Hold NVDA by Sep 22, 2026.

Been digging into NVIDIA ahead of the next earnings, and here’s where I’ve landed. The bull case is mostly legit. CUDA is still a real moat — nobody’s come close in 15+ years. And demand for Blackwell from the hyperscalers (Microsoft, Google, Meta, Amazon) looks real, not just hype. Financials are wild: FY2025 revenue around $130B, up 114% YoY, with \~75% gross margins. That said, the stock already assumes a lot goes right. At roughly 45x forward earnings and a …