NVDA: Funding The AI Melt-Up

Funding the Melt-Up

NVDA remains one of the most important stocks in the entire AI trade, yet the breakout still feels oddly underwhelming. While semis and momentum AI names keep squeezing higher, NVDA has increasingly behaved like the funding leg for hotter AI trades rather than the actual leader of the melt-up. That divergence is becoming harder to ignore ahead of earnings, the Trump-Xi meeting, and several major macro catalysts.

Everybody owns NVDA. Nobody seems excited about it anymore.