Wall Street clashes on Nvidia’s AI cycle expiration date following Jensen Huang’s CES keynote

Jen-Hsun Huang may have just laid out his most ambitious blueprint yet, but Wall Street is increasingly divided over whether Nvidia’s (NVDA) growth spurt has hit its ceiling or is just entering its second act.

“I think if you come out of there thinking this is an AI bubble, you’ve had a little too much to drink in Vegas,” Wedbush analyst Dan Ives told Yahoo Finance’s opening bid. “The reality is … we’re talking trillions of dollars in spending.”

His comments came shortly after CEO Jensen Huang took the stage at CES 2026 to unveil the Vera Rubin platform. The platform consists of six new chips and is expected to be put into mass production in the second half of this year. While Huang’s keynote focused on physical artificial intelligence — robots, self-driving cars, edge computing — the debate in the room still revolved around the cold math of the data center.

While Ives remains the ultimate bull on technology stocks, believing Nvidia will be worth $6 trillion, DA Davidson analyst Gil Luria offers a more sober view. The suspicion lies in “cycles,” he noted.

For two years, Nvidia’s trading has relied almost entirely on explosive demand for its AI GPUs. Luria said the market has begun to consider the impact of the rollover and questioned whether the next phase can come soon enough to compensate for the market weakness.

“The reason Nvidia is so cheap is because it’s actually priced at a point where it’s near the top of the data center market,” Luria said. He believes Huang is already moving on to “the next step” – applying GPUs to robots and cars. Luria noted that “timing” remains the ultimate issue.

Meanwhile, the competition isn’t standing still. The day after Huang’s keynote, AMD CEO Lisa Su introduced the concept of “yottaflop” – a measure of computing power so large that it was previously only theoretical.

While Nvidia remains the gold standard in artificial intelligence, Ives said the market underestimates AMD’s potential to capture the “next phase” of this revolution.

“They’re going to be a core player in the next phase of the AI ​​revolution,” Ives said. “I don’t think AMD stock has that in mind.”

The most telling part of Wall Street’s conflict, however, is not the problem of the giants but the infrastructure that supports them. Luria recently issued a “reluctant upgrade” on CoreWeave (CRWV) but made it clear that his bearish sentiment hasn’t gone away yet. He dismissed companies like CoreWeave and Oracle (ORCL) as “fringe” companies, accusing them of borrowing money to build “speculative power” while “destroying” shareholder value.