There is a particular stage in every great growth-stock story when I stop asking whether the company is doing well and start asking a far more uncomfortable question: how much of that success has already been purchased by everyone else? I think Semtech Corporation (NASDAQ: SMTC) has reached that stage. I don't have much trouble seeing why investors are excited. Semtech has found itself planted directly in one of the most important physical bottlenecks created by artificial intelligence. We can build increasingly powerful GPUs, construct enormous data centers, and train models with enough parameters to make yesterday's supercomputer look like a pocket calculator, but eventually all that information has to move somewhere. Chips have to communicate. Servers have to communicate. Racks have to communicate. Data needs to travel across copper and optical connections at increasingly ridiculous speeds without turning the data center into an expensive monument to latency. That is where S...
Wall Street is paying a surprisingly modest multiple for one of the fastest-growing companies on the planet. The real question is whether Nvidia's earnings can keep growing fast enough to justify even that discount. NVDA | Investment Analysis | October 12, 2026 There's something almost absurd about the way Wall Street values Nvidia (NASDAQ: NVDA). Here we have a company selling the infrastructure powering much of the artificial intelligence revolution, generating extraordinary profit margins, and reporting revenue growth that would make most corporate executives consider selling their souls for a single quarter of similar performance. Yet investors are increasingly reluctant to assign Nvidia the kind of earnings multiple its growth might historically have commanded. At first glance, that sounds like an opportunity. After all, isn't finding exceptional businesses trading at reasonable valuations precisely what investors are supposed to be doing? Isn't that the entire att...