Nvidia's Steve Jobs Moment: The Next Big Test For The AI King

Jaws gap

Back on September 23, we highlighted the AAPL/NVDA setup, arguing that Nvidia didn't need to lose existing orders for the relative narrative to shift. As AI inference increasingly moves onto devices and local machines, Nvidia could capture a smaller share of incremental AI demand than the market expects.

The gap between AAPL and NVDA has exploded since then, with the latest Huang news accelerating the divergence. The trade has delivered. The question now is whether the risk/reward has shifted.