79.61%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Nvidia. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.54% higher within the past month. At present, Nvidia boasts a Zacks Rank of #1 (Strong Buy).

Valuation is also important, so investors should note that Nvidia has a Forward P/E ratio of 22.37 right now. This indicates a discount in contrast to its industry's Forward P/E of 49.42.

We can also see that NVDA currently has a PEG ratio of 0.43. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NVDA's industry had an average PEG ratio of 0.93 as of yesterday's close.

The Semiconductor - General industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 5, putting it in the top 3% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Nvidia says its latest chip designs are making their way to customers and will help solidify the chipmaker's leadership in the industry. This as the company is under pressure to show that its latest products are on schedule and superior to rivals like AMD and Broadcom.

Key Takeaways NVIDIA could benefit as easing inflation supports AI spending and Blackwell platform deployments.Amazon reported strong retail and AWS growth, with management guiding for higher second-quarter sales.NVDA and AMZN are highlighted as growth stocks positioned to gain from a less restrictive rate environment. The cooler-than-expected June Consumer Price Index (CPI) report has increased expectations that inflationary pressures are gradually easing, improving the outlook for sectors that are highly sensitive to interest rates and consumer spending. U.S. headline CPI rose 3.5% year over year in June, down from 4.2% in May, while core CPI slowed to 2.6%, signaling continued moderation in underlying price pressures. The report also showed the first monthly decline in headline prices since 2020, reflecting softer energy costs and broad-based easing across several categories.

Fed Holds Rates Steady, Rate-Cut Hopes Gain MomentumWhile the Federal Reserve kept benchmark interest rates unchanged at its June policy meeting and reiterated that future decisions will remain data dependent, the latest inflation data has strengthened market expectations that the next policy move is more likely to be a rate cut than another hike if disinflation continues. Lower inflation also eases pressure on Treasury yields, improves financing conditions and supports equity valuations, particularly for sectors whose earnings and multiples are sensitive to borrowing costs.

Against this improving macro backdrop, two stocks that appear well positioned to benefit from easing inflation and the prospect of a less restrictive interest-rate environment are NVIDIA (NVDA - Free Report) from the technology sector and Amazon (AMZN - Free Report) from the consumer discretionary space.

Let’s get into more details.

Why Technology and Consumer Discretionary Stand to BenefitTechnology companies, particularly those tied to artificial intelligence, cloud computing and semiconductors, typically outperform when inflation moderates because lower interest-rate expectations increase the present value of future earnings and support premium valuations. At the same time, secular AI infrastructure spending by hyperscalers continues to provide a strong fundamental tailwind.

Consumer discretionary is another likely beneficiary. Cooling inflation improves consumers' purchasing power by reducing pressure on household budgets, while easing energy prices leave more disposable income available for discretionary purchases. Combined with a resilient labor market and steady wage growth, this environment could support higher spending across retail, travel, restaurants and leisure businesses.

Although policymakers continue to caution that inflation remains above the Federal Reserve's 2% target and additional data will determine the policy path, the June CPI report marks an important step toward a more favorable macro environment for growth- and consumption-oriented sectors.

Our PicksNVIDIA: Its momentum continues to be driven by unprecedented demand for its Blackwell AI platform from hyperscalers, enterprises and sovereign AI projects. NVIDIA's latest guidance points to another quarter of robust revenue growth, supported by continued AI infrastructure investments despite export-related headwinds. As financing conditions improve, sustained enterprise AI spending and accelerating Blackwell deployments should support NVIDIA's near-term growth trajectory.

This Zacks Rank #1 (Strong Buy) stock has seen the Zacks Consensus Estimate for fiscal 2027 earnings increase by 11% over the past 60 days, reflecting analysts' growing confidence in sustained AI demand and Blackwell deployments. The full-year estimate of $9.09 indicates 90.6% growth over the fiscal 2026 reported number. You can see the complete list of today’s Zacks #1 Rank stocks here.

Image Source: Zacks Investment Research

Amazon: Amazon too is well positioned to benefit from easing inflation through both its consumer-facing retail operations and Amazon Web Services (AWS). Cooling price pressures could strengthen discretionary spending, while lower borrowing costs encourage enterprise cloud and AI investments. In first-quarter 2026, Amazon reported a 17% year-over-year increase in net sales with AWS revenues rising 28% year over year. Management guided second-quarter net sales of $194-$199 billion, reflecting confidence in continued demand across both retail and cloud businesses.

This Zacks Rank #2 (Buy) stock has seen the Zacks Consensus Estimate for 2026 earnings increase by 15% over the past 90 days, supported by AWS growth, advertising strength and improving retail margins. The full-year estimate of $8.93 indicates 24.6% growth over the 2025 reported number.

Image Source: Zacks Investment Research

Key Takeaways Alphabet and Tesla are slated to report Q2 earnings Wednesday afternoon, kicking off what’s expected to be another round of strong reports for the Magnificent Seven.The Mag 7 stocks have underperformed the S&P 500 this year amid uncertainty about the return on their AI investments. Get personalized, AI-powered answers built on 27+ years of trusted expertise.

The Magnificent Seven stocks may be more “Lag 7” than “Mag 7” this year, but their profits are still pretty magnificent.

The Mag 7—Nvidia (NVDA), Alphabet (GOOG), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Tesla (TSLA)—have grown faster than the rest of the S&P 500—or the “Other 493”—in every quarter since the end of 2022, and estimates suggest that was likely the case last quarter, too. In the coming weeks, the Mag 7 are expected to report earnings grew about 31% in the second quarter, a slowdown from 63% in Q1 but still ahead of the Other 493’s 23% growth.1  

Tesla and Google-parent Alphabet will be the first of the group to post Q2 results when they report after the bell Wednesday. Analysts expect the search and cloud computing giant had another strong quarter, with revenue projected to increase about 20%, driven by a 65% increase in cloud revenue. The report will set expectations for cloud computing competitors and fellow Mag 7 members Microsoft and Amazon, both of which are slated to report next week. 

Why This Is Important to Investors The Magnificent Seven earned their nickname in 2023 when their earnings and stocks soared as the economy and the rest of the stock market struggled. The tables have turned in the stock market this year, but the tech giants have continued to grow faster than most of the S&P 500.

Mag 7 stocks accounted for the vast majority of the S&P 500’s rise in recent years, but the group has lagged the broader market in 2026 amid uncertainty about the return on their huge AI investments. The Roundhill Magnificent Seven ETF (MAGS) is up less than 2% since the start of the year, trailing the S&P 500’s nearly 10% return. 

The combination of stock weakness and earnings strength has many of the Mag 7 stocks trading at relatively undemanding valuations. “I don’t think there’s a problem paying 24 times forward earnings for a company that can grow high-margin revenue at roughly 20%,” said David Miller, CIO at Catalyst Funds, of Alphabet on Tuesday. “From a price-to-earnings-growth perspective, those numbers work.”

But the Mag 7’s earnings growth may not be Wall Street’s focus when they report in the coming weeks. Revenue and earnings “are likely to not matter as much as the amount of capital spending completed in the quarter and the guide for the rest of the year,” wrote Wolfe Research analysts on Tuesday.2 The hyperscalers—Alphabet, Microsoft, Amazon, Meta, and Oracle (ORCL)—reported strong results across the board last quarter, but their stocks mostly languished as investors focused on capex increases. 

Hyperscalers are expected to spend upwards of $700 billion on capital expenditures this year, and much of that total is earmarked for AI data centers. Those investments have caused their free cash flows to dwindle, and compelled several of them to tap debt and equity markets for fresh capital, increasing their exposure to fluctuating interest rates. 

Wolfe Research expects the hyperscalers in aggregate to increase their capex guidance again in the coming weeks.3 While that may pressure their stocks, it could reinvigorate the shares of semiconductor, memory and data storage suppliers, whose sales and earnings growth have been turbocharged by the AI data center buildout. After a torrid rally throughout the second quarter, memory and chip stocks have cooled off in recent weeks. Some market watchers say that’s created opportunities to own stocks expected to benefit from AI spending for years to come. 

“Nvidia is trading like a value stock,” said Nancy Tengler, CEO of Laffer Tengler Investments, on Tuesday. “You have to believe all the [AI] spending is going to stop tomorrow” to justify the stock’s forward price-to-earnings ratio of about 16x, said Tengler. 

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

A vote of confidence from the chipmaker at the heart of the AI boom has Nebius shares soaring Tuesday.

While both funds provide broad international equity access, State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM +1.19%) offers a lower expense ratio and broader diversification than iShares MSCI World ETF (URTH +1.00%).

Comparing URTH and SPGM reveals two distinct global strategies. URTH focuses exclusively on companies in developed economies, while SPGM provides all-cap exposure across both developed and emerging markets, potentially serving as a more comprehensive core holding for long-term investors seeking total market representation.

Snapshot (cost & size)MetricURTHSPGMIssueriSharesSPDRShare price$201.10 (as of 2026-07-20)$84.28 (as of 2026-07-20)Expense ratio0.24%0.09%1-yr return (as of 2026-07-20)19.50%23.10%Dividend yield1.40%1.80%Beta0.950.92AUM$8.0B$1.7BBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield as of the close of trading on July 20th.

SPGM is the more affordable option with a 0.09% expense ratio compared to 0.24% for URTH. Additionally, SPGM currently offers a higher payout, providing a 0.42 percentage point yield advantage over its competitor.

Performance & risk comparisonMetricURTHSPGMMax drawdown (5 yr)(26.10%)(25.90%)Growth of $1,000 over 5 years (total return)$1,703$1,688What's insideState Street SPDR Portfolio MSCI Global Stock Market ETF replicates the MSCI ACWI IMI Index, providing exposure to 2,927 holdings across developed and emerging markets. This all-cap strategy includes large, mid, and small-cap companies, which may help mitigate country-specific risks. Its largest positions include Nvidia (NVDA +1.85%) at 4.1%, Apple (AAPL +0.50%) at 3.7%, and Microsoft (MSFT 0.97%) at 2.3%. The portfolio is weighted toward technology at 31%, financial services at 17%, and industrials at 13%. It was launched in 2012. State Street SPDR Portfolio MSCI Global Stock Market ETF has paid $1.54 per share over the trailing 12 months, which on its recent ~$84.28 share price works out to a 1.80% yield.

iShares MSCI World ETF focuses on a narrower index of 1,309 companies located solely within developed global economies. This concentration results in a slightly different risk profile compared to more comprehensive global funds. Its largest positions include Nvidia at 5.2%, Apple at 4.8%, and Microsoft at 3%. The fund allocates 31% to technology, 16% to financial services, and 11% to industrials. It was launched in 2012. iShares MSCI World ETF has paid $2.84 per share over the trailing 12 months, which on its recent ~$201.10 share price works out to a 1.40% yield.

Which fund is the better buy?There’s a world of stocks to be had with both of these ETFs, but looking under the hood, there are key differences for investors to weigh.

URTH, the iShares MSCI World ETF, ignores a portion of the world, emerging markets, to focus on the developed world that generates the vast majority of stock market gains. Since the U.S. is such a significant part of the world  economy, it accounts for 72% of the holdings of URTH, with the balance in markets like Europe and developed Asian countries, primarily Japan. That also means all its top 10 holdings are U.S. stocks (which is true of its competitor here as well).

SPGM, the State Street SPDR Portfolio MSCI Global Stock Market ETF, accounts for emerging markets, which make up 6% of its portfolio, while the U.S. is 63% of holdings, with the developed world at 31%. SPGM also has exposure to small caps, which URTH doesn’t. SPGM has 5% of its portfolio in small caps, which means weightings to large and mid caps are slightly less than URTH’s.

Given the slightly different approaches to representing global equity markets, it’s no surprise there is a difference in performance. The inclusion of small caps means SPGM has captured some of the rally small cap stocks have been enjoying. Small caps are having their best year since 1991, making up for years of underperformance.

Year-to-date SPGM is 12.3%, compared to 9.9% for URTH, continuing the 1-year besting of URTH noted in the table above. Similarly, over the past three years, SPGM edges URTH 20.2% to 19.4% annualized returns. Longer term, URTH nicks the lead from SPGM by virtue of the small cap sector’s past underperformance, but the differences are only slight. Both funds have returned about 11.5% and 13.25% to investors over the 5-year and 10-year time frames.

Given SPGM also has a small maximum drawdown compared to URTH and a better dividend yield, the best way to play the world of stocks is to add SPGM to your portfolio.

For more guidance on ETF investing, check out the full guide at this link.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

There are high-yielding ETFs, and then there is the YieldMax Semiconductor Portfolio Options Income ETF (CHPY +5.27%). The fund currently offers a jaw-dropping 40% yield based on its latest weekly distribution payment and current share price, which has tumbled nearly 20% from its recent peak.

Here's a look at whether you'd be missing out by not scooping up this ultra-high-yielding ETF while it's cheaper.

Image source: Getty Images.

An introduction to CHPY The YieldMax Semiconductor Portfolio Options Income ETF is an actively managed fund with two mandates:

Generate current income: CHPY seeks to collect option premium income by selling call spreads on companies it holds. It aims to distribute this income weekly. Provide capital appreciation potential: The fund holds a focused portfolio of 15 to 30 semiconductor stocks to capture upside. The fund has achieved remarkable results with both objectives since its launch in April 2025. CHPY has made a distribution payment every week since its inception. It has grown its weekly payout from $0.362 to $0.5925 per share. However, its payout has been volatile, ranging from $0.3454 to $0.7743 per share.

Meanwhile, unlike many ultra-high-yielding ETFs, this fund has managed to grow its net asset value (NAV) per share. Despite the recent 20% drop, CHPY's share price is up over 57% since its inception. Add in the lucrative weekly options income stream, and this ETF's total return is a robust 165%.

NYSEMKT: CHPYTidal Trust II - YieldMax Semiconductor Portfolio Option Income ETF

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How CHPY delivers such robust returns The secret to CHPY's success lies in its portfolio. The ETF holds a concentrated portfolio of the largest semiconductor stocks. These companies are among the leaders in AI. For example, its top holding is Nvidia (NVDA +0.92%), which accounts for 5.9% of its net assets. Nvidia is growing briskly (85% revenue growth in its fiscal 2027 first quarter) due to robust demand for its AI chips by hyperscale data center operators. This robust growth is driving its share price up, which has surged nearly 19% over the past year. Meanwhile, other top holdings include Intel and Micron Technology, which have seen even bigger rallies of 325% and 680%, respectively. These monster gains are helping CHPY deliver meaningful NAV-per-share appreciation.

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Semiconductor stocks are also highly volatile (nearly five times more than the S&P 500). As a result, their options have high premiums. CHPY is harvesting these high options premiums by selling call spreads (selling a call option above the underlying's current price and buying another one at an even higher price).

For example, it currently holds nearly 310,000 shares of Nvidia. It wrote 3,099 calls that expire later this week at $207.50 per share, and bought the same number of calls at $212.50 per share. With the stock currently below the written call price, this trade is on track to expire at full profit. It makes similar, repeatable trades across all its holdings, generating regular income.

Buy the 20% dip? We've seen the volatility of semiconductor stocks firsthand in recent weeks. Nvidia is currently nearly 14% below its recent high, while Micron and Intel have tumbled 27% and 30%, respectively. This decline has driven the 20% dip in CHPY's share price.

Even with a lower price, CHPY isn't for everyone. The ETF is best for investors with a very high risk tolerance who seek to capitalize on the currently high volatility in semiconductor stocks. It won't last forever, meaning CHPY's monster yield will likely trend down in the future. However, this fund has the potential to turn a small investment into a big-time income stream while offering meaningful upside. Given the risks, investors who do buy CHPY should keep their allocation small and consider reinvesting the currently lucrative weekly income stream into a lower-risk position.

Matt DiLallo has positions in Intel and Tidal Trust II-YieldMax Semiconductor Portfolio Option Income ETF and has the following options: short August 2026 $150 calls on Intel. The Motley Fool has positions in and recommends Intel, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.

IXUS offers broad, low-cost diversification across thousands of non-U.S. stocks with a higher dividend yield, while NZAC's climate-focused approach has delivered slightly better five-year returns.

Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF, FRA:8SR) has announced that exploration at its East Goldfield property in Nevada identified two gold-bearing feeder structures that the company believes warrant further investigation, as geological mapping and a new geophysical survey continue to refine drill targets.

The company completed a three-phase sampling program using portable gas-powered diamond drills to investigate several prospective high sulphidation feeder structures, or ledges.

The shallow drilling program, with holes ranging from one to 10 metres in depth, was designed to assess the extent and character of near-surface gold mineralization identified in earlier surface chip and grab samples.

Silver Range said two of the three ledges tested were auriferous. It added that historical exploration at East Goldfield suggests significant gold mineralization on the property is likely blind, with gold-bearing ledges at surface potentially indicating mineralization at depth.

The two auriferous ledges are located between 1,000 and 1,100 metres northwest of the Tom Keane Mine exploration target. The company said that target has been defined by 18 drill holes at an average depth of 100 metres, while previous surface samples from ledges cutting the target returned gold values ranging from trace amounts to 1.83 grams per tonne.

Property-scale geological mapping completed in May identified a zone of deformation that coincides with a strong quartz-alunite alteration anomaly. Silver Range said the deformation zone appears to be an asymmetric south-dipping flower structure that likely predates lithocap formation.

The company said the inferred south-dipping root fault may have served as a conduit for mineralizing fluids and could be the source of much of the known gold mineralization on the property. It also identified residual quartz lithocap in outcrop more than 900 metres west of the Tom Keane target, which it said suggests a large exploration fairway exists south of the exposed quartz-alunite alteration.

Silver Range also announced that Big Sky Geophysics has begun a 60-kilometre three-dimensional induced polarization and resistivity survey covering the full extent of the East Goldfield property. The survey is designed to detect targets to depths of at least 500 metres with sufficient detail to define future drill targets and is expected to be completed by the end of August.

AUSTIN, Texas--(BUSINESS WIRE)--Accelsius, the leader in two-phase, direct-to-chip liquid cooling technology for AI and high-performance computing, today announced results from independent third-party benchmark testing demonstrating that two-phase direct-to-chip liquid cooling better supports NVIDIA's goal of enabling global free cooling with warm facility-water temperatures. The results show that single-phase performance at 45°C facility water can be matched by Accelsius with 54°C inlet water.

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Straight Out Of A Soap Opera: Biotech Exec Arrested After 21 Years On The Run Nebius (NBIS) stock popped on Tuesday after Nvidia (NVDA) disclosed a 9% stake in the cloud computing specialist in a regulatory filing. Nebius shares had advanced 118% in 2026 as of Monday's market close, but have pulled back sharply since mid-June along with other artificial intelligence infrastructure stocks. Nvidia, a maker of artificial intelligence accelerator chips, also is an investor…

Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Nvidia (NVDA - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this maker of graphics chips for gaming and artificial intelligence have returned -2.6%, compared to the Zacks S&P 500 composite's -0.6% change. During this period, the Zacks Semiconductor - General industry, which Nvidia falls in, has lost 6.8%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Nvidia is expected to post earnings of $2.09 per share, indicating a change of +99.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.9% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $9.09 points to a change of +90.6% from the prior year. Over the last 30 days, this estimate has changed +1.5%.

For the next fiscal year, the consensus earnings estimate of $12.56 indicates a change of +38.2% from what Nvidia is expected to report a year ago. Over the past month, the estimate has changed +3.5%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Nvidia.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Nvidia, the consensus sales estimate of $91.71 billion for the current quarter points to a year-over-year change of +96.2%. The $387.84 billion and $541.98 billion estimates for the current and next fiscal years indicate changes of +79.6% and +39.7%, respectively.

Last Reported Results and Surprise HistoryNvidia reported revenues of $81.62 billion in the last reported quarter, representing a year-over-year change of +85.2%. EPS of $1.87 for the same period compares with $0.81 a year ago.

Compared to the Zacks Consensus Estimate of $78.75 billion, the reported revenues represent a surprise of +3.63%. The EPS surprise was +5.65%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Nvidia is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Nvidia. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.

Nebius stock surged on Tuesday after Nvidia disclosed a 9.3% stake in the neocloud.

The Amsterdam-based company has emerged as one of Europe's leading neoclouds providing AI compute, and has inked multiple deals with tech giants in 2026 amid massive infrastructure spending.

Shares of Nebius were up 7% in premarket trading.

The company has been one of the big beneficiaries of the AI boom, with the stock gaining nearly 250% in the past 12 months. Its market cap stood at $46 billion as of Tuesday morning.

Nebius and Nvidia have been approached for comment.

Nebius stock.

Nvidia previously announced it would invest $2 billion in the Dutch company, which is listed on the Nasdaq.

As part of the deal, the companies will collaborate on AI infrastructure deployment, fleet management, inference and AI factory design and support.

In March, Meta signed a long-term agreement to spend up to $27 billion on Nebius' AI infrastructure.

Nvidia has been building up stakes in some of the world's most promising AI companies in recent years.

The chip giant contributed $30 billion to the $110 billion funding round that OpenAI announced in March, and participated in Anthropic's $30 billion raise in February.

Freedom Capital Markets upgraded Nebius to a buy rating in a note on Monday.

The previous week, Nebius said it had raised $775 million in its first senior secured debt facility, backed by deployed GPU infrastructure and contracted cash flows from an agreement with an investment-grade customer. Freedom Capital Markets called the raise a "positive catalyst" for the company.

Rasi Bhadramani/iStock via Getty Images

Download this episode on Apple Podcasts/Spotify or listen below:

Nvidia's (NVDA) Nebius (NBIS) position. (00:15) Samsung's (SSNLF) latest weapon isn't a smartphone. (01:14) Cracker Barrel (CBRL) exits its biscuit bet. (01:58)

This is an abridged transcript.

Nebius (NBIS) is up 6% in premarket action after disclosing that Nvidia (NVDA) has taken a stake in the company.

The 9.3% stake includes the previously announced $2B investment by Nvidia, which represented 1.19M shares of Nebius that was disclosed on March 31, and 21.065M shares from an ordinary share purchase warrant acquired by Nvidia on March 11.

Nvidia cannot exercise the warrant or sell the underlying shares until September 11, 2026.

If you remember back in March we told you the $2B investment would allow the two companies to form a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market.

The Dutch AI infrastructure provider said the partnership will help it deploy more than 5 gigawatts of Nvidia systems by the end of 2030.

Samsung (SSNLF) is taking on Apple Card with its own credit card in the U.S.

It’s called the Samsung Galaxy Card and is issued by Barclays (BCS) on the Visa (V) network.

It will be integrated with Samsung Wallet, allowing customers to store it with other compatible cards, IDs, passes and digital keys.

Customers can earn 5% cash rewards on purchases made directly with Samsung (SSNLF).

Other features include 3% cash rewards on purchases made with Samsung Wallet, 2% cash rewards on various streaming services, and 1% cash rewards on all other purchases.

You can submit an application starting July 22.

Cracker Barrel Old Country Store (CBRL) said on Monday it expects to achieve or exceed the high end of its revenue range and exceed its adjusted EBITDA outlook.

The company also announced that it completed a sale-leaseback of 26 stores and divested its Maple Street Biscuit Company business.

Cracker Barrel said the sale-leaseback generated about $77M in net proceeds, which it plans to use to reduce debt.

They sold Maple Street to Biscuit Belly. The sale includes the brand and assets for 35 locations. The remaining 16 locations will close.

The company expects non-cash charges of $37M to $39M and cash charges of $6M to $8M tied to the exit.

Cracker Barrel acquired Maple Street in 2019 for $36M.

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Crude oil is up 0.3% at $82.

The FTSE 100 is up 0.2% and the DAX is up 0.3%.

One stock on the biggest movers list: Magnolia Oil & Gas (MGY) -6% - Shares slid after the company priced a public offering of 46.3M Class A shares at $23.75 per share, raising about $1.1B.

Economic calendar:

The U.S. economic calendar is light, with no major economic reports scheduled for release.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

Umělá inteligence už dávno není jen příběhem o Nvidii, datových centrech a stále výkonnějších modelech. Podle AI specialisty Šimona Podhájského se investoři často příliš soustředí na samotné modely a přehlížejí oblasti, kde se bude vytvářet skutečná hodnota. V podcastu Patria Finance hovořil o budoucnosti AI agentů, investičních příležitostech i o tom, proč mohou být největším rizikem AI systémy, které začneme používat bez dostatečné kontroly.

Když se dnes mluví o umělé inteligenci, debata se často točí kolem několika známých jmen. OpenAI, Anthropic, Google, Nvidia nebo Meta představují tváře technologické revoluce, která během posledních let zásadně změnila očekávání investorů i firem. Podle Šimona Podhájského, AI inženýra ze společnosti Curebase a dlouholetého praktika v oblasti jazykových modelů, je však skutečnost mnohem složitější.

„Myslím si, že hodně lidí si myslí, že záleží jenom na tom, kdo má ty modely. A že to jsou Amerika a Čína. Já si naopak myslím, že hodně záleží na aplikační vrstvě a na těch ‚harnessech‘, tedy na tom, jak si ten model osedláme a použijeme,“ říká Podhájský. Právě způsob nasazení AI podle něj často rozhoduje více než samotná kvalita základního modelu.

AI už je dál, než si většina lidí myslí

Z pohledu technologického vývoje vidí Podhájský současný stav AI podobně jako internet na konci 90. let. „Řekl bych, že jsme někde kolem roku 1999. Už vidíme ten slib, ale současně investujeme do AI i v oblastech, které ještě nemusí být rentabilní,“ říká.

Zároveň odmítá představu, že budoucnost AI je teprve před námi. „Budoucnost už je do značné míry tady, jenom není rovnoměrně rozdělená,“ parafrázuje známý výrok Williama Gibsona. Podle něj už dnes existují firmy, které využívají AI agenty jako digitální kolegy schopné samostatně vykonávat celé pracovní procesy. Většina trhu se s těmito možnostmi teprve seznamuje.

Věří i v možnost vzniku takzvaného „one-person unicorn“, tedy miliardové firmy řízené jediným člověkem za pomoci AI. „Může se vyplnit předpověď Sama Altmana, že vznikne první jednorožec vytvořený a provozovaný jediným člověkem. Struktura firem se může výrazně změnit,“ říká Podhájský.

Velkou hodnotu vytvoří data

Přestože veřejnost často sleduje souboj největších modelů, Podhájský vidí konkurenční výhodu firem jinde. „Myslím si, že datasety a jejich kvalita jsou čím dál důležitější pro dosahování dalších úrovní modelů,“ vysvětluje. To platí nejen při samotném trénování AI, ale také při jejím nasazení ve firmách.

Podle něj dnes řada společností řeší AI dříve, než mají vyřešenou vlastní datovou infrastrukturu. „Firmy si často řeknou: všichni mají AI, musíme mít také AI. Ale přitom ještě nemají správně nastavené vlastní datové sklady nebo procesy,“ upozorňuje. Právě schopnost pracovat s unikátními daty vidí jako jeden z nejdůležitějších investičních příkopů budoucnosti. „Pokud bych hledal investiční „moat“, hledal bych firmu s vlastním datasetem, který konkurence nedokáže jednoduše replikovat,“ říká.

Software bude levnější. Ne všechny firmy to přežijí

Jedním z momentálně nejdiskutovanějších témat na trzích je dopad AI na softwarový sektor. Akcie některých tradičních softwarových firem v posledních kvartálech zaostávaly právě kvůli obavám investorů, že vývoj softwaru bude díky AI výrazně levnější. Podhájský tyto obavy do značné míry sdílí. „Myslím si, že tvorba softwaru bude čím dál levnější a že AI bude ukusovat stále větší část vývoje,“ říká.

Současně ale upozorňuje, že nejde jen o to, že si jednotlivci budou schopni vytvářet vlastní aplikace. „Větší problém je, že se zmenšuje konkurenční výhoda zavedených firem vůči novým konkurentům. Je jednodušší architektovat složité aplikace než dřív,“ vysvětluje.

Neznamená to však automatický zánik velkých softwarových společností. Jako příklad uvádí Adobe. Nevěří totiž, že by AI vedla k masovému vytváření plnohodnotných alternativ Photoshopu. „Trh podle mě Adobe podhodnocuje možná až příliš. AI sice ukusuje část jeho využití, ale neznamená to automaticky konec firmy,“ míní.

Kde leží investiční příležitosti

Přestože se Podhájský označuje za zastánce hypotézy efektivních trhů a většinu vlastních investic směřuje do ETF fondů, vidí několik oblastí, které mohou být zajímavé i pro investory. První z nich souvisí s rostoucí produkcí obsahu generovaného AI. „Soudy, grantové agentury nebo vydavatelé knih se začínají topit v množství textů generovaných umělou inteligencí,“ upozorňuje. Obrovský potenciál proto vidí v nástrojích schopných tento obsah filtrovat. „Čekám, že přijde software, který bude umět lépe rozlišit, co musí zkontrolovat člověk a co lze zpracovat automaticky,“ říká.

Ještě větší příležitost ale vidí ve vědeckém výzkumu. „Oblast, od které si slibuji výrazný posun, je automatizovaná věda,“ tvrdí. Zmiňuje přitom například český startup Theorema, který se zaměřuje na automatizaci laboratorního výzkumu. Tato oblast navazuje na úspěchy projektů typu AlphaFold, jenž dramaticky urychlil výzkum proteinových struktur. „AI bude nejúspěšnější tam, kde je jednoduché ověřit správné řešení,“ vysvětluje Podhájský.

Největší riziko? Ne Skynet, ale postupná ztráta kontroly

I když v představách lidí často převažuje hrozba AI typu Skynet, Podhájský za pravděpodobnější hrozbu považuje něco mnohem méně nápadného. „Myslím si, že AI nám ublíží tam, kde ji nasadíme a neumíme ověřit, jestli dělá správnou věc,“ říká. Jako příklad uvádí schvalování hypoték, přijímání zaměstnanců nebo vyhodnocování žádostí.

Zvláštní obavy má i z fenoménu, který označuje jako postupné vzdávání se rozhodovacích pravomocí. „Může se stát, že budeme čím dál víc delegovat ekonomicky relevantní činnosti na AI agenty a přestaneme sami rozhodovat,“ upozorňuje.

Podle něj dnes existují dva způsoby využití AI. Ten první označuje za pozitivní. „Lidé používají AI jako kognitivní multiplikátor. Zkoumají víc věcí, rychleji získávají informace a lépe přemýšlejí.“ Druhý scénář je ale problematičtější. „AI se může stát kognitivní protézou. Místo toho, abychom přemýšleli, delegujeme celé rozhodnutí na stroj,“ varuje.

AI jako nástroj, ne náhrada člověka

Přesto Podhájský zůstává v zásadě optimistou. AI používá denně a považuje ji za mimořádně užitečný nástroj. Existují však oblasti, které by stroji nesvěřil. „Nepoužil bych AI na svatební sliby,“ říká s úsměvem.

Stejně skeptický je k tomu, aby AI plánovala zásadní životní rozhodnutí. „Nepoužiju ji na tvorbu plánů toho, co chci se svým životem dělat. Ty plány, se kterými většinou přijde, jsou příliš průměrné.“

Právě zde podle něj leží hranice mezi nástrojem, který člověka posiluje, a technologií, která ho postupně zbavuje autonomie.A to může být nakonec mnohem důležitější otázka než to, který model právě vede benchmarky nebo zda Nvidia dokáže i za několik let obhájit své výjimečné marže.

Bank Earnings Are Roaring, But Wall Street Isn't Ready to CelebrateNVIDIA NASDAQ: NVDA used its 2026 SIGGRAPH Research Keynote to outline a broad push to combine computer graphics, simulation and artificial intelligence, including a new DLSS 5 technology for real-time rendering, advances in AI-assisted physics simulation and new additions to its Cosmos world foundation model platform for physical AI.

The keynote opened with NVIDIA framing computer graphics as entering “a new era,” with AI increasingly tied to rendering, simulation, robotics and digital twins. Jensen, who introduced the session, said NVIDIA’s history at SIGGRAPH has included programmable GPUs, CUDA, RTX and Omniverse, and argued that virtual worlds will be central to training robots before they operate in the real world.

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2 Quantum Stocks That Could Challenge IonQ’s Leadership“Before robots operate in the real world, they will learn in virtual worlds with synthetic experiences,” Jensen said. “That is why computer graphics matter more than ever.”

DLSS 5 Targets Real-Time Photorealism Edward Liu, NVIDIA’s Director of Applied Deep Learning Research and the technical leader behind DLSS, introduced DLSS 5, describing it as a new generation of the company’s AI rendering technology. Liu said DLSS 5 uses traditional rendering as a foundation, then applies generation to enrich the final appearance of the image in real time.

The SK Hynix IPO and 2027’s AI Memory Squeeze“The renderer keeps building the world exactly as the game has authored it,” Liu said. “The generation becomes the learned stage afterwards to enrich its appearance.”

Liu said DLSS 5 is intended to combine the controllability of rendering with the photorealistic knowledge learned by generative models. He emphasized that the technology is not designed to replace graphics pipelines, but to extend them. He described DLSS 5 as adding a third category of AI use in real-time rendering, alongside reconstruction and function approximation.

According to Liu, NVIDIA had to address three core challenges: preserving artistic intent, maintaining temporal coherence frame by frame and fitting within the tight performance budget of real-time games. He said the model uses renderer outputs and internal buffers such as albedo, surface normals and lighting information to preserve details that are important to a scene, while enhancing elements such as subsurface scattering, material response, contact shadows and environment lighting.

Liu said DLSS 5 runs causally, “one frame in, one frame out,” without looking ahead, and was distilled into a smaller one-step pixel-space diffusion transformer model focused specifically on making real-time rendering appear more realistic. He said DLSS 5 is “shipping this fall.”

Artists Get Controls Over AI-Enhanced Frames Gaff, described as a creative artist, demonstrated how developers and artists can direct DLSS 5. He said the technology respects the original rendered frame and does not change geometry, but can uplift images by improving contrast, ambient occlusion, contact shadows, reflections and subsurface scattering.

Gaff showed controls including different models, structure intensity and tone intensity. He said developers can choose different models for different scenes or cut scenes, and can use masks to apply DLSS 5 effects to specific characters, props or parts of an environment.

“DLSS 5 is fully controllable from the developer,” Gaff said, adding that NVIDIA is working with partners to incorporate feedback so the technology can serve artists, art directors and creative directors.

NVIDIA Highlights AI Physics for Simulation Neil Ashton discussed physics-based simulation and how AI could help reduce the computational cost of high-fidelity simulations. He pointed to a large climate simulation running on more than 20,000 GPUs at one-kilometer resolution and a 50 billion-cell grid, calling it an example of the accuracy possible with physics-based methods but also a reminder of their cost.

Ashton said AI models trained on simulation data are already being used in weather and climate, where they can predict future weather in seconds or minutes compared with hours or days. He said weather centers now use AI models in production, and highlighted StormScope as an advanced AI model trained on satellite and observation data for storm prediction.

He also described applying similar methods to engineering simulations, such as airflow over aircraft. Ashton said an open dataset of roughly 2,000 aircraft simulations generated about 200 terabytes of data, while the trained model checkpoint was about 200 megabytes. He said the model could predict unseen geometries or boundary conditions more than 10,000 times faster, with accuracy within about 1% or 2%.

Cosmos Platform Expands for Physical AI Ming Liu, VP of the Cosmos Lab at NVIDIA, said physical AI faces a data problem because robots need to learn from the real world, but real-world data is slow to collect. He described Cosmos as NVIDIA’s world foundation model for physical AI developers, designed to provide better data, better environments and better starting points.

Liu said Cosmos can support world understanding, prediction, simulation and action using one shared representation, based on the idea that physical AI tasks draw from the same physics. He described a mixture-of-transformers architecture with an autoregressive tower for reasoning and a diffusion tower for generation, aligning language, vision, audio and action.

Liu announced Cosmos 3 Edge, a four-billion-parameter model built to run real time on devices such as Jetson Thor, RTX and DGX Spark. He said it is intended to enable robot policy and video analytics without a round trip to a data center. NVIDIA also demonstrated a robot arm and camera connected to Jetson Thor running Cosmos 3 Edge policy for real-time control.

Liu also announced Cosmos Dreams, described as neural closed-loop simulators. The first version is designed for autonomous vehicles, generating what vehicle sensors will see based on actions taken by a policy model. In a live demo, Andy showed an autonomous driving simulation generated from a single frame and controlled with a PS5 controller, running on a single RTX 6000 Ada Generation workstation GPU.

Liu said Cosmos Dreams can be used for policy verification and training by generating scenarios that are difficult to craft in the real world. He said Cosmos is being used across NVIDIA efforts including Metropolis VSS, Isaac, Optane and GR00T, and invited developers and partners to join the Cosmos platform.

About NVIDIA (NASDAQ:NVDA)NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company's product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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