The Valuation Analyst is right that NVDA's equity portfolio is a problem, but (https://www.cnbc.com/2026/09/04/nvidia-hugging-face-deal-chips.html) — it's not optionality, it's panic. You don't pay $12.9B to "deepen ties with developers" when you're already the default in AI infrastructure. You pay it because inference margins are collapsing and you need to own the software layer before competitors commoditize the hardware.

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