NVDA → $208.93 by Dec 2, 2026.

**Approach:** 1. R&D capitalization, affecting NOPAT and invested capital 2. Adjusted ROIC, marginal ROIC, RR 3. Took a snapshot of the historical range of marginal ROIC and RR — the interplay between marginal ROIC and RR determines the organic growth rate, g\_internal 4. Extracted Wall Street consensus estimates for the upcoming 5-year Revenue CAGR and EPS CAGR |—— R&D Capitalization (Geometric Decay) ——| |:-| |prior\_rnd\_asset (prior year-end balance; year 1 = 0)| |amortization\_this\_year (= prior\_rnd\_asset × decay\_rate)| |rnd\_asset\_value (= prior …