In this episode of Pitch The PM, Doug and Gil candidly debate where Nvidia is in the GPU cycle, how Nvidia came to dominate the advanced chip market and what the road map looks like for advanced chip supply and demand. Gil outlines the current state of the industry for GPU chips that is in short supply and how the behavior of some key customers, like Microsoft, might be shifting to focus on returns over growth.
With hyperscalers looking to develop their own chips, the conversation raises an important question— who will step in to sustain Nvidia’s growth if its biggest buyers start pulling back? Gil lays out his case that Nvidia’s rapid expansion is slowing, with a potential revenue decline in CY 2026 that could lead to a lower valuation multiple. This discussion challenges the market’s expectations and explores what could be next for Nvidia.
(See episode for D.A. Davidson disclosures.)
