Nvidia designs accelerated-computing chips, systems and software used to build and run artificial intelligence.
Nvidia trades at its lowest forward PE in a decade because the market believes it is significantly over-earning, but contracted compute is rolling off at a massive discount to spot prices, driving accelerating operating cash flows at hyperscalers that can fund the buildout without excessive debt. Nvidia's credit-wrapper model, equity stakes in labs, and financing/land/power advantages create a self-reinforcing moat.