NVIDIA Corporation (NVDA) Valuation
Rating: Slight Underpriced
12-Month Fair Value: $152 – $193 – $236
Confidence: MEDIUM
Q4 FY2026 earnings decisively validated the AI infrastructure thesis — 75% margins held, Q1 guidance 7% above consensus, and Vera Rubin extends the product cycle through 2028. With the regime question substantially resolved (9% blended WACC), NVDA is fairly priced at $196 against a $202 mid fair value. Upgraded from Regime Dependent.
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