NVIDIA Corporation NVDA

NVIDIA looks every inch the long-term compounder: eye-watering returns on capital, a sticky software ecosystem, an asset-light model and a still-growing market create a flywheel that can spin for many years. The flip side is that the market is well aware of these strengths and prices the shares accordingly, leaving little margin for error if AI spending pauses, export rules tighten or competitors finally dent the CUDA moat. A fantastic business—investors just need to decide how much certainty they require in the price they pay.