Nvidia's shares remain pressured because neoclouds have yet to show demand revenue can cover debt service even at higher rates. CoreWeave and Nebius are dragging the shares, though that concern is being priced in and digested. Reuters reports ByteDance, Alibaba and Tencent ordered $35B in Nvidia chips; Elon Musk says SpaceX is on track to bring roughly 200,000 GB300 GPUs online per month through end-2026. Nvidia made a higher low, and the next higher-high target is $256. x.com  x.com  x.com  x.com 

Nvidia looks interesting again because rising earnings estimates have not been reflected in its valuation. FY28 EPS estimates rose about 25% in 60 days while shares stayed roughly flat; it trades below 14 times FY28 earnings with a mid-single-digit free-cash-flow yield. Exponential change is hard to grasp, and it is hard to see Nvidia not winning if the US does, though there is little capital to absorb market wobbles. x.com  x.com 

Nvidia is priced for perfection, so even strong earnings could send it lower; it fell after each of its last four beats, including one of 5.7%. Demand is real, with $1 trillion of orders for 2026–27 against about $253 billion of trailing sales, so slowing growth isn't the worry; the worry is that no result can satisfy a perfect price. At $5.2 trillion it is the S&P 500's biggest piece, and options imply a roughly 5% swing, about $260 billion, on the ~$92 billion of expected sales. x.com 

NVIDIA has ended three months of sideways trading and moved back into positive gamma, with its moving averages fanning upward again. Options money is betting on $220-240 calls ahead of its August 26 earnings, and near-dated Mag 7 call buying shows institutions positioning rather than retreating. After hitting its first target, it is not a chase here; a pullback to $210-216 that reclaims $214 would offer a re-entry toward the prior $236 high. x.com 

Nvidia's rising revenue alongside a much lower P/E is getting hard to ignore. Its chart shows quarterly revenue above $80 billion in Q2 2026 while the P/E is around 30x, down from much higher multiples in prior years. x.com 

Nvidia is more likely to sell off over the next two-plus months than break out, even though it sits less than 3% from its all-time high. A weekly close above $237 could theoretically take it to $287, but such a breakout looks unlikely in September of a midterm election year. x.com 

NVIDIA's projected earnings growth could support substantial upside without an enormous multiple. At $221.97 it trades at 10.4x estimated FY2029 earnings; even at $350, nearly 58% higher, it would trade near 16.4x. Estimates imply roughly 130% cumulative EPS growth over the next two fiscal years and may be conservative. SpaceX and Meta earnings look bullish for future chip demand. Slower AI spending, margin pressure or competition could undermine the estimates. x.com  x.com 

NVIDIA is cheap at 14.7x 2027 earnings with 69% consensus EPS growth, a next-year PEG of 0.21, and it can keep rising from all-time highs. The next wave is robotics and AI in the physical world, where NVIDIA will be the brain of the robots. x.com 

Falling AI token and compute prices are a perfect storm for Nvidia. Token costs are down about 30% since the start of June, falling on 15 of the past 18 days, while compute rental prices are 16% off their recent highs. The bull argument that this doesn't matter for Nvidia because the Silicon Token LLM index only tracks spot prices does not hold. x.com 

Nvidia's capacity commitments argue against AI orders drying up soon. Its filings show mostly memory and manufacturing commitments rising from $119 billion to $279 billion in one quarter, with about $175 billion covering 2027-28. Fewer new data-center projects could reflect power, land and building bottlenecks rather than weaker demand; a mid-teens multiple still reflects a fair worry that profits may not last. x.com