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Good read, thank you. For someone looking at the 5-10 year horizon, the parts where you talk about their vision and product quality and such resonates most, and you seem to think they are well positioned to stay a leader in the longer term.

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Thanks for this - great read. Question, if you don't mind - much of the stock price appreciation took place after investor day (and subsequent broker upgrades, as you cited) where they unveiled Grace / showed the potential to accelerate compute growth with CPU + GPU integration v GPU alone. Looking at Intel's datacenter business, how it's evolved over the past decades, why can't Nvidia generate $50bn from the datacenter market over time? Could this not explain the stock price appreciation, as opposed to the split? Any thoughts would be appreciated!

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It could, eventually. The question is when.

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Loved the readwould love to see a similar analysis of ASML - similarly love the name and their market power is high, but current valuations seem a bit stretched

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I'd agree they are above some sort of intrinsic valuation, but being 1 of very few extremely high quality names in Europe, having a massive moat they have, and the fact they are growing allows them to command higher multiples. Institutional investors want high quality, high moat, EU names.

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