I’m on vacation this week, but still have a few thoughts to share on some of the earnings reports and other news items that we’ve seen since last Friday… I’ll try to keep it quick, and there are still plenty of earnings updates and news items I haven’t caught up on, so we have something to look forward to next week.

The big news this week, of course, was the latest quarterly update from NVIDIA (NVDA) — and the news there is essentially just, “the party ain’t over.” They’re continuing to post strong revenue growth on demand for AI chips from their data center customers, they see that growth continuing at least though 2025, and they’re making tons of money as high demand and a lack of meaningful competition keeps their customers from being price conscious, which means profit margins stay high. The next round number is $800 per share, so I guess investors will keep reaching for that… and I’ll continue to hold and be cautious. I sold about 10% of my shares before earnings last week, as you know, just because the valuation is edging closer to “ludicrous”… but things can stay extreme and crazy for a long time, and NVIDIA is now closing in on a $2 trillion valuation. Which would make it the third largest public company in the world, behind only Apple and Microsoft, which are both around $3 trillion.

I don’t know how this plays out, of course, or how long NVIDIA will continue to deserve this kind of valuation in the minds of investors, but I’m personally feeling more fear than greed when it comes to the leader of the lofty AI stocks. Here’s what I wrote last week, just to let you know where my thinking is…

“That level of inanity in TSPH, SOUN and NNOX this week is yet another sign of the coming apocalypse for the ‘AI Mania’ stocks, I’m afraid, and the kind of thing that conjures up visions of this being another ‘dot com bubble.’ It might or might not be, of course, we can’t predict the future, and in many ways the valuations of the biggest AI-related stocks (NVIDIA, MSFT, GOOG, etc.) are FAR more reasonable than the valuations of the biggest dot-com stocks before the crash in 2000, but the rhymes are sounding more and more familiar.

“The most reasonable counter-argument to ...