May. 12 at 9:20 PM
Uncomfortable take on
$NVDA — it’s still a core AI name, but no longer the asymmetric trade it was in 2023–2024
At ~30–50x forward earnings, expectations are already extremely high, so the debate shifts from “growth or not” to “how much is left to re-rate”
Where the market is now rotating underneath:
•
$FLNC energy storage tied to AI power demand
•
$AAOI optical interconnects benefiting from data bottlenecks
•
$AVGO custom silicon exposure to hyperscaler XPU programs
The pattern is familiar in cycles: the leader builds the theme, then the next leg of returns often moves one or two layers down the stack
Not a call against NVDA — just a reminder that leadership in narrative doesn’t always equal leadership in forward returns
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