NVIDIA Corp. (NVDA.O): Reinstating Top Pick as NDR supports our positive views

We recently hosted Nvidia CEO Jensen Huang, CFO Colette Kress, and Head of IR Toshiya Hari for investor meetings in NYC and Boston. Management largely reinforced recent priorities around shifts in the AI investment climate. Key takeaways: (1) diversity of the customer base - the resegmentation was to show that half the business, and likely the faster-growing half, comes from AI model companies, Neoclouds, sovereign entities, ODMs/OEMs and enterprise customers, who need the full-stack AI factory ecosystem; (2) growth within traditional hyperscale and frontier labs, with NVIDIA steadily gaining share of top-5 CSP spending and becoming a revenue share leader in Ethernet; (3) the strategy to drive up revenue per GW from $40bn toward well north of $50bn with Feynman (2028), as land/power/shell constraints favor the highest tokens per gigawatt (Vera Rubin drives up to 25x token improvement vs. Blackwell);