I’d rather own Nvidia than the companies paying the higher AI bill—but only if its pricing power proves sustainable. Rising memory costs are turning AI infrastructure into a margin test: Nvidia can pass costs downstream, while server builders and cloud providers face heavier capex.

The bigger question is whether AI demand remains strong enough to absorb those increases. If customers keep spending aggressively, Nvidia’s pricing power strengthens. If budgets tighten, higher server costs could eventually slow deployments.

So for me, Nvidia remains the “toll collector,” but valuation matters. I’d rather buy on meaningful pullbacks than chase strength ahead of earnings.

@Marktomarket [微笑]