The "Pump Master" never fails. NVIDIA's $NVDA equity is unchanged since October, during the largest tech bull run since the 1990s.
*Revenues +85% (+20% sequentially from the prior quarter).
$CCJ Power is everything for AI - A strong @BearTrapsReport high conviction buy in 2020-2022, an important focus in our book “When Markets Speak” in 2024. You can fit 114 Cameco’s into Nvidia, yet all the growth assumptions for $NVDA largely depend on power, much of that nuclear.
$NVDA right before the AI boom exploded in 2023. Corporate buybacks led by Jensen? Minimal or near-zero in key quarters (incl. fiscal Q4). Jensen & team did negligible insider buying at the lows. Per @grok
Never ever forget — $NVDA stock down 65% in Q4 2022, on the doorstep (a handful of months away) of the AI revolution, how much stock Jensen’s management team buy back, close to zero! Fact.
Dead money since July with PT “Jensen” Barnum (sucker born every minute) pumping away on stage - looking for greater fools.
2026
Coal ETF +24%
$NVDA -10%
*Investors moving to AI power, away from the most crowded trade since Cisco Systems.
Coal Equities in 2026
Peabody Energy $BTU +33%
Core Natural Resources $CNR +28%
Alliance Resources $ARLP +28%
Warrior Met Coal $HCC +12%
vs.
Nvidia $NVDA -10%
Meta $META -20%
Microsoft $MSFT -26%
Bloomberg data
Off 5% on the “blowout quarter” — anyone that lived through the dotcom bust will tell you, the Nasdaq puked lower in March 2000 on great news. It’s NOT the headline, it’s the market’s response that matters.
$NVDA
Nvidia $NVDA unchanged since October with hard assets ripping higher - up 1% after the close, Lord pump master is losing his touch :) https://t.co/417bLFxptb
"AI Revolution" - Nvidia unchanged since July, off 3% in 2026.
Street Research $NVDA at $181
Buys 92.8% 77
Holds 6.0% 5
Sells 1.2% 1
*Street's price target is $258, the largest $ discount ever.
One Year
$COPX +104%
Vs.
$NVDA +42%
$MAGS +16%
$MSFT -2%
$CLOU -25%
$CRM -42%
*NVIDIA SHARES JUMP 7.8% TO ADD $325 BILLION IN MARKET VALUE - Bloomberg.
*Gold is 50% higher since July, with $NVDA (0.00% return) unchanged.
Now thrown in another $2T wealth destruction from Microsoft $MSFT (-26%) and Nvidia $NVDA (-19%).
This is some "AI Revolution."
Gold has outperformed Nvidia $NVDA since Q1 2024
**Ali Frazier, knockout cometh. Bloomberg terminal data. https://t.co/RpzSDcZCJF
OpenAI’s spending orgy, competitive pressures, and the sheer lunacy of it all. Now we learn Jensen $NVDA has been downplaying the binding nature internally, a classic non-committal move. Now they’re rethinking the whole partnership, with chatter shifting to a smaller equity slice in OpenAI’s current funding round instead.
Alert - The WSJ just dropped the bomb on $NVDA Nvidia’s over (bs alert) hyped $100B “mega deal” to invest in OpenAI (September 2025 story) to fuel their lunatic style GPU hunger for next-gen AI training, it’s officially on ice.
Drawdowns
Oracle $ORCL -50%
Netflix $NFLX -39%
Facebook $META -24%
Palentir $PLTR -22%
Broadcom $AVGO -21%
Microsoft $MSFT -20%
Apple $AAPL -15%
Nvidia $NVDA -15%
Google $GOOGL -4%
Hello, where did the $4T go?
Total Equity Market Cap
Nvidia $NVDA $4400B
Copper Miners $COPX $700B
*Nvidia trades at 24x sales. That's because 800-900 data centers are expected to be constructed in the USA over the next 5-7 years. Modern AI data centers use approximately 27–33 tonnes of copper per megawatt (MW) of IT power capacity. Bottom line, $NVDA CANNOT grow without a lot more copper! And a lot more power.
Planet Earth alert, we are in trouble. That's an extra 12.5mmt (above), NOT counting forocious demand (12% CAGR) growth from countries like India:
2025: 1,900,000mmt
2015: 600,000mmt
2025
Copper Miners $COPX +82%
Nvidia $NVDA +34%
Mag7 $MAGS +22%
Bloomberg data.
Power Grid, Big Data Centers -- Did the street finally figure out that Nvidia $NVDA 's expected growth trend needs copper names up another 100% from here?
*Copper miners > QQQ since 2020, 2021, 2023, 2024 https://t.co/hxw5vIPst1
Reminder - Just three years ago, Q4 2022, Nvidia represented 0.8% of the S&P 500’s composition. Today, the company is close to 7.5%, per Bloomberg.
$NVDA Price to Sales in Q4
2025: 27.9x
2022: 9.7x
What about Microsoft?
*LME COPPER RISES AS MUCH AS 2.5% TO NEW RECORD HIGH
2025
$COPX +70% (Copper Miners 2x Nvidia $NVDA)
*Power Grid rebuild. A typical hyperscale data center (100–200 MW) contains roughly 2,700–5,400 tonnes of copper.
SPOT SILVER HITS NEW RECORD HIGH, SURPASSING OCTOBER PEAK - Bloomberg
2025 Got Hard Assets?
Silver $SLV +85%
Nvidia $NVDA +34%
Leveraged Bitcoin $MSTR -40%
Agnico (gold mining) $AEM vs $NVDA:
Their free cash flow has grown from $262m in 2021 to $4.4B this year, a far better result than Nvidia.
Sorry, three years ago today, Q4 2022, $NVDA was 0.8% of the S&P 500's composition.
For years ago today Nvidia represented 0.8% of the S&P 500’s composition, today 7.5%, per Bloomberg.
$NVDA Price to Sales Q4
2025: 27.9x
2022: 9.7x
Over the last 30 years, most of the time the largest component of the index represented 4%, now nearly double that figure.
Last Decade
Largest Drawdowns
Nvidia $NVDA -68% (2022) and -57% (2018)
Gold $GLD -22% (2020 to 2022)
Bloomberg data.
Trend Break Alert $SLV vs. $GLD
2025 Silver Names Destoying AI Plays
$SILJ +139%
$SIL +121%
Nvidia $NVDA +43%
Oracle $ORCL +41%
Mag 7 $MAGS +22%
Amazon $AMZN +12%
Facebook $META +5% https://t.co/uHjJKb74JM
2025
Uranium $SRUUF +5%
AI Growth Spending Promises $NVDA +48%
*The assumed AI capex trajectory also assumes NO energy bottlenecks. The total market capitalization of all publicly traded pure-play uranium companies is $85B vs. $4700B for Nvidia ($NVDA) - comedy.
2025 Uranium 2x > Jensen's (Nvidia) Pump Show
$URA +110%
$CCJ +106%
$URNM +60%
$NVDA +52%
*Power is the trade, NOT chips!
S&P 500
A. Relative Strength is strong, close to a 70-handle, yet fewer than 30 stocks have an RSI near 70.
B. Close to 18% of the index composition is in three stocks: Nvidia $NVDA trading at 31x sales, Broadcom $AVGO at 30x sales, and Microsoft $MSFT at 14x sales.
How many days does it take to reach another trillion dollars?
US Government: 71 (Federal debt load)
Nvidia $NVDA: 112 (equity mkt cap creation)
h/t @johnarnold
On AI Nvidia $NVDA, repeat after me “orders” are not “sales” in a circular financing capex charade. https://t.co/bTEVPwhf70
@DougKass @TheStreetPro Jensen - $NVDA - When the pump master is on stage, the call buyers come out to play. Now look at returns post very public events. Post the gamma squeeze. VIX up about 5% this week - call buying is a large driver.
This will be a car crash. Per WSJ, Nvidia is Discussing Loan Guarantees for OpenAI. Let's use Jensen's stock margin account, $NVDA equity at $4.7T, to support Sam's reckless spending spree.
Got Hard Assets?
SILVER SURGES TO ALL-TIME HIGH ABOVE $52.50 AN OUNCE - Bloomberg.
2025
Silver $SLV +73%
Nvidia $NVDA +36%
Semis $SOXX +27%
Bitcoin $IBIT +24%
Mag7 $MAGS +15%
Tesla $TSLA +2%
Amazon $AMZN -1%
Apple $AAPL -2%
@Alpha_Ex_LLC Bloomberg data
Platinum $PLTM +80%
Silver $SLV +67%
Copper $COPX +63%
Gold $GLD +53%
Uranium $URNM +52%
PALL $PALL +49%
Nvidia $NVDA +38%
Mag7 $MAGs +18%
Bloomberg data
Chart h/t @albertedwards99 https://t.co/Sjy2y7m9r5
15% of Your 401k
Nvidia $NVDA $4.6T
Microsoft $MSFT $3.8T
*at 30x and 14x sales, disrespectfully. There is no where near the required power infrastructure to support this valuation. Passive investing is eating itself alive. Electricity prices, another inflation driver looking forward.
We do not have enough copper or power to support this growth trajectory. The real AI bull case is found in coal, natural gas and copper plays, NOT Nvidia at $4.6T valuation. At 30x sales, $NVDA requires a colossal AI infrastructure build out, FIRST. https://t.co/2ls8hcFTIN
Never forget, Nvidia ($NVDA) - Jim recommended the stock to me when it was valued at $65 billion. It is now at $4600 billion.
(2)
ALERT - Nvidia $NVDA - Microsoft $MSFT, and META's $META growth trajectory is dependent on this sustained middle-class rip-off charade.
Nvidia, at nearly $4.5T equity market cap, trades at 27x sales. A lot more power is needed to justify this rosy outlook. $NVDA will do $165B in 2025 sales, but the Street is looking for $206B in 2026 and $275B in 2027. Where is all this power going to come from?
Q4 2025, with $NVDA at $183
Buys: 72
Holds: 6
Sells: 1
On the doorstep of the artificial intelligence-induced power crisis, with NO realistic (energy) path to more than Pollyannish growth assumptions, they love the stock. All the assumed growth needs A LOT more power.
Nvidia - The Wonders of Sell Side Equity Research - BEWARE
In 2022, with $NVDA at $12
Buys: 36
Holds: 13
Sells: 3
On the doorstep of the AI revolution, they hated the stock.
Small Modular Reactors (SMRs) are designed to be built faster than traditional nuclear power plants, with construction times ranging from 2 to 7 years, depending on the design and regulatory approvals. Once again, Jensons' $NVDA pump festival is plagued by numerous issues.
Jensen $NVDA (CEO) -- has done a great job of pumping up investors into the bull case, but he has an obligation to inform Nvidia shareholders on the risks to growth coming from energy bottlenecks in 2025-2028.
On the doorstep of the "AI revolution," how much stock did Nvidia purchase?
Dollar Buybacks vs. Share Price
- 2022: $940m ($11)
- 2025: $60B ($180)
*NVIDIA APPROVES ADDITIONAL $60B TO SHARE BUYBACK
**$NVDA cash on the balance sheet
2022: $21B
2025: $56B
Bloomberg data
$NVDA sales growth is down 20% last 4 qtrs with $1.5T equity mkt cap added over that same period, hmmmmm…
Nvidia - This will go down as one of the most significant downfalls in the history of passive investing. All the monkeys are in one tree. Nearly 8% of everyone's 401K is crammed into $NVDA, with nowhere near the energy infrastructure buildout to support the growth assumptions.
Riddle Me This - You can fit the combined value of every stock in the entire uranium-nuclear power energy infrastructure complex nearly 50 times into the value of Nvidia. Yet, much of the entire growth trajectory of $NVDA depends on a colossal expansion of energy infrastructure.
AI - let's play chess (energy infrastructure), NOT checkers. Thank you, Erik.
$NVDA
