500 Railway Companies, 8,000 Miles Of Track: Goldman's Molavi Explains Why The Builders Rarely Keep A Bubble's Value

Nvidia went from $1 trillion to $2 trillion to $3.5 trillion and, at one point, $5.8 trillion... and tonight it's plunging deeper back to 18-month lows below $4 trillion (after Huang's latest dalliance)...

That round trip, and what it says about the AI trade, is the subject of the reflective half of Goldman's Bobby Molavi's latest "Ruminations" note (available to pro subs). We covered the flows side of the note, the "stop bingo" that turned a P&L drawdown into a $3 trillion air pocket, in "$3 Trillion In Two Days: Goldman's Molavi Says Crowded Funds Played "Stop Bingo" Until Everything Broke"] earlier.