To The Moon

$NEBIUS(NBIS)$

Nvidia (NASDAQ: NVDA) has once again taken center stage in the artificial intelligence rally, pushing to fresh all-time highs as investor enthusiasm reignites around AI infrastructure. The stock has now climbed for the fourth straight session, briefly touching $185.9 intraday, driven by renewed optimism following CEO Jensen Huang’s latest remarks. During a recent public appearance, Huang emphasized the exponential growth trajectory of AI demand and unveiled his “three laws of AI scaling” — pre-training, post-training, and inference — suggesting that inference, the stage where AI models are deployed at scale, will be the true driver of massive long-term demand for compute power.

The comments sent ripples across the AI hardware and cloud computing ecosystem. Investors took Huang’s insights as a reaffirmation that the “AI supercycle” is far from over — and that Nvidia’s dominance may still be in its early innings. But more importantly, it reignited speculation about which secondary players could benefit the most as the AI boom matures.

CoreWeave Leads the Charge After Meta Deal

Among Nvidia’s ecosystem players, CoreWeave has emerged as a standout. The AI-focused cloud company surged 15% in the latest session, following news of a $14.2 billion compute infrastructure deal with Meta Platforms (NASDAQ: META). The multi-year agreement underscores how hyperscalers are diversifying their compute sourcing beyond the traditional giants like AWS, Azure, and Google Cloud — and how startups tightly aligned with Nvidia’s hardware are becoming critical pieces of the AI value chain.

CoreWeave’s growth story is deeply intertwined with Nvidia. The firm exclusively uses Nvidia’s GPUs for its infrastructure, providing AI developers access to high-performance computing clusters that can train and run large models faster and more efficiently. This close alignment positions CoreWeave as a high-beta proxy to Nvidia’s performance, benefiting whenever AI model demand spikes.

What makes the Meta deal even more significant is that it highlights an inflection point — large-cap tech companies are increasingly willing to outsource AI workloads to specialized GPU cloud providers rather than solely rely on internal data centers. This trend could open the floodgates for CoreWeave to secure similar partnerships, not only with big tech firms but also with enterprise customers that lack the infrastructure to manage large-scale AI workloads.

Nebius and Applied Digital Also Gain Momentum

Following the same momentum, Applied Digital (NASDAQ: APLD) and Nebius — both AI infrastructure players — also saw solid gains of around 6%. Nebius, a cloud compute startup with deep AI training capabilities, has been drawing attention for its cost-efficient architecture and rapid scaling capacity. As inference workloads multiply across industries — from autonomous driving to healthcare and generative AI chatbots — these firms are expected to capture an increasing share of demand that Nvidia’s hardware helps create.

While Nebius remains private, its growing traction with enterprise and research clients has prompted comparisons to CoreWeave in terms of its scalability potential. Both companies share the same narrative — leveraging Nvidia GPUs to build a scalable AI cloud, with differentiation in cost, latency, and regional availability. Applied Digital, meanwhile, continues to scale its AI data center capacity, having recently secured new clients and expanded its hosting footprint.

Super Micro Computers and the Supply Chain Rally

Another major beneficiary of the renewed AI optimism has been Super Micro Computer (NASDAQ: SMCI), which jumped over 3% during the same session. As one of Nvidia’s key server partners, Super Micro’s role in supplying GPU-optimized systems has made it a direct participant in the AI infrastructure wave. The company has seen its revenue and order backlog skyrocket throughout 2024, driven by demand from AI cloud startups and enterprise data center expansions.

Analysts continue to view SMCI as one of the most operationally leveraged plays in the AI space — its close collaboration with Nvidia and rapid deployment cycles make it a critical enabler of the hardware rollout required to support AI training and inference workloads.

Can Nvidia’s Rally Extend Further?

The key question now: can Nvidia’s rally extend even further, or are investors chasing the tail end of the trade?

Despite trading at record highs, Nvidia’s fundamentals remain striking. The company’s data center revenue surged triple digits year-over-year in its most recent quarter, reflecting the structural shift in global computing toward AI workloads. Wall Street’s consensus forecasts Nvidia’s earnings per share to grow over 50% in FY2026, with the stock’s forward P/E ratio of around 36x still seen by many analysts as reasonable — given its unprecedented growth rate and industry dominance.

The bullish thesis rests on one simple truth: AI demand isn’t cyclical — it’s exponential. As more companies deploy large language models, train custom AI agents, and integrate inference at scale, the compute intensity of workloads will continue to multiply. Nvidia’s latest “Blackwell” GPU architecture and its software ecosystem (CUDA, TensorRT, DGX Cloud) have effectively created a near-monopoly moat that competitors have yet to meaningfully challenge.

CoreWeave, Nebius, or Nvidia: Who Wins the Next AI Wave?

From a strategic standpoint, investors now face a familiar dilemma: do you bet on the leader (Nvidia) or on the high-growth ecosystem enablers like CoreWeave and Nebius?

• Nvidia (NVDA) remains the most stable and proven AI play — its combination of dominant market share, pricing power, and unmatched R&D leadership provides long-term security. The company is not just selling chips; it’s selling the infrastructure backbone for the next era of computing.

• CoreWeave offers a higher-risk, higher-reward path — as a fast-growing private company with deep Nvidia alignment, it could see explosive revenue growth if more hyperscalers and enterprise clients diversify their AI workloads toward specialized GPU clouds.

• Nebius and Applied Digital represent emerging infrastructure challengers — smaller, nimble players that can capture underserved segments of the market, especially in regions or industries where hyperscalers have limited presence.

For equity investors, the trade-off is clear: Nvidia offers compounding stability and scalability, while its partners offer leveraged exposure to the same trend — with significantly higher volatility.

Verdict: Nvidia’s Ecosystem Still Has Room to Run

Nvidia’s rally has become symbolic of the entire AI movement — a reflection of how data, compute, and intelligence are converging into one defining macro trend. With CEO Jensen Huang continuing to emphasize the scaling laws of AI, the message to investors is clear: we are still in the early chapters of a multi-decade transformation.

CoreWeave’s Meta deal and Nebius’s growth underscore that this isn’t a one-company story — it’s an AI supply chain revolution, with ripple effects across data centers, networking, and software stacks. While Nvidia may continue to lead, the ecosystem it powers is expanding faster than many expected, providing multiple avenues for investors to ride the wave.

If Nvidia’s AI galaxy continues to expand, $200 per share may not be the ceiling — just another checkpoint on the road to what could be the most transformative technological cycle since the rise of the internet.

Key Takeaways:

1. Nvidia’s record high reflects sustained confidence in AI’s long-term growth, fueled by CEO Jensen Huang’s bullish outlook.

2. CoreWeave’s $14.2B Meta deal signals a major shift in AI infrastructure outsourcing, benefitting Nvidia’s ecosystem.

3. Nebius and Applied Digital show strong momentum as alternative GPU cloud providers.

4. Super Micro continues to gain as Nvidia’s top hardware partner.

5. Nvidia’s rally could still extend — with $200 a realistic near-term target if AI demand stays strong.