Otto Analytics
Frontier Infrastructure · Conviction Research
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July 4, 2026
Investment Memorandum · Preview
NVDANVIDIA Corporation
Generated in part by an automated AI system. See disclaimer on the full report.
Thesis

NVIDIA owns the platform every AI workload runs on: the chips, the NVLink and InfiniBand fabric, and the CUDA software layer a decade of the world's AI developers have built on. Data center revenue grew 92% last quarter, gross margins sit near 75% against roughly 50% at AMD, and the business threw off $119B of free cash flow over the trailing year. The business quality was never the question. After a 17% correction, the price is. What you pay to own the platform is the only thing left to decide.

The rest of the note answers the price question.
The full report carries the conviction call, the eight-analyst debate, the key metrics, and the position sizing. It is the work behind where we came down and why. Available to members.
Read the full note