NVIDIA projected to reach $10 trillion valuation in five years

Walter Goodwin predicted that NVIDIA will become a $10 trillion business within five years, citing the sustained nature of the AI buildout and the company's supply chain advantages. He noted that NVIDIA currently trades at a lower forward multiple than Cisco did after the dot-com bubble burst, suggesting the market is overly cautious due to 'dot-com trauma.' Goodwin explained that NVIDIA’s acquisition of Grok was a strategic move to enter the fast inference space, acknowledging that SRAM-based chips from Grok offered a solution for high-speed token generation that NVIDIA’s HBM-based GPUs did not. However, he characterized the Grok solution as transient, arguing it lacks the memory capacity for long-context attention and compute density for pre-fill. He believes NVIDIA will continue to dominate by deploying heterogeneous systems, such as combining Rubin GPUs with Grok chips for pre-fill/decode disaggregation, while maintaining its position as the primary supplier for the majority of AI workloads. Goodwin is bullish on NVIDIA, arguing that its market position is undervalued relative to historical tech cycles and that its ecosystem strategy will sustain growth despite competition from specialized chipmakers.