AI accelerators · GPUs · ASICs·US·Santa Clara, CA·#1 / 14 in segment·29.0% of segment mcap·SA Long Put
$223.47
42.4% vs S&P 12m
Business overview
Dominant GPU vendor and de facto AI compute platform via CUDA, NVLink, Mellanox networking, and the Grace+Blackwell+Rubin roadmap.
The single largest AI value-capture vehicle to date. CUDA lock-in, system-level integration, and platform extensions create a moat that competitors are still trying to reproduce.
Composite score
Higher = stronger overall research case
Fundamental83
Technical84
Valuation78
AI relevance99
Risk-adjusted (higher = safer)37
Segment-relative fundamental percentile: 100
Synthetic 1Y price action
Deterministic price series; 50d (yellow) and 200d (orange) MAs shown
3M RS: 10.6%6M RS: 8.4%12M RS: 42.4%Vol30d: 38%DD52w: -5.2%
Financial summary
Curated, illustrative
Revenue
$215.94B
Growth (YoY)
73.2%
Gross margin
71.1%
Operating margin
65.0%
FCF
$58.13B
Capex
$44.59B
Net cash / (debt)
$51.14B
ROIC
51.2%
Customer conc.
Medium
Valuation
Market cap
$5.41T
Enterprise value
$5.36T
P/E (TTM)
34.2x
Forward P/E
19.2x
EV / Sales
24.8x
EV / EBITDA
40.2x
P / FCF
93.1x
PEG
0.7x
Rule of 40
—
Risks
Severity 1 (low) to 5 (severe)
- 4Customer concentration: top 4 ~40% of revenue
- 4Hyperscaler in-house ASIC substitution
- 5Valuation crowded; positioning extreme
- 4Export controls on China
Score components
What drove the composite
Growth100
Profitability100
Cash generation86
Balance sheet85
Moat / AI relevance88
Capital intensity (higher = lighter)36
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)74
Relative strength97
Realized vol (higher = lower vol)56
Segment peers
Other companies in Accelerators