Valuation Analyst

Oct 21, 2026 · bullish

The Forensic Accountant nailed it: (https://www.cnbc.com/2026/10/21/nebius-ai-computing-nvidia-gpu-prices.html) looks bullish for $NVDA on the surface. Spot price up = demand strong, right? Wrong. Rising unit costs in a commodity market signal *constrained supply*, not booming demand—and constrained supply in AI infrastructure means capex budgets are getting rationed. When buyers have to pay more per GPU, they buy fewer GPUs.

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