Jensen Huang may have just delivered his most ambitious blueprint yet, but Wall Street is increasingly divided over whether Nvidia’s ( NVDA ) breakneck growth is reaching a limit or just entering its second act.
“I think if you come out of there thinking this is an AI bubble, then you’ve had a little too much to drink in Vegas,” Wedbush analyst Dan Ives told Yahoo Finance’s Opening Offer. “The reality is that … we’re talking about trillions of dollars being spent.”
His comments came shortly after CEO Jensen Huang took the stage at CES 2026 to unveil the Vera Rubin platform – a set of six new chips destined for mass production in the second half of the year. While Huang’s keynote focused on physical AI — robots, autonomous cars, edge computing — the debate on the ground remains the cold, hard math of data centers.
While Ives remains the ultimate technological bull, eyeing a $6 trillion market cap for Nvidia, DA Davidson analyst Gil Luria offered a more sober perspective. Skepticism is in the “cycle,” he noted.
For two years, Nvidia traded almost exclusively on the explosive demand for its GPU AI. Luria suggested that the market is starting to raise the price in a reversal, and wonders if the next phase can come soon enough to pick up the slack.
“Why Nvidia is so cheap is that really all it’s pricing in is a data center market that’s nearing the top,” Luria said. He claimed that Huang is already turning to “what’s next” — putting GPUs in robots and cars. Still, “timing” remains the ultimate question, Luria noted.
Meanwhile, the competition is not sitting. A day after Huang’s keynote, the CEO of Advanced Micro Devices (AMD) Lisa Su introduced the concept of “yottaflop” – a measure of computing power so vast that it was previously theoretical.
While Nvidia remains the gold standard of AI, Ives said the market is underestimating AMD’s potential to capture the “next stage” of the revolution.
“They will be a key player in this next stage of the AI revolution,” Ives said. “I don’t think that’s being factored into AMD stock.”
However, the most telling part of the Wall Street conflict is not about the giants, but the infrastructure that supports them. Luria recently issued a “reluctant upgrade” on CoreWeave (CRWV) but made it clear that his bearishness has not evaporated. He views players like CoreWeave and Oracle (ORCL) as “fringe,” accusing them of borrowing money to build “speculative capacity” while “destroying” shareholder value.
