Hedgeye: Three Tailwinds the Market Isn't Pricing Into $NVDA

On The Macro Show, Hedgeye Director of Research Daryl Jones and $HGRO Portfolio Manager Sam Rahman discussed how a portfolio manager positions into a print like Nvidia's earnings.
Rahman said he owns both Nvidia and $MRVL, the only two semiconductor names currently on Hedgeye's signal strength list, but keeps his active Nvidia position small, with larger active weights in software names like $AMZN and $MSFT. His approach into major benchmark events is not to overthink positioning, since being on the wrong side of the news flow can be costly.
Rahman noted that Nvidia's data-center business has the potential to nearly double year-over-year, which he called an extraordinary feat for a company of its size. Beyond the print, he flagged three tailwinds: the transition from Blackwell to the faster, more efficient Vera Rubin chip, with hyperscaler orders already landing; SpaceX emerging as a large, genuinely incremental buyer of data-center infrastructure post-IPO; and a roughly 15% price increase on chips and servers next year, driven by memory-chip inflation, that flows directly to revenue.