NVIDIA: ‘The Party Is Going to End Soon’ According to CNBC
The Fast Money panel on CNBC zeroed in on the question every AI investor is asking: How much longer can NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) keep printing? One panelist captured the bear unease bluntly, saying investors can’t get past the worry that “the party is going to end soon.”
The Bear Case: The Run Already Happened
The skeptical panelist remains a “big believer” in being in the “second inning of AI,” but trimmed NVIDIA because “there is no opportunity for them to change the narrative.” The core friction: Hyperscaler CapEx is modeled by the Street to grow roughly 10%, while Jensen Huang is guiding to a 40% trajectory. That gap has to close somewhere.
NVDA is up around 83% over one year and 1,352% over the past five years, with shares last around $215 as of Friday morning. As one panelist put it, “the run in the stock has already been there” since it traded at $16 in 2022.
The Bull Case: Proprietary Tech, Reasonable Multiple
The counterpoint owns NVIDIA across multiple funds because “they’ve got proprietary technology” and “it’s not expensive in my view.” The fundamentals support that read. Q4 FY2026 revenue hit $68.13 billion, up 73% YoY, with Data Center Networking ripping 263% YoY on the NVLink ramp. Q1 FY2027 guidance sits at roughly $78.0 billion, explicitly excluding any China Data Center compute revenue. Forward P/E is 24x, with analyst consensus at $269.17. Jensen’s framing on the Q4 release: “the agentic AI inflection point has arrived.”
The Real Shift: From GPUs to Power, Infrastructure, Optics
The panel’s most important observation may be structural. “2 years ago, the issue with AI, with getting this going, was all about capacity and GPUs. Now it’s about power. It’s about infrastructure. It’s about optics.” Incremental dollars are rotating accordingly.
Corning (NYSE:GLW) is up more than 330% over the past year on AI data center optical demand. Q1 FY2026 Optical Communications revenue jumped 36% YoY to $1.85 billion, and CEO Wendell Weeks confirmed two new hyperscaler deals “similar in size and duration” to the up-to-$6 billion Meta agreement.
Competition Arrives
NVIDIA no longer has “zero competition.” AMD (NASDAQ:AMD) is up more than 94% year to date and just guided Q2 to ~$11.2 billion, with Meta deploying up to 6 gigawatts of Instinct GPUs. Even NVIDIA’s own customers are designing silicon.
The panel’s parting take stayed bullish on the broader theme: “we’re still grossly underestimating how big this whole trade is going to be.” The alpha is migrating to companies NVIDIA invests in that “haven’t popped yet.” Keep an eye on the picks-and-shovels names into the next earnings report.