The Nvidia singularity: Breakthrough, bubble or both?

The stock price of the chipmaker has soared in 2023

Rob Arnott

Rob Arnott

In 1999 and 2000, the market and much of the public exuberantly believed the internet represented a “new paradigm” that would transform the way we exchange information and goods. Today, the market and the public crow that artificial intelligence (AI) will be a revolutionary advancement on the scale of the internet – or perhaps even the wheel.

Narratives like those supporting the tech and AI revolutions have the advantage of usually being partly or wholly true. They have the disadvantage of being entirely discounted by current share prices. For a popular company bolstered by an optimistic narrative to outperform the market, its future must prove even brighter than its glowing present outlook...

This article first appeared in ETF Insider, ETF Stream's monthly ETF magazine for professional investors in Europe. To read the full article, click here.

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