Category Archives for "Internet"

NVIDIA – an anatomy of a valuation

Since the start of the year, NVIDIA’s stock price has trebled, while the consensus EBITDA has ‘merely’ doubled, even reaching out to FY25.  While inevitably reflecting a medium term multiple expansion to bridge that gap, the actual mechanism is not some sort of opaque PEG type ratio, but the systematic relationship between growth and the […]

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Pelosi’s stake in NVIDIA: Front running, or trying to close an eroding position?

Is anyone really that surprised that Nancy Pelosi’s husband (Paul) may have been front-running a $52bn CHIPS Plus bill  that his wife was promoting a couple of days after the disclosure of his substantial investments in a potential beneficiary, NVIDIA?  Unfortunately, such behaviour has become all too normalised in the US’s two-tiered judicial system. What […]

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Google CEO dumps more stock – Something he’d like to share with us?

Is there something else, Google’s CEO, Sundar Pichai would like to share with us? While in the news recently defending the integrity of Google’s services before the House Judiciary Committee, perhaps less well known has been his recent director stock sales, which this quarter alone (up to 6th Dec) have already amounted to -50k Alphabet shares, to […]

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Bitcoin pyramid – a child of its time

There’s something almost comical about the law of unintended consequences. After nearly a decade of central bank intervention and manipulation of the market pricing of capital, should we be surprised that Bitcoin is now worth more than Proctor & Gamble? Having destroyed the market’s pricing of risk and replaced it with the moral hazard of […]

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Apple (aapl) – where to now?

It’s difficult to get overly excited with the shares. Having briefly rallied after the better than expected Q3 results, the long awaited new product launches do little to resolve the big question and the shares are back below their relative market level when I closed the GrowthRater long position back on 13 May, for a 29% […]

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