The Ledger

NVDANVIDIA Corporation

Industry AI semis Updated 24 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share by the end of 2028

$211 → $365

What the podcasts say

20 bullish · 6 bearish · 24 speakers · 9 shows

What investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.

  1. Bullish
    Out of most AI hardware since the spring, but still pretty bullish on NVIDIACitrini · Monetary Matters with Jack Farley · 25 Oct 2026
  2. Bullish
  3. Bearish
    Noble: would never own NVIDIA; expects it to be a great short eventuallyGeorge Noble · Monetary Matters with Jack Farley · 23 Oct 2026
  4. Bearish
    Eisman's worry on NVIDIA is customer concentration, not the AI storySteve Eisman · The Real Eisman Playbook · 19 Oct 2026
  5. Bullish
  6. Bullish
    Likes Nvidia: the AI market does not work without it, and it trades ~12xStacy Rasgon · Monetary Matters with Jack Farley · 8 Oct 2026
  7. Bullish
    Eisman likes Nvidia as long as the AI story holdsSteve Eisman · In the Money with Amber Kanwar · 8 Oct 2026
  8. Bearish
    $670 billion to make the guidance: Zitron doesn't see Nvidia's fiscal 2028 happeningEd Zitron · Monetary Matters with Jack Farley · 1 Oct 2026

All 26 statements on the Podcast Heatmap

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$211 → $215

One guided year on: +28% a year. 2027 is the year management has guided, and it is still running 12 months from the price date, so the 12-month bar, $215, stays at or near today's price: the model counts no growth until a guided year is over and only the share count moves. Carried one year past it on management's own figures, the same ones the 24- and 36-month bars use, a share works out to $365 at the end of 2028, 26 months from the price date. Climbing there at an even pace from today's $211 is +28% a year, $271 in 12 months, and that is the figure the Companies page lists.

Show the math

today's multiple of 15× on the guided quarter's gross profit at an annual rate, held flat, with revenue compounding at the 70% management guided for fiscal 2028 and the gross margin stepped down to the 72-73% they reset to on the same call. Company value less net cash, divided by a share count that is shrinking rather than growing. Each figure management gave as a range is taken at its middle.

0$200$400$600$800Today (Oct 2026): $211, the market price$211TodayOct 202612 months (Oct 2027): $215 a share if management delivers$21512 monthsOct 202724 months (Oct 2028): $337 a share if management delivers$33724 monthsOct 202836 months (Oct 2029): $580 a share if management delivers$58036 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharesthe count is falling, about -1.6% a year as in the half to Aug '26 — the buyback is bigger than the pay$211$21523638M sh$33723250M sh$58022869M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The multiple. Enterprise value today — $211 times 24100.0M shares, plus debt, less cash and current securities — over the guided quarter's gross profit at an annual rate, which is 15×. Held, so none of the rise below is a re-rating.
  2. The growth. Revenue compounds at the approximately 70% the chief financial officer guided for fiscal 2028 on 2026-08-26, the first time the company has guided a year ahead. Fiscal 2029 and 2030 are not guided at all, and the same rate is carried into them, which is why the value climbs steeply after the first guided year.
  3. The margin. Gross margin steps from the guided 74.0% to the 72-73% management reset to on that call because memory prices rose. It takes about 2% off the value rather than adding to it.
  4. The shares. No money is raised. The count carries on falling at the pace measured over the half to 21 Aug 2026, so the per-share figure rises slightly faster than the company value does. The converts line is empty: there are none.

Promises vs. what happened

15 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
Q4 '25 revenue $37.5B plus or minus 2%Q3 '25$39.3B, 4.8% aboveHeld
Q4 '25 Blackwell above 'several $B'Q3 '25$11B, the fastest ramp they have hadHeld
Mid-70s gross margin once Blackwell rampsQ3 '25met fifteen months later, 75.0%Held
Gaming grows strongly in Q1 '26Q4 '25$3.8B, up 48% q/qHeld
Blackwell Ultra ships later in Q2 '26Q1 '26tens of billions that quarterHeld
ProViz back to growth in Q2 '26Q1 '26$601M, up 18% q/qHeld
Vera Rubin ships H2 '26, from Q3 '27Q1 '27shipped early AugustHeld
Q2 '27 revenue $91.0B plus or minus 2%Q1 '27$96.2B, the widest beat of the eightHeld
Software run-rate over $2B by end FY25Q3 '25never reported againDropped
Sovereign AI over $20B in FY26Q2 '26never reported againDropped
RTX PRO a multi-billion-dollar lineQ2 '26absent from the four decks sinceDropped
H20 $2-5B in Q3 '26 if politics easeQ2 '26China excluded from every outlook sinceDropped
$0.5T of Blackwell and Rubin to end '26Q3 '26about $358B shown in the decks; openOpen
Q3 '27 revenue $108B at a 74.0% marginQ2 '27open; the first margin guide under 75%Open
FY26 opex growth in the mid-30s%Q4 '25raised to high-30s, then not given againMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q3
'25
Q4
'25
Q1
'26
Q2
'26
Q3
'26
Q4
'26
Q1
'27
Q2
'27

BlackwellOff page one Q2 '27

Cost per tokenPage one since Q4 '26

NetworkingOff page one Q1 '27

Market sizeOff page one Q4 '26

RubinPage one since Q1 '27

ChinaFirst seen Q1 '26

GamingOff page one Q3 '26

BuybacksPage one since Q2 '27

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Blackwell ramp

Q3 '25 · headline page

“Blackwell in full production after successfully executed mask change”

Deck Investor Presentation Q3 FY25 · p. 5 ·

Blackwell ramp

Q4 '25 · headline page

“Delivered $11B of Blackwell revenue; fastest product ramp in company’s history”

Deck Investor Presentation Q4 FY25 · p. 5 ·

Blackwell ramp

Q1 '26 · headline page

“Data Center revenue driven by the continued Blackwell ramp – fastest in our company’s history”

Deck Investor Presentation Q1 FY26 · p. 5 ·

Blackwell ramp

Q2 '26 · headline page

“NVIDIA’s Blackwell platform reached record levels with 17% sequential growth”

Deck Investor Presentation Q2 FY26 · p. 5 ·

Blackwell ramp

Q3 '26 · headline page

“Blackwell Ultra ramping across all customer categories”

Deck Investor Presentation Q3 FY26 · p. 3 ·

Blackwell ramp

Q4 '26 · further in the deck

“Sustained strength in Blackwell and Blackwell Ultra Strong adoption of NVLink, Spectrum-X, and InfiniBand”

Deck Investor Presentation Q4 FY26 · p. 4 ·

Blackwell ramp

Q1 '27 · headline page

“Blackwell adopted and deployed by every major hyperscaler, every cloud provider, and every model builder”

Deck Investor Presentation Q1 FY27 · p. 3 ·

Blackwell ramp

Q2 '27 · further in the deck

“Continued strong demand for our Blackwell architecture”

Deck Investor Presentation Q2 FY27 · p. 4 ·

Inference and cost per token

Q3 '25 · further in the deck

“NVIDIA is the largest inference platform in the world”

Deck Investor Presentation Q3 FY25 · p. 7 ·

Inference and cost per token

Q4 '25 · headline page

“Inference demand is accelerating, driven by test-time scaling and new reasoning models”

Deck Investor Presentation Q4 FY25 · p. 5 ·

Inference and cost per token

Q1 '26 · headline page

“Seeing a sharp jump in inference demand; Microsoft, Google, OpenAI all seeing a step-function leap in token generation”

Deck Investor Presentation Q1 FY26 · p. 5 ·

Inference and cost per token

Q4 '26 · headline page

“NVIDIA is the most performant, lowest cost/token inference provider with the largest installed base”

Deck Investor Presentation Q4 FY26 · p. 3 ·

Inference and cost per token

Q1 '27 · headline page

“NVIDIA AI infrastructure delivers the lowest token cost and highest token throughput as shown in latest MLPerf and InferenceX benchmarks”

Deck Investor Presentation Q1 FY27 · p. 3 ·

Inference and cost per token

Q2 '27 · headline page

“NVIDIA AI infrastructure delivers the best economics and is becoming an investable asset class – fueling continued AI factory spend”

Deck Investor Presentation Q2 FY27 · p. 3 ·

Networking

Q3 '25 · further in the deck

“NVIDIA Spectrum-X Ethernet for AI revenue increased over 3x year-on-year, and our pipeline continues to build”

Deck Investor Presentation Q3 FY25 · p. 7 ·

Networking

Q4 '25 · further in the deck

“Spectrum-X and NVLink switch revenue increased and represents a major new growth vector Data Center”

Deck Investor Presentation Q4 FY25 · p. 7 ·

Networking

Q1 '26 · further in the deck

“Networking grew 64% q/q”

Deck Investor Presentation Q1 FY26 · p. 7 ·

Networking

Q2 '26 · further in the deck

“Networking was a record, up 46% q/q and 98% y/y, with strong demand across Spectrum-X Ethernet, InfiniBand, and NVLink”

Deck Investor Presentation Q2 FY26 · p. 7 ·

Networking

Q3 '26 · headline page

“NVIDIA now the world’s largest networking business”

Deck Investor Presentation Q3 FY26 · p. 3 ·

Networking

Q4 '26 · headline page

“NVIDIA is the world’s largest networking business”

Deck Investor Presentation Q4 FY26 · p. 3 ·

Size of the AI build-out

Q1 '26 · headline page

“Have line of sight to AI factory projects requiring tens of gigawatts of NVIDIA AI infrastructure in the not-too-distant future”

Deck Investor Presentation Q1 FY26 · p. 5 ·

Size of the AI build-out

Q2 '26 · headline page

“We’re at the beginning of an industrial revolution; see $3 to $4 trillion in AI infrastructure spend by the end of the decade”

Deck Investor Presentation Q2 FY26 · p. 5 ·

Size of the AI build-out

Q3 '26 · headline page

“Three platform shifts – accelerated computing, powerful AI models, and agentic applications – on the path to $3 to $4 trillion in annual AI infrastructure build”

Deck Investor Presentation Q3 FY26 · p. 3 ·

Next architecture (Rubin)

Q3 '26 · headline page

“Visibility into $0.5 trillion of Blackwell and Rubin revenue from the start of this year through the end of calendar 2026”

Deck Investor Presentation Q3 FY26 · p. 3 ·

Next architecture (Rubin)

Q1 '27 · headline page

“Vera Rubin on track for the second half of this year, starting in Q3”

Deck Investor Presentation Q1 FY27 · p. 3 ·

Next architecture (Rubin)

Q2 '27 · headline page

“Commenced production shipments of Vera Rubin in early August – CPU, LPX, and STX are new growth drivers”

Deck Investor Presentation Q2 FY27 · p. 3 ·

China and export controls

Q1 '26 · further in the deck

“Outlook reflects a loss in H20 revenue of ~$8.0 billion”

Deck Investor Presentation Q1 FY26 · p. 12 ·

China and export controls

Q2 '26 · further in the deck

“Does not assume any H20 shipments to China”

Deck Investor Presentation Q2 FY26 · p. 12 ·

China and export controls

Q4 '26 · further in the deck

“*Outlook does not assume any Data Center compute revenue from China”

Deck Investor Presentation Q4 FY26 · p. 11 ·

China and export controls

Q1 '27 · further in the deck

“*Outlook does not assume any Data Center compute revenue from China”

Deck Investor Presentation Q1 FY27 · p. 11 ·

China and export controls

Q2 '27 · further in the deck

“*Outlook does not assume any Data Center compute revenue from China”

Deck Investor Presentation Q2 FY27 · p. 11 ·

Gaming

Q3 '25 · headline page

“Gaming end demand is strong while channel inventory remains healthy”

Deck Investor Presentation Q3 FY25 · p. 5 ·

Gaming

Q4 '25 · headline page

“Gaming end demand remained strong; shipments impacted by supply constraints”

Deck Investor Presentation Q4 FY25 · p. 5 ·

Gaming

Q1 '26 · headline page

“Record Gaming revenue due to Blackwell adoption by gamers, creatives, and AI enthusiasts”

Deck Investor Presentation Q1 FY26 · p. 5 ·

Gaming

Q2 '26 · headline page

“Record Gaming revenue due to Blackwell adoption by gamers, creatives, and AI enthusiasts”

Deck Investor Presentation Q2 FY26 · p. 5 ·

Capital return

Q3 '25 · further in the deck

“Utilized cash of $11.2B towards shareholder returns, including”

Deck Investor Presentation Q3 FY25 · p. 11 ·

Capital return

Q1 '27 · further in the deck

“Returned a record ~$20B to our shareholders, while executing strategic investments.”

Deck Investor Presentation Q1 FY27 · p. 8 ·

Capital return

Q2 '27 · headline page

“Returned a record ~$26B to shareholders, while executing strategic investments in R&D, critical supply and capacity, and our ecosystem”

Deck Investor Presentation Q2 FY27 · p. 3 ·

What they keep talking about · 10

The themes that show up deck after deck, and the ones that disappear.

Blackwell
On the headline page of six of the eight decks. By Q2 '27 it is one line under the Data Center chart.
Cost per token
From demand for inference, to the lowest cost per token, to "an investable asset class" — the argument moved from the chip to the return on it.
Networking
Grew into the headline of Q3 and Q4 '26 as "the world's largest networking business", then vanished when Data Center was re-split into Hyperscale and ACIE.
Market size
$3-4 trillion "by the end of the decade" in Q2 '26 became $3-4 trillion a year one quarter later, and has not been repeated since.
Rubin
Three decks: the $0.5 trillion visibility number, then on track for H2 '26, then shipping in early August. The only multi-year number the decks carry.
China
Never on a headline page. An $8bn hole in one outlook, then a footnote on every outlook since Q4 '26: no Data Center compute revenue from China assumed.
Gaming
Headline material in the first four decks, gone from Q3 '26 with the segment slides.
Buybacks
A cash-uses line until Q1 '27, then the headline page in Q2 '27 at a record ~$26bn — after the dividend went from $0.01 to $0.25.
New
Q2 '27: free cash flow in place of operating cash flow, Hyperscale and ACIE in place of compute and networking, and stock-based pay inside the non-GAAP margin.
Quiet
The $2bn software run-rate, the $20bn of sovereign revenue, RTX PRO and the $2-5bn of H20 were each stated once and never mentioned again.
Every quarterly report we’ve saved · 8

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 25 – Q2 27

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 25Q4 25Q1 26Q2 26Q3 26Q4 26Q1 27Q2 27
Demand & customers36%62%80%25%88%42%·62%
Growth & sales36%12%40%38%38%50%38%62%
Pricing & margins27%25%··25%17%·12%
Guidance & outlook36%50%80%50%25%42%25%38%
Capacity & supply55%12%60%75%50%50%12%25%
Capital & financing····38%33%12%12%
Competition···12%··25%25%
Products & technology45%62%80%50%25%25%50%50%
Macro & regulation18%25%60%25%12%·12%·
Other······12%·
Questions1185881288
How much the CEO talked76%87%87%84%89%87%95%95%

Who’s in charge, who’s selling

read from the filings · 1 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 2 · live

    Owners have voted twice to remove the supermajority provisions; the board will not ask again

    In 2025 the board itself proposed striking them out and 16.02bn shares voted for against 152.6m — 99.1% of the votes cast — and it failed anyway, because a charter amendment needs 66.7% of all outstanding shares and 3.21bn were broker non-votes. In 2026 a shareholder proposal asked for the same thing, the board recommended against it, and it passed 14.59bn to 2.21bn. The proxy's reason for opposing: addressing repetitive proposals on the topic "would not be an effective use of time, resources, and attention".

  2. Tier 2 · stable

    The real takeover defence is a contract with Microsoft, not the charter

    The FY2026 10-K's own risk factor says that if someone offers to buy at least 30% of the stock, Microsoft may have first and last rights of refusal under the legacy Xbox agreement. It is not in the charter, is not voted on, and cannot be removed by shareholders. Microsoft is also a customer, a competitor in silicon, and the former employer of the new field-operations chief.

  3. Tier 2 · worsening

    In two quarters the balance sheet acquired $25bn of debt and $108.5bn of guarantees

    Long-term debt went from $7.5bn to $33.4bn between January and July 2026 on the June note sale, and the indenture does not limit further issuance. Alongside it sit $108.5bn of maximum guarantee exposure — $105bn of it credit support on leases at SB Energy's Ohio campus that are let to OpenAI for twenty years — and $36bn of NVIDIA's own six-year cloud-service commitments to customers who bought its hardware. None of that is in the net debt the page uses.

  4. Tier 3 · worsening

    Three directors left in twelve months and the accounting chief was replaced

    Ellen Ochoa resigned in July 2025, Robert Burgess died in December 2025, and Persis Drell resigned from the board and the Compensation Committee on 2026-01-20, effective immediately and with no reason given, seven months after a 99.0% re-election. The chief accounting officer retired in May 2026 and was replaced by Intel's; the twenty-one-year head of field operations retired in August 2026 and was replaced by Microsoft's.

  5. Tier 3 · stable

    Six hundred and eight insider sales, and not one purchase

    Over the year to 2026q2 the SEC insider data sets record 608 sales by 13 insiders totalling $2.24bn and zero purchases by anyone, with about 63% of the sales under pre-set 10b5-1 plans. Net selling is about 0.04% of market value. Fiscal 2026 pay was $36.3m for the chief executive and about $14.3m each for the other named officers.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Neal, the lead directorA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.890.5M2,234.6M13.3%
Jones (audit, nominating)A board seat.1,198.7M1,569.8M9.3%
Seawell (audit chair)A board seat.1,016.7M1,495.7M8.9%
Huang (CEO)A board seat.247.1M166.1M1.0%
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.1,320.6M1,071.2M6.4%
End the supermajority ruleLower the bar to change the rules. Some changes need a supermajority, often two-thirds or more of all shares, which lets a minority block them. A simple-majority rule gives ordinary shareholders more say.152.6M2,210.3M13.2%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
All insiders$2,242.6M608 sales by 13 people, and not one purchase
Of that, pre-planned63.4%under pre-set 10b5-1 plans
Against it, the buyback$93.4Brepurchased FY22-FY26, every tranche below today's price