NVDA Guided Quick Dive

N V DA G u i d e d Q u i c k D i v e
SEPTEMBER
2023
Buy-side Training. Redefined.

Welcome To Academy!
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STRICTLY CONFIDENTIAL. NOT FOR DISTRIBUTION.
Brett Caughran, 2008-2021
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My Career by the Numbers
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Worked at 5 top 100 hedge

funds over 13 years
Generated $200m+ of Retired from Hired, trained & managed

lifetime P&L managing 13 total analysts
money at 36
Managed portfolios as 11 of 13 years generated

large as $1.5 billion positive P&L
I had a solid if not spectacular career with many highs, and many lows
│4 │
Brett Caughran, 2008
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• Arizona State University grad

• 1 year of investment banking
• Joined Maverick Capital Aug ’08
• TOTALLY GREEN
• SO PUMPED. My dream employer.
• I literally cried when Lee offered me
the job.
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• I was a dumpster fire

• Given “restaurants”
• “We didn’t think you were going to
make it”
• ’09 demoted to non-core team
• Felt like I was sprinting as fast as I
could in quick-sand
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• I eventually figured it out (barely).

Demotion was a blessing
• Re-promoted. Became a very

successful analyst
• Promoted to Managing Director at

Maverick Capital
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Fundamental Edge
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• Our standard: Deliver a training program that

prepares analysts for the rigors of the buy-
side seat
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The Abilities You Will Need
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1. Ability to analyze a business
2. Ability to grasp a stock’s key drivers
3. Ability to understand what is discounted in stock
4. Ability to develop a differentiated view
5. Ability to accurately assess value
6. Ability to see investment opportunities clearly
7. Ability to compellingly communicate a thesis
8. Ability to dispassionately monitor & adjust
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The Toolbox You Will Use
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1. Research preparation
2. Analyzing a business model
3. Buy-side model construction
4. Identifying key driver differentiation
5. A multi-faceted valuation framework
6. Return forecasting
7. What moves the stock
8. Your downside case
9. Idea generation
10. Earnings season
11. Short selling
12. Assessing management
13. Catalysts & getting in the flow
14. Wrapping up & thesis development
15. Pitch like a pro
16. Idea monitoring
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The Roadmaps You Can Follow
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EXAMPLE: Your First 12 Hours on a Stock

1. Read the 10-K in <60 minutes (explain)
2. Read the last earnings call transcript
3. Read the latest investor day deck & transcript
4. Read two sell-side initiation reports
5. Create a basic model
6. Identify the three key drivers of the business
7. Create a reverse DCF to assess what’s baked in
8. Create a detailed model
9. Menu of analytical tools to apply
1. Assess revenue quality & secular & cyclical drivers
2. Assess unit economics & cost structure dynamics
3. Assess capital deployment approaches (and 15 more)
10. Forecast the key drivers & create sensitivities
11. Construct a bull, bear & base case
12. Understand the narrative
13. Create an initial upside/downside assessment
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How the Industry Trains
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• “Learn through osmosis”

• “It’s an apprenticeship business”
• Translation: figure it out on your own, kid
Hey go look at XYZ

stock and let me
know what you
think
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Analyst Academy
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• Academy
• 6-week virtual program

• Everything I would teach
my own junior analyst (but
never had time to)
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NVDA: Disclaimer
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This presentation is for informational and

educational purposes only. The following
content is not, and should not be
interpreted as, investment advice, financial
guidance, or a recommendation to buy or
sell any security, including but not limited to
NVDA (NVIDIA Corporation)
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NVDA: Disclaimer
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Risks of Investing:
o Investing in the stock market involves substantial risk and you should only invest money that you can afford to lose. You are
solely responsible for your own investment decisions, and Fundamental Edge and its presenters are not responsible for any
decisions you make regarding investments. Before making any investment decision, consult a financial advisor, tax
professional, or legal counsel to help you understand the risks associated with investing in the stock market. Past
performance is not indicative of future results, and there is no assurance that any investment strategy will be successful
No Guarantee of Accuracy:
o While we have made every attempt to ensure the accuracy and reliability of the information provided in this presentation, the
information is presented "as is," without any guarantee of completeness, accuracy, timeliness, or of the results obtained
from the use of this information.
Third-Party Sources:
o This presentation may include data, research, or insights from third-party sources. Inclusion of such information does not
imply an endorsement from Fundamental Edge, nor does it signify a guarantee of its accuracy.
Potential Conflicts of Interest:

o The presenters, trainers, or affiliated parties of Fundamental Edge may own shares of NVDA or any other companies
discussed during the presentation. We reserve the right to buy or sell any security at any time without notice.
Confidentiality:
o This presentation may not be recorded, copied, or disseminated without the express written consent of Fundamental Edge
By continuing to watch this presentation, you acknowledge that you understand and agree to these
terms
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Guided Quick Dive
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EXAMPLE: Your First 12 Hours on a Stock

1. Read the 10-K in <60 minutes (explain)
2. Read the last earnings call transcript
3. Read the latest investor day deck & transcript
4. Read two sell-side initiation reports
5. Create a basic model
6. Identify the three key drivers of the business
7. Create a reverse DCF to assess what’s baked in
8. Create a detailed model
9. Menu of analytical tools to apply
1. Assess revenue quality & secular & cyclical drivers
2. Assess unit economics & cost structure dynamics
3. Assess capital deployment approaches (and more!)
10. Forecast the key drivers & create sensitivities
11. Construct a bull, bear & base case
12. Understand the narrative
13. Create an initial upside/downside assessment
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WARNING
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• I KNOW NOTHING (OR VERY LITTLE) ABOUT NVDA & SEMICONDUCTORS
• If you joined this webinar looking for some genius insight on the stock, I
would encourage you to click off your Zoom now – you won’t find it
• HOWEVER, if you are looking for some frameworks to go from zero

knowledge to structured knowledge on a new stock, you are in the right
place
│17 │
But Particularly…
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• I’m speaking to 0-5 year buy-side analyst who finds him or herself in this
situation…
• It can be terrifying. It doesn’t have to be.
Hey go look at
NVDA and let me
know what you
think?
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NVDA: What I Knew about NVDA Sep 12 th
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• Has been a great performer. Up nearly 200% YTD (triple)
• It’s a hot stock – seen as “picks & shovels” winner in gen AI
• Seems to be a consensus long. LOTS of experts on Twitter ☺
• View seems to be “impenetrable moat” supported by full-stack offering
• Didn’t know
• What a GPU was

• Whether the stock was cheap or expensive
• Whether the stock is a long or a short (still don’t know…)
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Adapting Your Research Approach
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• Quick “fill or kill”?

• Commit to 12-hour quick dive?
• Commit to 40-hour deep dive?
• As a junior analyst, seek guidance from your PM on which
of these is most appropriate
• As you mature as an investor, you will find shortcuts to
avoid “spinning your wheels” (namely, pattern recognition)
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“Fill or Kill” with HHT
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• Hunch: a simple musing

• Pattern recognition / fits alpha buckets
• Outsized recent move / could be over-reaction
• Something disrupting the present equilibrium
• Hunch: “perhaps this might be happening here…let me investigate”
• Hypothesis: a testable proposition

• A potential differential view or “expectations gap” begins to be tested, systematically
• Hypothesis: “it appears this company is over-earning, let me test that hypothesis”
• Thesis: a belief to be proven

• A belief based on substantial, rigorous analysis where the weight of evidence supports your view
• Thesis: “I believe this company is over-earning based on all of this work”
│21 │
NVDA: 12-Hour Quick Dive
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• Goal: get back to my PM with something coherent in ~1.5 days
• Cycle times matter! The faster you do good work, the better
• Even solo, the faster you can cycle through ideas, the better
• I like to process of getting back to my PM with an e-mail
• “Initial thoughts” e-mail check-in & “proposed next

steps”
• Avoids the dreaded “spinning my wheels”
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NVDA: The Analyst Mindset
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1. Be skeptical
• “Is there euphoria baked in?”
• “Is best case already baked into the stock?”
2. Be open minded
• You are seeking truth
• Don’t jump to conclusions - play with bull & bear cas
3. Be data driven
• Marry narrative WITH numbers
• Your view should be grounded in numbers
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Before We Begin: The Messy Reality
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• Equities are a “long duration” asset. Meaning the average

stock only derives 1/3 of its current enterprise value from
the next 10 years of cash flows, leaving wholly 2/3 of the
value of the enterprise dependent on collective market
perceptions of years 10-40
• In this dynamic, highly uncertain world, who has Any CLUE

how the average business is going to perform in years 10 to
40?
• Few CFOs have much visibility in their own business beyond

the next 12 months…
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Messy Reality
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NFLX: % of Enterprise Value Covered, by year

100%
90% 86% 87%

84%
79% 81% 83%
80% 78%
76%
74%
72%
69%
70% 67%
65%
62%
59%
60% 56%
53%
50%
50% 46%
43%
39%
40%
35%
31%
30% 27%
22%
20% 18%
14%
9%
10%
4%
2%
0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
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“Valuation is a Point of View”
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• As a small rotation of the kaleidoscope can change the image, a

seemingly small change in current fundamentals can meaningfully
impact the valuation point of view of the market
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Expectations Gap Theory
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1. In stock selection, good is not necessarily good, bad is not necessarily

bad
2. What matters is 1) what is baked in, 2) what you believe to be true
3. The gap in embedded expectations vs. your internal expectations (the

“expectations gap”) is what matters
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NVDA: How I Spent 12 Hours
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1. Reading stack (6 hours)

2. Model construction (3 hours)
3. Thesis development (3 hours)
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• 10-K (90 minutes)
• Latest investor presentation (30 minutes)
• Last 3 earnings call transcripts (90 minutes)
• Last 3 investor conf transcripts (90 minutes)
• A stack of sell-side research (60 minutes)
│29 │
NVDA: Reading a 10-K
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• Why do I read a 10-K? What am I seeking?

1. Fluency of the basics: product, end markets, strategy
2. Understanding “how the business makes money”
3. Key historical occurrences (i.e., failed acquisition of ARM from

Softbank, historical acquisition of Mellanox)
4. Identification of risks to the equity (i.e., China, Taiwan, lack of

supply chain visibility, supplier dependency)
5. To understand how the company reports data – segments, etc.
6. All the little bits that make me an “expert” on the name
│30 │
NVDA: What I Learned Reading the 10-K
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• Basic background of the company
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• Color on markets served and in introduction to key terms like GPU and
CUDA. Commentary on “full-stack” strategy & emphasis away from “just
chips”
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• Color on accelerated computing strategy and color on platform leadership

in AI
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• Basics of the supply chain of manufacturing & distribution
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• The company’s view on competition
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• An introduction to the executives. Founder CEO
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• Identification of key risks to the equity
• Competition: particularly noted the risk of CSP (cloud service providers) like
AWS/GOOGL in-sourcing. Something to understand more.
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• Learning about the NOB (nature of business)
• Long lead times & impediments to supply chain visibility
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• Geopolitical exposure: 55% of revenue China/Taiwan
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• Geopolitical exposure: USG export restrictions
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• Exposure to AI regulation. What are odds AI regulation could slow roll-out

and chill VC funding for a period?
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• How the inventory cycle works
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• Revenue recognition
• Ultimately, this is a “yellow tank-top” business model:
• I manufacture yellow tank-tops
• I hope to sell them at full price
• Lots of demand = full price sale, tight inventories, high GMs
• Less demand = discounting, over-inventoried, GM pressure
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• Change in accounting estimates that flattered ’24 OP Income by $133m
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• Class action for misleading statements around GPU crypto mining demand
• Lots of ambulance chasers – but something to note
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• Customer concentration and segment breakdown

• CSPs key to understand as over 50% of DC revenue in Q2
│46 │
NVDA: Summary of 10-K Learnings
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• Business strategy – exposure to Gen AI via “full-stack”
• Yellow tank-top business model – cyclicality playbook
• Understand key risks: China, Taiwan, CSP in-sourcing,

inventory over-build, onerous AI regulation
• Key segment: Data Center. In “quick dive” I am going to

ignore the other segments
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NVDA: Reading an Investor Deck
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• Why do I read an investor deck? What am I seeking?

1. SEC limits certain management commentary (why I start there),
but investor deck will have more of the “vision” of company
2. Insights on TAM
3. Breakdown of guidance, near term & long-term
│48 │
NVDA: What I Learned Reading Investor Deck
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• Company guides one quarter ahead

• No EPS – on me to calculate
Very Simple P&L Mid Low High
Revenue $16,000 $15,680 $16,320
Gross Profit $11,600 $11,290 $11,914

% margin 72.5% 72.0% 73.0%
Operating Expenses ($2,000) ($2,000) ($2,000)
Operating Profit $9,600 $9,290 $9,914

% margin 60.0% 59.2% 60.7%
Interest & Other $100 $100 $100
Pre-Tax Income $9,700 $9,390 $10,014
Tax Expense ($1,407) ($1,455) ($1,352)

% rate 14.5% 15.5% 13.5%
Net Income $8,294 $7,934 $8,662
Diluted Shares 2,500 2,500 2,500
Implied EPS Guide $3.32 $3.17 $3.46
Consensus 9.19.23 $3.31
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• Color on products & launch plan (Hopper & L40S)
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• Primer on accelerated computing (apparently Moore’s Law is dead…)
│51 │
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• A case where the DC is the computer in an AI world and full-stack

architecture is the key. I’m a neophyte, but this seems to make sense to
me. i.e. NVDA is not a “commodity chip” play
│52 │
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• The vision on AI
│53 │
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• TAM identification
• $450m identified from Gen AI ($300bn chips, $150bn software)
│54 │
NVDA: Summary of Investor Deck Learnings
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• The company is really excited about AI
• The sizing of the opportunity is staggering. $450bn on a

biz that did $27bn rev in FY23. Can see why market
excited. I will use this $450bn in my modeling.
• Data Center (DC) is the computer in AI revolution, and

the key is a full-stack DC offering, which NVDA offers
│55 │
NVDA: Reading an Earnings Call Transcript
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• Why do I read a transcript? What am I seeking?

1. Continued understanding of the business
2. Color on business drivers
3. Color on guidance
4. Company plans on key items such as inventory build
│56 │
NVDA: What I Learned Reading Earnings Calls
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• Drivers of demand
• CSPs like Amazon, Google, Meta, Microsoft & Oracle having an outsized
impact. Near term, this is a CSP demand story.
│57 │
Pg. │ 58
• Demand seems near infinite

• Key question will be ability ramp supply – focus carefully on these
comments
│58 │
NVDA: Summary of Earnings Call Learnings
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• This seemed like a key comment for next 2-6 quarters

• “Significantly expanding our production capacity”
• Modeling FY25 hinges on what this comment means,
assuming continuation of ~unlimited demand
Supply Implied %
Ramp FY25 Rev beat
25.0% $76,981 (4.0%)
30.0% $79,481 (0.9%)
35.0% $81,981 2.3%
40.0% $84,481 5.4%
45.0% $86,981 8.5%
50.0% $89,481 11.6%
55.0% $91,981 14.7%
60.0% $94,481 17.9%
65.0% $96,981 21.0%
70.0% $99,481 24.1%
75.0% $101,981 27.2%
│59 │
Pg. │ 60
• Sizing of China risk
NVDA Value Decomposition

$441 Price as of 9.18.23
$120 Est: Core business (40x on $3 of EPS)
$321 Implied Gen AI / Accelerated Computing
2,500 Diluted Shares

$801,725 Gen AI / Accelerated Computing MCAP
$80,173 Implied Mature Revenue at 10x EV/Rev
22.5% China Mix of Revenue (cited 8.23.23 call)

$18,039 Implied Expected China Gen AI Revenue
25.0% $80
22.5% $72
20.0% $64 │60 │
Pg. │ 61
• More TAM color. $1tn is a 4-year number ($250bn per year). Piecing that
together with 45% capture rate target implies $112.5bn to NVDA
• (I learned later current capture rate of this $1tn is closer to MSD)
│61 │
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• Management making very strong comments around “excellent” visibility

through the year and into next year (stocks like this…)
│62 │
NVDA: Summary of Earnings Call Learnings
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• Right now, this is primarily a CSP demand story (though

is this due to allocation or something else?)
• $1tn IT TAM is a 4-year number, $250bn per year

(addressable is 45% of that up from ~5% today)
• Visibility extends into next fiscal year – order book

strong
• Supply will “substantially increase” – key question, what

does “substantially” mean?
│63 │
NVDA: Reading a Conference Transcript
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• Why do I read a conf transcript? What am I seeking?

1. Continued understanding of the business
2. Identification of narrative – key investor views & questions
3. Deeper understanding of the key debates on NVDA
• Supply ramp
• Sustainability of demand
• Training bolus risk
│64 │
NVDA: What I Learned Reading Conference Tx
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• Additional confirmation by Manuivir on the $450bn TAM number
│65 │
Pg. │ 66
• This distinction between training & inference that I would need to

understand
│66 │
Pg. │ 67
• “no secret there’s a supply-demand mismatch today”

• “We’ve been racing to increase supply”
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• Feedback from buyside dinner: Supply, Allocation, Sustainability
│68 │
Pg. │ 69
• Indirect discussion of CoreWeave issue

• (seems thesis there was CoreWeave was creating synthetic demand which
seems flimsy at best…)
│69 │
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• Interesting point here

• Yes maybe $1tn of IT spend is going through a refresh
• Is the capital available to do that? Think through this. That’s a lot of money!
│70 │
Pg. │ 71
• “2023 the year of the training build”

• Does revenue growth slow as inference and production become
• Key question: is there a short-term bolus of training demand for GPUS??
│71 │
NVDA: Summary of Conference Transcripts
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• More color of $1tn TAM point
• “Year of the training build” – a thread I want to pull
• Comments on supply ramp, “racing to build”
• Continued strong demand comments, “tremendous”
• Subtle CoreWeave comment
│72 │
NVDA: Reading Sell-Side Research
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• Why do I read sell-side research? What am I seeking?

1. Identification of narrative – key investor views & questions
2. Identification of bull/bear tension
3. Identification of consensus view
4. Deeper understanding of the key debates on NVDA
│73 │
NVDA: What I Learned Reading Sell-Side Research
Pg. │ 74
• Feedback from investor

meetings
• “Confident in supply”
• Today MSD of TAM, citing

that moving to 45% then
ultimately 100%
│74 │
Pg. │ 75
• “Guidance for the ages”

• “1995 moment is here”
• “Tidal wave of growth”
• A pretty emphatic bull

case…
│75 │
Pg. │ 76
• “Comfortable with $70bn 24

DC revenue…imagine buy-
side already at 80bn+ for
24”
• “Astounded by NVDA’s ability
to ramp supply this quickly”
• “For the time being, demand
sees unbounded”
• “We worry about double-
ordering and rationalization
into 2024”
• “If NVDA can sustain this
growth, we believe they will
earn $19 EPS next year” –
only a 23x P/E ratio
│76 │
Pg. │ 77
1 Citic Securities Buy

2 Soochow Securities Buy
• Sell-side is BULLISH! 3 Rosenblatt Securities

4 Aletheia Capital
Buy
Buy
• 38 buys, 2 holds, no sells

5 Haitong International Research Buy
6 Restricted 1 Buy
7 Restricted 3 Overweight
8 Restricted 9 Buy
9 Melius Research Buy
• SIG thinks FY25 DC whisper is $80bn 10 Craig Hallum Capital Group

11 WestPark Capital
Buy
Buy
12 KeyBanc Capital Markets Buy
13 Truist Securities Buy
14 First Shanghai Buy
• Mgmt expressing confidence to investors on 15 Oppenheimer

16 Phillip Securities
Buy
Buy
17 New Street Research Buy
supply ramp 18 Restricted 8

19 The Benchmark Company, LLC Buy
Buy
20 Equisights Buy
21 Piper Sandler Companies Buy
• Concern raised on double-ordering

22 Jefferies Buy
23 Baptista Research Buy
24 Wedbush Securities Buy
25 BMO Capital Markets Buy
26 Wells Fargo Securities Buy
27 Susquehanna Financial Group Buy
28 Evercore ISI Buy
29 Raymond James Buy
30 Cowen & Company Buy
31 Needham Buy
32 Itau Securities Buy
33 Stifel Nicolaus Buy
34 Restricted 10 Buy
35 Mizuho Securities USA Buy
36 Guosen Securities Buy
37 Restricted 11 Buy
38 Daiwa Securities Co. Ltd. Overweight
│77 │
STRICTLY CONFIDENTIAL. NOT FOR DISTRIBUTION. 39 Edgewater Research Hold
40 Deutsche Bank Research Hold
Pg. │ 78

│78 │
Modeling Process
Pg. │ 79
• I now understand the basics of NVDA
• Now, I build the chassis of my investment process: the model
• Why do we model?
1. To understand the business in depth

2. To assess the health of the business
3. To analyze business momentum
4. To derive an independent valuation
5. To identify earnings revision opportunities
6. To have a tool to put news flow in proper context
│79 │
A Confession
Pg. │ 80
• I didn’t build the NVDA model from scratch
• I used a team in India
• Then cleaned it up
• That’s why it only took me 3 hours
• I’m busy. Give me a break!!!
│80 │
Model as History Lesson
Pg. │ 81
• Clearly a secular growth story here, with a cyclical overlay

NVDA Adjusted Operating Profit
$14,000
$12,691
$12,000
$10,000
$9,040
$8,000
$6,804
$6,000
$4,408
$3,616 $3,736
$4,000
$2,220
$2,000
$1,124
$648 $793 $759
$496
$199
$0
($99)
($2,000)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
│81 │
Observations From the NVDA Model
Pg. │ 82
• Quarter to quarter revenue growth is quite volatile
• Operating margins are healthy, 35-40% historically, 58-60% recently
• NVDA is a capital efficient business, and that level of OM has translated

into very strong tangible ROIC in the 30%+ range
• Free cash flow margins have been strong at 25-30%+
• NVDA fails one biz quality test: violent cyclicality
• But passes others with flying colors: org rev growth, ROIC & FCF margin
│82 │
M2S (“Model to Stock”) Linkage Analysis
Pg. │ 83
• We model for many reasons, but ultimately a model is a forecasting

tool
• A framework: identify the drivers in the model that have been

deterministic to the trajectory of the stock price
• Focus on forecasting those items more accurately than the crowd
• First, understand the historical linkage
• To then predict the future likely linkage
│83 │
│84 │
Pg. │ 84
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NVDA: NTM P/E Valuation
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• []
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70.0x
50.0x
40.0x
30.0x
20.0x
60.0x
10.0x
NVDA: Identify the Linkage
Pg. │ 85
• []
70.0x C2014 C2015 C2016
NVDA NTM P/E
C2017 % growth
Revenue $4,682 $5,010 $6,910 $9,714 107.5%
% yoy 13.3% 7.0% 37.9% 40.6%
Operating Profit $759 $1,124 $2,220 $3,616 376.4%
60.0x % margin 16.2% 22.4% 32.1% 37.2%
Avg P/E 20.0x 22.0x 30.0x 43.0x
50.0x
40.0x
30.0x
20.0x
10.0x
9/20/13
12/20/13
3/20/14
6/20/14
9/20/14
12/20/14
3/20/15
6/20/15
9/20/15
12/20/15
3/20/16
6/20/16
9/20/16
12/20/16
3/20/17
6/20/17
9/20/17
12/20/17
3/20/18
6/20/18
9/20/18
12/20/18
3/20/19
6/20/19
9/20/19
12/20/19
3/20/20
6/20/20
9/20/20
12/20/20
3/20/21
6/20/21
9/20/21
12/20/21
3/20/22
6/20/22
9/20/22
12/20/22
3/20/23
6/20/23
│85 │
Pg. │ 86
• []
70.0x
C2017 C2018 C2019
NVDA NTM P/E
Revenue $9,714 $11,716 $10,918
% yoy 40.6% 20.6% (6.8%)
60.0x
% margin 37.2% 37.6% 34.2%
peak trough
Avg P/E 43.0x 34.2x 29.5x
50.0x peak trough
40.0x
30.0x
20.0x
10.0x
9/20/13
12/20/13
3/20/14
6/20/14
9/20/14
12/20/14
3/20/15
6/20/15
9/20/15
12/20/15
3/20/16
6/20/16
9/20/16
12/20/16
3/20/17
6/20/17
9/20/17
12/20/17
3/20/18
6/20/18
9/20/18
12/20/18
3/20/19
6/20/19
9/20/19
12/20/19
3/20/20
6/20/20
9/20/20
12/20/20
3/20/21
6/20/21
9/20/21
12/20/21
3/20/22
6/20/22
9/20/22
12/20/22
3/20/23
6/20/23
│86 │
Pg. │ 87
• []
70.0x
C2019 C2020 C2021
NVDA NTM P/E
Revenue $10,918 $16,675 $26,914
% yoy (6.8%) 52.7% 61.4%
60.0x % margin 34.2% 40.8% 47.2%
trough peak
Avg P/E 29.5x 42.3x 48.6x
50.0x trough peak
40.0x
30.0x
20.0x
10.0x
9/20/13
12/20/13
3/20/14
6/20/14
9/20/14
12/20/14
3/20/15
6/20/15
9/20/15
12/20/15
3/20/16
6/20/16
9/20/16
12/20/16
3/20/17
6/20/17
9/20/17
12/20/17
3/20/18
6/20/18
9/20/18
12/20/18
3/20/19
6/20/19
9/20/19
12/20/19
3/20/20
6/20/20
9/20/20
12/20/20
3/20/21
6/20/21
9/20/21
12/20/21
3/20/22
6/20/22
9/20/22
12/20/22
3/20/23
6/20/23
│87 │
│88 │
Pg. │ 88
6/20/23
3/20/23
12/20/22
9/20/22
6/20/22
3/20/22
12/20/21
9/20/21
6/20/21
3/20/21
12/20/20
9/20/20
6/20/20
3/20/20
12/20/19
9/20/19
6/20/19
3/20/19
NVDA NTM P/E
12/20/18
9/20/18
6/20/18
3/20/18
12/20/17
9/20/17
6/20/17
3/20/17
12/20/16
36.2x 9/20/16
$26,974
$9,040
33.5%
0.2%
trough
trough
C2022
6/20/16

3/20/16
12/20/15
48.6x
$26,914
$12,691
61.4%
47.2%
C2021
9/20/15
peak
peak
6/20/15
3/20/15
Operating Profit
12/20/14
9/20/14
% margin
6/20/14
Revenue
Avg P/E
% yoy
3/20/14
• []
12/20/13
9/20/13
70.0x
50.0x
40.0x
30.0x
20.0x
60.0x
10.0x
NVDA: Find the Linkage
Pg. │ 89
• NVDA has been a “peak on peak” and “trough on trough” stock
• It’s clearly a cyclical business and *shouldn’t* trade like this, but
human psychology can’t help itself more often than not
• NVDA is changing script: fundamentals have been so tremendous

that the market is not “capitalizating” this peak demand and has
compressed the P/E multiple on these elevated fundamentals
│89 │
│90 │
Pg. │ 90
6/20/23
3/20/23
12/20/22
9/20/22
6/20/22
3/20/22
NVDA is breaking “peak on peak” script
12/20/21
9/20/21
6/20/21
3/20/21
12/20/20
9/20/20
6/20/20
3/20/20
12/20/19
9/20/19
6/20/19
3/20/19
NVDA NTM P/E
12/20/18
9/20/18
6/20/18
3/20/18
12/20/17
9/20/17
6/20/17
3/20/17
12/20/16
9/20/16
6/20/16

3/20/16
12/20/15
9/20/15
6/20/15
3/20/15
12/20/14
9/20/14
6/20/14
3/20/14
• []
12/20/13
9/20/13
70.0x
50.0x
40.0x
30.0x
20.0x
60.0x
10.0x
Secular vs. Cyclical
Pg. │ 91
o The market often mis-takes “cyclical for secular”

o Secular trend: one that is likely to continue moving in the same general direction for the foreseeable
future
o Cyclical trend: A cyclical industry is a type of industry that is sensitive to the business cycle, such that
revenues generally are higher in periods of economic prosperity and expansion and are lower in periods
of economic downturn and contraction.
│91 │
Secular vs. Cyclical
Pg. │ 92
o “Peak on peak” set-up

o “Trough on trough” set-up
│92 │
Temporary Tailwind Shorts
Pg. │ 93
Capitalizing a One-Time EPS Stream

1 2 3 4 5
EPS Baseline $1.00 $1.00 $1.00 $1.00 $1.00
One-Time EPS $0.00 $1.00 $0.00 $0.00 $0.00
Total EPS $1.00 $2.00 $1.00 $1.00 $1.00
% yoy
P/E 25.0x 35.0x 25.0x 25.0x 25.0x
Price $25.00 $70.00 $25.00 $25.00 $25.00

% yoy 180.0% (64.3%) 0.0% 0.0%
│93 │
Model SUM Page
Pg. │ 94
Ticker NVDA Fundamental Edge Estimates

Action Education 2017A 2018A 2019A 2020A 2021A 2022A 2022A 2024E 2025E 2026E 2027E
Last Update 9/18/2023 Total Revenue $6,910 $9,714 $11,716 $10,918 $16,675 $26,914 $26,974 $56,083 $84,192 $110,897 $108,959
Cap Table % yoy 8.6% 40.6% 20.6% (6.8%) 52.7% 61.4% 0.2% 107.9% 50.1% 31.7% (1.7%)
Price as of 9/18/23 $438.75
Diluted Shares 2,499 Adj Operating Profit $2,220 $3,616 $4,408 $3,736 $6,804 $12,691 $9,040 $32,567 $51,306 $67,071 $64,437
Market Cap $1,096,436 % margin 32.1% 37.2% 37.6% 34.2% 40.8% 47.2% 33.5% 58.1% 60.9% 60.5% 59.1%
Total Debt $9,705 % yoy n.a. 62.9% 21.9% (15.2%) 82.1% 86.5% (28.8%) 260.3% 57.5% 30.7% (3.9%)
Cash $16,023
Net Debt ($6,318) Adjusted EPS $0.73 $1.22 $1.66 $1.45 $2.50 $4.44 $3.34 $11.34 $17.81 $23.24 $22.33
Enterprise Value $1,090,118 % yoy 15.5% 67.8% 36.1% (12.7%) 72.7% 77.4% (24.9%) 239.9% 57.0% 30.5% (3.9%)
Street EPS $10.63 $16.64 $19.58
3 Year Target % yoy 218.6% 56.5% 17.7%
FY2027 EPS $22.33 Expected Delta 6.7% 7.0% 18.7%
Target P/E 30.0x
3 Year Target $670.03 2017A 2018A 2019A 2020A 2021A 2022A 2022A 2024E 2025E 2026E 2027E
% return 52.7% EV/Sales 157.8x 112.2x 93.0x 99.8x 65.4x 40.5x 40.4x 19.4x 12.9x 9.8x 10.0x
x money multiple 1.5x P/E 604.1x 359.9x 264.4x 302.8x 175.3x 98.8x 131.5x 38.7x 24.6x 18.9x 19.6x
% IRR 15.2% Street P/E 604.1x 359.9x 264.4x n.a. n.a. n.a. n.a. 41.3x 26.4x 22.4x n.a.
12 Months Base Target Base Case

FY2025 EPS $17.81 Modeling in a BIG ramp, $85bn+ in DC revenue from GenAI
Target P/E 30.0x OM hanging in the 60% range
EOY Target Price $534.34
% return 21.8%
12 Months Risk Case

FY2025 Risk EPS $9.50
Target P/E 25.0x
Next 12 Months Risk $237.50
% return (45.9%)
│94 │
Pg. │ 95

│95 │
Thesis Development Process
Pg. │ 96
• I now understand the basics of NVDA

• I now have a usable financial model
• Now the question is, what analyses can I do to inform my thesis? How
do I know if NVDA is a long or a short?
• There are a LAUNDRY list of thesis development tools that we teach
• Five that are relevant to NVDA
1. NPV value decomposition
2. Capex cycle revenue modeling
3. Market implied earnings power w/ the reverse P/E
4. The 7-year model
5. “Monkey math” revision forecast
│96 │
Deep Dive Tools
Pg. │ 97
1. Business overview 21. Capital structure analysis

2. Breakdown of revenues/profits 22. Supply/demand trends
3. How the business makes money 23. Supply chain analysis (connect the dots)
4. Secular & cyclical revenue drivers 24. FCF reconciliation
5. Market size & forecast 25. Capex vs. D&A
6. Market share & competitive analysis 26. Structural algorithm (revenue/EBITDA/EPS)
7. Industry analysis 27. Historical valuation: P/E and EV/EBITDA
8. Key driver analysis 28. Management incentive structure
9. Barriers to entry / moat 29. Key accounting provisions
10. Unit economics 30. Peer valuation
11. Cash economics 31. FX exposures
12. Cost structure 32. Ownership / M&A risk
13. Margins vs. peers 33. Business momentum
14. Business quality analysis 34. Business failure points
15. Capital intensity & direction 35. Sources of operating leverage
16. Capital markets dependency 36. EPS forecast
17. Analysis of expansion initiatives 37. Bull/base/bear case
18. Price/mix analysis & pricing power 38. Risk/reward
19. Unit level profitability trend 39. Risks to short case
20. Margin & incremental margin 40. Catalyst calendar
21. Returns on capital 41. Go forward due diligence plan
22. Analysis of guidance reasonableness
│97 │
NPV Value Decomposition
Pg. │ 98
• Modifying a SOTP lens, I will try to ascribe value to the various pieces of
the company. This is finger in the air. In NVDA’s case, I want to value:
• 1) The non-data center biz, 2) data center / gen AI, and 3) China (just in case)
• Very roughly, the Gen AI opportunity has driven ~$800bn of MCAP,

implying (again very roughly) $80bn of mature run-rate revenue

$441 Price as of 9.18.23
$321 Implied Gen AI / Accelerated Computing I may think about
$80bn as my
2,500 Diluted Shares “over/under” on Gen AI
revenue generation
│98 │
Selecting an EV/Revenue
Pg. │ 99
• A dollar is worth more if it brings with it more profit

• 6x revenue at maturity implies ~40% operating margins
• When selecting an EV/revenue multiple, margin structure is key
• (Back of envelope for biotech is 5x peak revenue, discounted back)
Hypothetical P&L Target EV/Revenue

Revenue $100 EV/Revenue 5.8x
Operating Income $40 Revenue $100
% margin 40.0% Enterprise Value $580
Net Debt $100
Below the Line ($5) Market Cap $480
Pre-Tax Income $35.0
Tax Expense ($5) Target EV/Revenue 3.0x
% rate 15.0% Implied EV/EBITDA 12.9x
Net Income $29.8 Implied P/E 16.1x
Operating Income $40

D&A $5
EBITDA $45
│99 │
NPV Value Decomposition
Pg. │ 100
• I also want to prepare for any issues around China prohibition concerns.
A complete loss of China would be $65-80 hit to the stock

FQ2 24 Call $441 Price as of 9.18.23
$321 Implied Gen AI / Accelerated Computing
2,500 Diluted Shares

22.5% China Mix of Revenue (cited 8.23.23 call)

$18,039 Implied Expected China Gen AI Revenue
25.0% $80
22.5% $72
20.0% $64
│100
│
Capex Cycle Demand Forecasting
Pg. │ 101
• Company citing $1tn of spend on data centers

• NVDA currently addressing mid-single digits of that spend, conveying in
investor presentations the goal to capture 45% ($300bn chips plus $150bn
software)
│101
│
Pg. │ 102
• There is good news & bad news about capital cycles for stock picking
• Good news: a big capital cycle will drive “tremendous” revenue growth
• Bad news: % yoy growth inflections and NOT absolute $ revenue tends
to drive the NEXT move in equities. A rapidly ramping capex cycle can
lead to a relatively short period of elevated % yoy growth, and with
no/minimal recurring elements can lead to an extended “growth
hangover”
Illustrative Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Baseline Revenue $100 $110 $121 $133 $146 $161 $177
Capital Cycle Revenue $0 $250 $300 $200 $150 $100 $0 $1,000
Total Revenue $100 $360 $421 $333 $296 $261 $177
% yoy 260.0% 16.9% (20.9%) (11.0%) (11.9%) (32.1%)
│102
│
Pg. │ 103
• If I assume that gen AI / accelerated computing is a $250bn 5-year

capital cycle, we see “tremendous” year 1 growth, but a rather quick
deceleration down to more “normal” levels of growth by Year 2 & 3
• This is still an incredible capital cycle, though likely short of what is

currently baked into stock
Illustrative: NVDA Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Capital Cycle Revenue $0 $40 $60 $60 $50 $40 $0 $250
Total Revenue $27 $70 $93 $96 $90 $83 $48
% yoy 158.1% 33.0% 3.5% (6.7%) (6.8%) (42.7%)
│103
│
Pg. │ 104
• Underwriting a $450bn capital cycle with supply nearly tripling from

current levels and demand remaining “unlimited”
• As I see it, NVDA is a bet on your view of the capital cycle:
• $250bn or lower & fast normalization = stock goes lower

• $450bn or higher & extended ramp = stock goes higher

Total Revenue $27 $70 $128 $151 $125 $118 $88
% yoy 158.1% 83.2% 18.2% (17.5%) (4.9%) (25.9%)
│104
│
Pg. │ 105
• Company pointing to $450bn capital cycle

• With $27bn base year revenue, what can that mean for peak revs?
• Some bulls at $140bn+ out-year, stock seems baking in $110-$120
DC Gen AI Year 1 Year 2 Year 3 Year 4

$550 $138 $138 $138 $138
$450 $113 $113 $113 $113
$350 $88 $88 $88 $88
$250 $63 $63 $63 $63
Total Rev
$550 $165 $165 $165 $165
$450 $140 $140 $140 $140
$350 $115 $115 $115 $115
$250 $90 $90 $90 $90
│105
│
Pg. │ 106
• Think about the concept of “revenue quality”

• Recurring revenue = the ideal
• Lumpy capex driven revenue = creates some issues & choppiness
• In this 10-year hypothetical, revenue goes from $100m to $450m+ as
capital cycle builds & fades then replacement cycle engages, but is a
messy, volatile path in an equity market that likes to extrapolate the
latest data point. Just know this.
Illustrative Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Baseline Revenue $100 $110 $121 $133 $146 $161 $177 $195 $214 $236 $259
Capital Cycle Revenue $0 $250 $300 $200 $150 $100 $0 $0 $0 $0 $0
Replacement Cycle $0 $0 $0 $0 $0 $0 $0 $0 $250 $300 $200
Total Revenue $100 $360 $421 $333 $296 $261 $177 $195 $464 $536 $459
% yoy 260.0% 16.9% (20.9%) (11.0%) (11.9%) (32.1%) 10.0% 138.3% 15.4% (14.3%)
│106
│
Market Implied Earnings Power w/ Reverse P/E
Pg. │ 107
• Theory: the market pricing mechanism is seeking “normalized earnings power”
• Reverse P/E Approach

• Observe price: $435
• Observe historical P/E range: 35-45x
• Price / Historical P/E = price implied earnings power
Absolute Min Max Median Near Term Implied Earnings Power

1 year 27.5x 61.4x 45.8x Price as of 9.18.23 $438.75
5 year 19.8x 66.5x 39.5x Historial P/E 45.0x
10 year 15.9x 66.5x 33.9x
Historial P/E 35.0x
S&P rel Min Max Median
1 year 11.7x 43.1x 27.1x Implied Earnings Power $9.75 near term
5 year 5.7x 45.0x 20.1x Implied Earnings Power $12.54 near term
10 year 0.7x 45.0x 16.7x
18.7x Implied Min Max Median

1 year 30.3x 61.8x 45.7x
5 year 24.3x 63.6x 38.7x
10 year 19.4x 63.6x 35.4x
│107
│
Market Implied Earnings Power w/ Reverse P/E
Pg. │ 108
• “Normalized earnings power” is more often a 3-7 year applied framework
• Using a range of 10-20% implied IRRs, NVDA is baking in $18-27 of long-term

earnings power (recall, NVDA was earning $2-4 2018-2022)
5-Year Implied Earnings Power

Base Case P/E 40.0x
Implied Earnings Power $17.67
5 Year Target at 10% IRR $707
Base Case P/E 40.0x

5 Year Target at 15% IRR $882
Base Case P/E 40.0x

5 Year Target at 20% IRR $1,092
│108
│
Return Threshold Analysis
Pg. │ 109
• Another framework is “what do I have to believe to achieve a benchmark

IRR hurdle” – in this case 15% IRR
Very Simple P&L: Normalized
• On NVDA, I have to believe: Revenue $110,000
Operating Profit $66,000

• $110bn revenue (roughly foots to $80bn GenAI) % margin 60.0%
• 60% operating margins Interest & Other $100
Pre-Tax Income $66,100

• 40x P/E holds
Tax Expense ($9,585)
• ~$23 of 5-year out normalized earnings power % rate 14.5%
Net Income $56,516

Threshold IRR Analysis
Earnings Power $22.61 Diluted Shares 2,500
Target P/E 40.0x
5-Year Target $904 Earnings Power $22.61
% return 106.1%
% IRR 15.6% │109
│
7-Year Model
Pg. │ 110
• “Focus on TAM, earnings, growth & corresponding P/E 5-7 year out”
• “Public investors are not always as imaginative as private investors”
│110
│
7-Year Model
Pg. │ 111
$11.17 $17.60 $23.20 $26.72 $25.05 $22.68 $22.64

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030
Data Center Revenue 1.7% 124.5% 58.5% 41.4% 189.6% 60.0% 35.0% 15.0% (10.0%) (15.0%) (5.0%)
Gaming Revenue (11.7%) 40.6% 60.6% (27.2%) 4.7% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Professional Visualization Revenue 7.3% (13.1%) 100.5% (26.9%) (19.1%) 20.0% 20.0% 20.0% 15.0% 15.0% 15.0%
Automotive Revenue 9.2% (23.4%) 5.6% 59.5% 72.5% 20.0% 20.0% 20.0% 15.0% 15.0% 15.0%
OEM & Other Revenue (34.2%) 25.0% 84.2% (60.8%) (28.9%) 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
TOTAL REVENUE (6.8%) 52.7% 61.4% 0.2% 107.9% 50.1% 31.7% 15.2% (6.1%) (9.3%) (0.2%)
Data Center Revenue $2,932 $2,983 $6,696 $10,613 $15,005 $43,460 $69,536 $93,873 $107,954 $97,159 $82,585 $78,456
Gaming Revenue $6,246 $5,518 $7,759 $12,462 $9,067 $9,493 $10,917 $12,554 $14,438 $16,603 $19,094 $21,958
Professional Visualization Revenue $1,130 $1,212 $1,053 $2,111 $1,544 $1,249 $1,499 $1,799 $2,158 $2,482 $2,855 $3,283
Automotive Revenue $641 $700 $536 $566 $903 $1,557 $1,869 $2,242 $2,691 $3,095 $3,559 $4,093
OEM & Other Revenue $767 $505 $631 $1,162 $455 $324 $372 $428 $492 $566 $651 $748
TOTAL REVENUE $11,716 $10,918 $16,675 $26,914 $26,974 $56,083 $84,192 $110,897 $127,733 $119,905 $108,743 $108,537
% yoy (6.8%) 52.7% 61.4% 0.2% 107.9% 50.1% 31.7% 15.2% (6.1%) (9.3%) (0.2%)
$ yoy ($798) $5,757 $10,239 $60 $29,109 $28,110 $26,704 $16,837 ($7,829) ($11,162) ($206)
Data Center Revenue $40,631 $61,416 $73,285 $86,592 $101,092

Gaming Revenue $10,007 $10,972 $11,247 $12,241 $13,240
Professional Visualization Revenue $1,432 $1,726 $1,932 $2,757 $4,055
Automotive Revenue $1,140 $1,460 $2,120 $2,573 $3,355
OEM & Other Revenue $300 $323 $307 $300 $0
CONSENSUS $54,098 $80,165 $94,793 $113,033 $142,455
Adjusted Gross Profit $7,233 $6,822 $10,948 $17,968 $15,965 $40,793 $62,081 $82,049 $94,506 $88,635 $80,263 $80,109
% margin 61.7% 62.5% 65.7% 66.8% 59.2% 72.7% 73.7% 74.0% 74.0% 73.9% 73.8% 73.8%
bps yoy n.a. 75 317 111 (757) 1,355 100 25 0 (7) (11) (0)
% yoy n.a. (5.7%) 60.5% 64.1% (11.1%) 155.5% 52.2% 32.2% 15.2% (6.2%) (9.4%) (0.2%)
Incremental Margin n.a. 51.5% 71.7% 68.6% n.a. 85.3% 75.7% 74.8% 74.0% 75.0% 75.0% 75.0%
Research & Development ($2,038) ($2,286) ($3,057) ($3,951) ($5,406) ($6,543) ($8,840) ($12,199) ($14,051) ($13,190) ($11,962) ($11,939)
% of sales 17.4% 20.9% 18.3% 14.7% 20.0% 11.7% 10.5% 11.0% 11.0% 11.0% 11.0% 11.0%
bps yoy n.a. 354 (261) (365) 536 (837) (117) 50 0 0 0 0
% yoy n.a. 12.2% 33.7% 29.2% 36.8% 21.0% 35.1% 38.0% 15.2% (6.1%) (9.3%) (0.2%)
Selling, General & Administrative ($787) ($800) ($1,087) ($1,326) ($1,519) ($1,682) ($1,935) ($2,225) ($2,559) ($2,402) ($2,178) ($2,174)
% of sales 6.7% 7.3% 6.5% 4.9% 5.6% 3.0% 2.3% 2.0% 2.0% 2.0% 2.0% 2.0%
bps yoy n.a. 61 (81) (159) 70 (263) (70) (29) (0) 0 0 0
% yoy n.a. 1.7% 35.9% 22.0% 14.6% 10.8% 15.0% 15.0% 15.0% (6.1%) (9.3%) (0.2%)
│111
│
7-Year Model
Pg. │ 112
Adjusted Operating Expenses ($2,825) ($3,086) ($4,144) ($5,277) ($6,925) ($8,226) ($10,775) ($14,424) ($16,609) ($15,591) ($14,140) ($14,113)
Adjusted Operating Profit $4,408 $3,736 $6,804 $12,691 $9,040 $32,567 $51,306 $67,626 $77,897 $73,043 $66,123 $65,996
% margin 37.6% 34.2% 40.8% 47.2% 33.5% 58.1% 60.9% 61.0% 61.0% 60.9% 60.8% 60.8%
bps yoy n.a. (341) 658 635 (1,364) 2,456 287 4 0 (7) (11) (0)
% yoy n.a. (15.2%) 82.1% 86.5% (28.8%) 260.3% 57.5% 31.8% 15.2% (6.2%) (9.5%) (0.2%)
Interest Income $267 $200 $200 $200 $200 $200 $200 $200
Interest Expense ($263) ($200) ($200) ($200) ($200) ($200) ($200) ($200)
Other Income ($47) $0 $0 $0 $0 $0 $0 $0
Below the Line ($43) $0 $0 $0 $0 $0 $0 $0
Pre-Tax Income $8,997 $32,567 $51,306 $67,626 $77,897 $73,043 $66,123 $65,996
Tax Expense ($1,260) ($4,559) ($7,183) ($9,468) ($10,906) ($10,226) ($9,257) ($9,239)
% rate 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%
ADJUSTED NET INCOME $7,737 $28,008 $44,123 $58,158 $66,991 $62,817 $56,866 $56,756
Diluted Shares 2,497 2,471 2,509 2,536 2,507 2,507 2,507 2,507 2,507 2,507 2,507 2,507
% yoy n.a. (1.0%) 1.5% 1.1% (1.1%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
YOY change (26) 38 27 (29) 0 0 0 0 0 0 0
DILUTED EPS $3.09 $11.17 $17.60 $23.20 $26.72 $25.05 $22.68 $22.64
│112
│
7-Year Model
Pg. │ 113
• CAVEAT: this is basically just a giant guess as visibility is low

• Though we do have some parameters with mgmt guide of $450bn capex
cycle over 4 years or $100-$125bn peak revenue potential
• Timeframe matters: GOOG/TSLA/MA/AAPL were *actually* trading at
sub 5x P/E 5-7 year out EPS numbers at certain points
• NVDA itself was trading near 5x a $23 earnings power number Oct ’22
• Today, however, NVDA appears to be trading at a fuller 7-year out P/E
multiple of 19x
7 Year out P/E

Current Price $436.95
7 Year out EPS: FY30 $22.64
P/E on 2030 19.3x │113
│
“Monkey Math” Revision Potential
Pg. │ 114
• Barring a shift in the near-term demand picture, magnitude of revenue beats

seem to be a function of supply ramp
• Management comments on demand visibility are bullish (are they reliable?)
Revenue Guide Monkey Math Supply Implied %

Q3 Revenue Guidance $16,000 Ramp FY25 Rev beat
Annualized $64,000
25.0% $76,981 (4.0%)
30.0% $79,481 (0.9%)
Q3 Implied Data Center Guide $12,500
Annualized Data Center $50,000 35.0% $81,981 2.3%
Non-Data Center FY25, Consensus $14,481 40.0% $84,481 5.4%
Monkey-Math Run-Rate $64,481 45.0% $86,981 8.5%
50.0% $89,481 11.6%
FY25 Consensus Revenue $80,165 55.0% $91,981 14.7%
Data Center Revenue Bar, Annual $65,684 60.0% $94,481 17.9%
Data Center Revenue Bar, Quarter $16,421
65.0% $96,981 21.0%
% supply ramp to hit FY25 31.4%
70.0% $99,481 24.1%
75.0% $101,981 27.2% │114
│
Pg. │ 115
• In scenarios with continued

Very Simple P&L Range of Potential FY25 Revenue
Revenue $80,000 $82,500 $85,000 $87,500 $90,000 $92,500

demand & strong supply % beat (0.2%) 2.9% 6.0% 9.1% 12.3% 15.4%
ramp, there still seems to be Gross Profit $58,800 $60,638 $62,475 $64,313 $66,150 $67,988
% margin 73.5% 73.5% 73.5% 73.5% 73.5% 73.5%
potential for material upside
Operating Expenses ($10,000) ($10,000) ($10,000) ($10,000) ($10,000) ($10,000)
to both revenue & EPS
Operating Profit $48,800 $50,638 $52,475 $54,313 $56,150 $57,988
numbers % margin 61.0% 61.4% 61.7% 62.1% 62.4% 62.7%
Interest & Other $100 $100 $100 $100 $100 $100
• In the more aggressive Pre-Tax Income $48,900 $50,738 $52,575 $54,413 $56,250 $58,088
scenarios, on a P/E basis, Tax Expense ($7,091) ($7,864) ($7,098) ($7,346) ($7,594) ($7,842)
NVDA looks “cheap” at low % rate 14.5% 15.5% 13.5% 13.5% 13.5% 13.5%
20x P/E Net Income $41,810 $42,873 $45,477 $47,067 $48,656 $50,246
Diluted Shares 2,500 2,500 2,500 2,500 2,500 2,500
Implied EPS $16.72 $17.15 $18.19 $18.83 $19.46 $20.10

Implied P/E 26.2x 25.6x 24.1x 23.3x 22.5x 21.8x
Consensus 9.19.23 $16.64
│115
│
Pg. │ 116
Very Simple P&L Mid Low High

• NVDA doesn’t guide to EPS, but we
Revenue $16,000 $15,680 $16,320
can run revenue, GM, opex, interest
Gross Profit $11,600 $11,290 $11,914
& tax guide through P&L % margin 72.5% 72.0% 73.0%
architecture to see a $3.17-$3.46 Operating Expenses ($2,000) ($2,000) ($2,000)
EPS grange Operating Profit $9,600 $9,290 $9,914

% margin 60.0% 59.2% 60.7%
Interest & Other $100 $100 $100
Pre-Tax Income $9,700 $9,390 $10,014
Tax Expense ($1,407) ($1,455) ($1,352)

% rate 14.5% 15.5% 13.5%
Net Income $8,294 $7,934 $8,662
Diluted Shares 2,500 2,500 2,500
Implied EPS Guide $3.32 $3.17 $3.46
Consensus 9.19.23 $3.31
│116
│
Pg. │ 117
Q3 EPS PT
Consensus $3.31
• Unsurprisingly, 17/31 sell-side 1 Restricted 8 $3.69 $745

2 Restricted 2 $3.50 $650
analysts are within one penny 3 New Street Research
4 Deutsche Bank Research
$3.39
$3.38
$635
$560
5 Melius Research $3.37 $730
6 Restricted 7 $3.37 $630
• Visibility is low at the moment, thus 7 Mizuho Securities USA
8 Daiwa Securities Co. Ltd.
$3.37
$3.35
$590
$535
sell-side defaults to guidance 9 Susquehanna Financial Group

10 KeyBanc Capital Markets
$3.35
$3.35
$600
$670
hugging behavior 11 Wells Fargo Securities

12 Oppenheimer
$3.33
$3.33
$600
$650
13 Stifel Nicolaus $3.33 $600
14 Truist Securities $3.33 $668
• (sell-side doing sell-side things)

15 The Benchmark Company, LLC $3.33 $625
16 WestPark Capital $3.33 $690
17 Edgewater Research $3.33 -
18 BMO Capital Markets $3.33 $600
19 Wedbush Securities $3.33 $600
20 Raymond James $3.32 $600
21 Needham $3.32 $600
22 Piper Sandler Companies $3.32 $620
23 Restricted 3 $3.32 $750
24 Rosenblatt Securities $3.32 $1,100
25 Cleveland Research Company $3.32 -
26 Jefferies $3.31 $610
27 Cowen & Company $3.31 $600
28 Craig Hallum Capital Group $3.30 $700
29 Evercore ISI $3.30 $600
30 Haitong International Research $3.28 $839
31 Restricted 9 $3.25 $600 │117
│
The Last Bits
Pg. │ 118
• Stock set-up
• Key driver & narrative identification
• Bull vs. Bear tension
• Probability tree
• Risk/reward
• Revision & earnings
• Catalyst path & trading plan
• Key debates with initial take
• Fill or kill, with next steps proposed
│118
│
NVDA: Set-Up
Pg. │ 119
• BIG move on FQ1 beat
• Diminished move on FQ2 second beat
• Surprise factor diminished
• Stock now a bet on duration & magnitude of capital

cycle
• Market applying a “sustainability” discount on P/E – is

this correct or not? Key debate
│119
│
NVDA: Set-Up
Pg. │ 120
• FQ1 a breakout quarter, stock moved up 24%

• Diminished reaction on FQ2 a sign of higher buy-side bar & elevated valuation
│120
│
Pg. │ 121
│121
│
7/3/23
4/3/23
1/3/23
10/3/22
7/3/22
4/3/22
1/3/22
10/3/21
7/3/21
4/3/21
1/3/21
10/3/20
7/3/20
4/3/20
1/3/20
10/3/19
7/3/19
NVDA Stock Price
4/3/19
1/3/19
10/3/18
7/3/18
4/3/18
1/3/18
10/3/17
7/3/17
4/3/17
1/3/17

10/3/16
7/3/16
NVDA: Stock Price
4/3/16
1/3/16
10/3/15
7/3/15
4/3/15
1/3/15
10/3/14
7/3/14
4/3/14
1/3/14
$80
$60
$40
$20
$0
$520
$500
$480
$460
$440
$420
$400
$380
$360
$340
$320
$300
$280
$260
$240
$220
$200
$180
$160
$140
$120
$100
Pg. │ 122
│122
│
6/20/23
3/20/23
12/20/22
9/20/22
6/20/22
3/20/22
12/20/21
9/20/21
6/20/21
3/20/21
12/20/20
9/20/20
6/20/20
3/20/20
12/20/19
9/20/19
6/20/19
3/20/19
NVDA NTM P/E
12/20/18
9/20/18
6/20/18
3/20/18
12/20/17
9/20/17
6/20/17
3/20/17
NVDA: NTM P/E Valuation
12/20/16
9/20/16
6/20/16

3/20/16
12/20/15
9/20/15
6/20/15
3/20/15
12/20/14
9/20/14
6/20/14
3/20/14
• []
12/20/13
9/20/13
70.0x
50.0x
40.0x
30.0x
20.0x
60.0x
10.0x
ETIK to KD
Pg. │ 123
Everything There Is to Know
Key Drivers: “what’s

going to move the
stock”
Differentiation
│123
│
Key Driver & Narrative Identification
Pg. │ 124
• Key Drivers, Near-Term
• Demand sustainability
• CSPs, training build
• Supply ramp
• And keep an eye on:
• Inventory over-build
• Geopolitical & AI regulatory risks
│124
│
Bull / Bear Tension
Pg. │ 125
• Bull Case
• Selling picks & shovels in a gold rush
• “iPhone moment”
• Appears “cheap” at 30x P/E, 20x next year
• Impenetrable ecosystem
• Mgmt says very strong visibility into next year – leads to beats & upward
revisions
• Bear Case
• Are we seeing a sugar rush of foundational model training demand from CSPs
that has a short burn dynamic?
• Bad business - violent cyclical, inevitable that shortage will lead to glut
• Stock is probably already discounting a strong case Gen AI ramp ($350bn)
• Actually, quite expense on true normalized earnings
• Some shots on goal for risk case: CSP in-sourcing, China/Taiwan, AI regulation
│125
│
Risk / Reward
Pg. │ 126
• In a case that underwrites $85bn+ in Gen AI rev, I see 15% IRR

Ticker NVDA Fundamental Edge Estimates
Action Education 2017A 2018A 2019A 2020A 2021A 2022A 2022A 2024E 2025E 2026E 2027E
Last Update 9/18/2023 Total Revenue $6,910 $9,714 $11,716 $10,918 $16,675 $26,914 $26,974 $56,083 $84,192 $110,897 $108,959
Cap Table % yoy 8.6% 40.6% 20.6% (6.8%) 52.7% 61.4% 0.2% 107.9% 50.1% 31.7% (1.7%)
Price as of 9/18/23 $438.75
Diluted Shares 2,499 Adj Operating Profit $2,220 $3,616 $4,408 $3,736 $6,804 $12,691 $9,040 $32,567 $51,306 $67,071 $64,437
Market Cap $1,096,436 % margin 32.1% 37.2% 37.6% 34.2% 40.8% 47.2% 33.5% 58.1% 60.9% 60.5% 59.1%
Total Debt $9,705 % yoy n.a. 62.9% 21.9% (15.2%) 82.1% 86.5% (28.8%) 260.3% 57.5% 30.7% (3.9%)
Cash $16,023
Net Debt ($6,318) Adjusted EPS $0.73 $1.22 $1.66 $1.45 $2.50 $4.44 $3.34 $11.34 $17.81 $23.24 $22.33
Enterprise Value $1,090,118 % yoy 15.5% 67.8% 36.1% (12.7%) 72.7% 77.4% (24.9%) 239.9% 57.0% 30.5% (3.9%)
Street EPS $10.63 $16.64 $19.58
3 Year Target % yoy 218.6% 56.5% 17.7%
FY2027 EPS $22.33 Expected Delta 6.7% 7.0% 18.7%
Target P/E 30.0x
3 Year Target $670.03 2017A 2018A 2019A 2020A 2021A 2022A 2022A 2024E 2025E 2026E 2027E
% return 52.7% EV/Sales 157.8x 112.2x 93.0x 99.8x 65.4x 40.5x 40.4x 19.4x 12.9x 9.8x 10.0x
x money multiple 1.5x P/E 604.1x 359.9x 264.4x 302.8x 175.3x 98.8x 131.5x 38.7x 24.6x 18.9x 19.6x
% IRR 15.2% Street P/E 604.1x 359.9x 264.4x n.a. n.a. n.a. n.a. 41.3x 26.4x 22.4x n.a.
12 Months Base Target Base Case

FY2025 EPS $17.81 Modeling in a BIG ramp, $85bn+ in DC revenue from GenAI
Target P/E 30.0x OM hanging in the 60% range
EOY Target Price $534.34
% return 21.8%
12 Months Risk Case

FY2025 Risk EPS $9.50
Target P/E 25.0x
Next 12 Months Risk $237.50
% return (45.9%)
│126
STRICTLY CONFIDEN TIAL. NOT FOR DISTRIBUTION.
│
Probability Tree
Pg. │ 127
• Develop bull/base/bear cases in a probability tree
1 year return scenarios Tactical R/R

FY25 EPS Target P/E 12m Target % return
Bull $18.50 35.0x $647.50 47.6%
Base $17.81 30.0x $534.34 21.8%
Bear $8.75 25.0x $218.75 (50.1%)
Price % return PSUC

Bull $647.50 47.6% 25.0%
Base $534.34 21.8% 50.0%
Bear $218.75 (50.1%) 25.0%
EVAL $483.73 10.3%
│127
│
NVDA: Shape of Returns
Pg. │ 128
NVDA S&P Rel

• NVDA: not a stock for the faint of Q3 23 2.9% 3.0%
Q2 23 52.3% 44.0%
heart Q1 23 90.1% 83.0%
Q4 22 20.4% 13.3%
• Has seen periods of time where Q3 22
Q2 22
(19.9%) (14.6%)
(44.4%) (28.0%)
stock pulls back 40-50% in one Q1 22 (7.2%) (2.3%)
calendar quarter (usually following Q4 21 42.0% 31.3%
Q3 21 3.6% 3.3%
periods of peak valuation) Q2 21 49.9% 41.7%
Q1 21 2.2% (3.5%)
Q4 20 (3.5%) (15.2%)
Q3 20 42.5% 34.0%
Q2 20 44.1% 24.2%
NVDA has been a “crashy” stock Q1 20 12.0% 32.0%
when fundamentals have Q4 19 35.2% 26.6%
Q3 19 6.0% 4.8%
deteriorated
Q2 19 (8.5%) (12.3%)
Q1 19 34.5% 21.4%
Q4 18 (52.5%) (38.5%)
│128
│
The Tricky Part About the Bull Case
Pg. │ 129
• Given historical “crashiness” of the NVDA Value Decomposition

$439 Price as of 9.18.23
stock & consensus long positioning, $120 Est: Core business (40x on $3 of EPS)
I would want to demand a high $319 Implied Gen AI / Accelerated Computing
return potential on NVDA. Call it 20- 2,500 Diluted Shares

50% return potential over a year’s
horizon $79,688 Implied Mature Revenue at 10x EV/Rev
Current $439 Gen AI MCAP Gen AI Rev

• That gets me to $527-$658 in a 20.0%
30.0%
$527 $1,316,250 $131,625
$570 $1,425,938 $142,594
year’s time 40.0% $614 $1,535,625 $153,563
50.0% $658 $1,645,313 $164,531
• Isolating Gen AI, that would require

a belief in $130-$150bn+ of peak
revenue. That just seems like a lot,
in context of $1tn DC comment
$450bn 4-year ramp soft guide
│129
│
The Tricky Part About the Bear Case
Pg. │ 130
• Momentum is a powerful thing
• Narrative is a powerful thing. “iPhone moment”, “picks & shovels in a

gold rush”, “Gen AI processing monopoly” – absent some external shock
or a slower materialized ramp, that narrative may be with us for a bit
• If we take mgmt.'s word for their order book and they can ramp supply,
we are staring down more quarters of 5-10%+ revenue beats and even
bigger EPS beats
• I’ve used a “10% revenue beat” rule of thumb – my observation is stocks

don’t usually go down with that magnitude of potential beat
• On the higher range of beats, the stock looks pretty cheap on Calendar
2024 EPS (low 20x P/E)
│130
│
Summary Thoughts
Pg. │ 131
• What to do with the stock is not obvious to me
• My general sense of fair value is $350-$450 based on the facts I’ve

uncovered
• Ultimately, NVDA is a bet on the pace & magnitude of DC Gen AI capex

cycle.
• ~$300-$350bn is in the stock

• $250bn or under = not enough
• $450bn or over = stock goes higher
│131
│
Summary Thoughts
Pg. │ 132
• This is the key bet to make. $250 or $450bn?

Total Revenue $27 $70 $93 $96 $90 $83 $48
% yoy 158.1% 33.0% 3.5% (6.7%) (6.8%) (42.7%)

Total Revenue $27 $70 $128 $151 $125 $118 $88
% yoy 158.1% 83.2% 18.2% (17.5%) (4.9%) (25.9%)
│132
│
NVDA: How I Would Spend the Next 30 Hours
Pg. │ 133
Deep Dive Process

1. Understand the basics of a company (4-6 hours) 9. Identify past case studies that inform (4-6 hours)
• Browse company website • Is this an HMO with depressed margins? How have the past handful of
• Read the 10-K cover to cover HMO margin expansion stories developed for the business & stock?
• Read 2-3 sell-side initiation reports
10. Schedule call with company IR or CFO (1 hour)
2. Build simple annual operating model (4-6 hours) • Walk through list of questions with management
• Look at organic volume & pricing trends going back 10+ years • Compare your assessment with management’s view
• Assess historical margin trends & incremental margins • Assess management’s likelihood of creating value for stock
• Note major capital allocation decisions
11. Identify competitors & channel contacts & schedule calls (10-14 hours)
• Get a sense of base-rate algorithm for revenue, EBITDA & EPS
• Focus on uncovering direct evidence relevant to the 3 key drivers
3. Identify & understand the top 3 fundamental drivers (2-4 hours) • Attend key industry (non-sellside) conferences ex. Becker’s Hospital
• Analyze key business segments as a % of revenue & EBIT • Develop a reputation as an authority on the industry, create a network of
• Understand what line items in model are the key profit drivers industry contacts
• Read the last 6 months of sell-side notes & identify bull vs. bear debate 12. Identify upcoming catalysts & develop a view on them (8-10 hours)
4. Build 30 year operational DCF (2-4 hours) • Understand market embedded views for upcoming catalysts
• Understand what the stock price is telling you about expectations • Assess which catalysts we have a divergent view based on PSUC
• Develop bull, base, bear scenarios on key drivers & compare to stock framework (1 minus (win % / (win % plus absolute value of loss %))
5. Understand valuation & market embedded expectations (2-4 hours) 13. Develop 1) bull 2) base & 3) bear case based on research (2-4 hours)
• Use DCF to understand the expectations that are baked into the price • Develop bull, base & bear stock values
• Put probabilities on those cases & develop probability tree value, compare
6. Wrap your arms around current stock narrative (10-12 hours) that price to stock price – is there a disconnect?
• Spend the time to understand management message to the Street • Compare reward price to risk price, is there asymmetry here?
• Listen to past investor day’s, last 8 earnings calls, last 4 conf webcasts
14. Develop continuing diligence plan (1 hour)
7. Build full quarterly model (if we don’t have one) (10-12 hours) • Plan to regularly check in with industry contacts, competitors & company
• Focus on detailed revenue build, granular cost structure build representative
• Tie 3 statements together & focus on cash cycle through the business • Plan to monitor company press releases, conference presentations & other
catalysts
8. Comparative Competitive analysis (4-6 hours)
• Compare company to key competitors – organic growth, margins
• How does company compare to peers on key efficiency metrics Total Process: (60-90 hours, or 4-6 days of work)
• Is company out/underperforming? Is there opportunity or threat? Granular training modules on each
│133
│
Analyst Academy
Pg. │ 134
• Academy
• 6-week virtual program

• Everything I would teach
my own junior analyst (but
never had time to)
│134
│
Academy Logistics
Pg. │ 135
• Hybrid approach
│135
│
How to Sign Up
Pg. │ 136
• www.fundamentedge.com
│136
│
FE Academy Curriculum
Pg. │ 137
│137
│
Academy Template Library
Pg. │ 138
• Access to template library

• Financial models, industry P&L, valuation files, portfolio tools & more
│138
│
Life of a Buy-Side Analyst
Pg. │ 139
• How will you spend your time:

• Building models
• Due diligence on key drivers on ideas
• Discover new investment ideas
• Meet & assess management teams / sell-side trips
• Develop & pitch investment thesis
• Monitor portfolio ideas
• Make portfolio sizing & buy/sell suggestions
• Reminder: the business model only works with 5%+ idea level expected
alpha generation
│139
│
A Typical Buy-Side Investment Process
Pg. │ 140
1. Initial analysis & opportunity assessment: to understand what is baked into the stock and
whether there is an opportunity to generate a differential view (“the alpha load”)
2. Business analysis & model constriction: to understand the business deeply, using a bespoke
financial model to understand how the business operates financially, then use the model as
a backbone to value the stock and assess business momentum & potential earnings
revisions.
3. Key driver assessment & deep dive process: to understand the 3 key drivers, then executing
a deep-dive research process to identify areas of differentiation on those key drivers.
4. Case construction & risk/reward assessment: work to understand what is baked into the
stock, then develop my own bull/base/bear cases and determine how attractive the
risk/reward is on the stock
5. Thesis development & communication: layer in qualitative & quantitative work into a
structured thesis to pitch up to my PM (or LP)
6. Idea monitoring & catalyst assessment: develop an ongoing research plan relating to
catalysts & earnings, then monitor ongoing newsflow to assess whether the idea is on track
with my initial thesis.
│140
│
In Summary
Pg. │ 141
• Who should attend
• My target student: my own struggling 23yr old self.

The stuff I had to learn the HARD way
• Ideally, ready for industry or in first 3-5 years
• Open to experienced investors looking to go “back

to school”
│141
│
Process & Judgment
Pg. │ 142
• Dan Sundheim interview circa 2018 (ISI event)

• Interviewer: “Dan, what do you think is the key to success in the hedge
fund world”
• Sundheim: “To me, it really comes down to two things. Process &
judgment”
I loved that, and I ripped it off:

1) Process
2) Judgment
o Process is more linear and scientific. Process tools can easily be taught.
o Judgment is trickier. Some frameworks may help, but experience is key.
│142
│
The Ecology of the Buy-Side
Pg. │ 143
• Common question I get: “Brett, is the Academy only for pod analysts?”
• I’m not here to teach you a style of investing. Depending on your seat, your emphasis will shift
• Long only:
• Understanding the business & industry deeply with a long-term lens
• Underwriting management to steer the ship
• Focusing on long term growth in FCF/share – quality & duration of growth is key
• Single manager / 50 net / Tiger Style

• Structural change & business momentum inflections
• Risk/reward lens hunting for meaningfully misunderstood situations
• AVV approach: algorithm, valuation, variance
• Multi-manager
• Catalyst driven investing – goal is to generate steady, consistent P&L generation
• Earnings cycle is key
• Alpha isolation process with flexibility around idea expression
• Industry trend: convergence of approaches (with pod seats growing)

│143
│
The Universal Tools
Pg. │ 144
• In every seat on the buy-side, you will:

• Analyze businesses
• Build (or at least use) models
• Research key drivers
• Value stocks
• Manage earnings season
• Analyze management
• Generate ideas
• Communicate your ideas
• Monitor catalysts
• The intention of Academy is to impart these basic, “non-denominational”
tools
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Q&A
Pg. │ 145
│145
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CONTACT INFORMATION
| 146
|
FUNDAMENTAL EDGE 7702 E Doubletree Ranch Road, Suite 300

Scottsdale, AZ 85258
BRETT CAUGHRAN (917) 583-9741

[email protected]

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N V DA G u i d e d Q u i c k D i v e

Buy-side Training. Redefined.

Worked at 5 top 100 hedge

Generated $200m+ of Retired from Hired, trained & managed

Managed portfolios as 11 of 13 years generated

• Arizona State University grad

• I was a dumpster fire

• I eventually figured it out (barely).

• Re-promoted. Became a very

• Promoted to Managing Director at

• Our standard: Deliver a training program that

1. Ability to analyze a business

2. Ability to grasp a stock’s key drivers

3. Ability to understand what is discounted in stock

4. Ability to develop a differentiated view

5. Ability to accurately assess value

6. Ability to see investment opportunities clearly

7. Ability to compellingly communicate a thesis

8. Ability to dispassionately monitor & adjust

EXAMPLE: Your First 12 Hours on a Stock

• “Learn through osmosis”

Hey go look at XYZ

• 6-week virtual program

This presentation is for informational and

Potential Conflicts of Interest:

EXAMPLE: Your First 12 Hours on a Stock

• I KNOW NOTHING (OR VERY LITTLE) ABOUT NVDA & SEMICONDUCTORS

• HOWEVER, if you are looking for some frameworks to go from zero

• Has been a great performer. Up nearly 200% YTD (triple)

• It’s a hot stock – seen as “picks & shovels” winner in gen AI

• Seems to be a consensus long. LOTS of experts on Twitter ☺

• View seems to be “impenetrable moat” supported by full-stack offering

• What a GPU was

• Quick “fill or kill”?

• Hunch: a simple musing

• Hypothesis: a testable proposition

• Thesis: a belief to be proven

• Goal: get back to my PM with something coherent in ~1.5 days

• I like to process of getting back to my PM with an e-mail

• “Initial thoughts” e-mail check-in & “proposed next

• Equities are a “long duration” asset. Meaning the average

• In this dynamic, highly uncertain world, who has Any CLUE

• Few CFOs have much visibility in their own business beyond

NFLX: % of Enterprise Value Covered, by year

90% 86% 87%

• As a small rotation of the kaleidoscope can change the image, a

1. In stock selection, good is not necessarily good, bad is not necessarily

2. What matters is 1) what is baked in, 2) what you believe to be true

3. The gap in embedded expectations vs. your internal expectations (the

1. Reading stack (6 hours)

1. Reading stack (6 hours)

• Why do I read a 10-K? What am I seeking?

2. Understanding “how the business makes money”

3. Key historical occurrences (i.e., failed acquisition of ARM from

4. Identification of risks to the equity (i.e., China, Taiwan, lack of

5. To understand how the company reports data – segments, etc.

6. All the little bits that make me an “expert” on the name

• Basic background of the company

• Color on accelerated computing strategy and color on platform leadership