Trading Nvidia's Mega Moment: The Investment Committee Weighs In 8/27/26

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**Scott Wapner** (1:00)
I'm Scott Wapner and you're listening to CNBC's Halftime Report, the podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.
All right, guys.

**SPEAKER_2** (1:16)
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**Scott Wapner** (1:16)
Welcome to the Halftime Report. I'm Scott Wapner, front and center of this hour. For Nvidia's mega moment, the stock is surging, post earnings, y'all know that. We'll discuss and debate now what it means for the AI trade and the markets. Joining me for the hour, Josh Brown, Malcolm Etheridge, Jason Snipes, Brian Belsky. We're green across the board, sort of figured that would be the case, but there are some interesting market moves that we're gonna get to, as much for things that aren't moving on the back of what Nvidia delivered. So the number that jumps out to everybody is the 70% guide for revenue growth in 2028 The street was at 44 Why? Because it's kind of hard to see out to 2028, but Nvidia is attempting to do that. It usually never goes out that far for obvious reasons. It's the tricky proposition to try and do.
The suggestion is that it would have been even higher if not for supply constraints, gross margins were in line. That was a question too.
Our question is not so much about the print. Everybody knows it was amazing. But what does it mean now for the stock? Down eight of nine days going in. It's having a nice move now. 16 Target Hikes, Ray J, they go to 515 That looks to me to be the highest on the street. They were at 352 because they were blown out of the water by what they got. Strong buy, they say a trillion dollars. In sales by 29 seems possible. So everybody owns it. Josh, we'll start with you. What do you make of what we got and what the stock's doing now?

**Josh Brown** (2:49)
Okay, so a couple of things jumped out at me. We'll start with what you just said, which I think was really interesting.
Jensen said they have never forecasted out a year in advance, but they have more visibility now. Why do they all of a sudden have more visibility? It's an installed base that is so gigantic relative to what we were talking about two to three years ago. We know not only the amount of data centers all over the world that are starting out with Nvidia GPUs, but what the replacement cycle will look like as Nvidia upgrades, which they're doing on a ridiculously rapid cycle. And these chips don't last forever, especially if you're using them for training, burn out really fast, the amount of inference that's happening. It's not like, all right, we built the data center, we bought 200 Blackwells were good for forever.
We think maybe you're good for three years, four years. So that's where that visibility is coming from. I thought it was key. Two other words that are the most important words out of all of the remarks that I heard.
One of them is visibility, but the other one is fungibility. And this is really critical. One of the knocks on the stock over the last year, or one of the overhangs, was this idea of competition coming from application-specific integrated circuits, coming from all of their competitors doing different things, getting by with TPUs, with Tranium, et cetera, et cetera. They announced a massive deal with Amazon, making it very clear that the GPU will always be central to that particular hyperscaler. And they talked about the non-hyperscaler revenue, the ACIE. Every model, every region runs on Nvidia. They can do compute rent, they can do sovereign clouds, they can do the AI labs, the Neo clouds, the fungibility of Nvidia compute, the platform itself is the primary thing here. And I thought that that was a really interesting thing for Collette to focus on and then for Jensen to double down on during the Q&A.