• Nvidia Corporation may be nearing the peak of the Al cycle, with recent deals raising bubble cortcerns. • NVDA's transactions and strategic investments, incl

• Nvidia Corporation may be nearing the peak of the Al cycle, with recent deals raising bubble cortcerns. • NVDA's transactions and strategic investments, including with CoreWeave, Lambda, and OpenAl, could be masking slowing demand. • Competition is intensifying as AMD, Alphabet, and Broadcom make major Al chip moves, while NVDA's valuation remains historically high amid a long-term growth slowdown. • Given bubble risks, valuation concerns, and increased competition, there is significant downside potential for NVDA shares despite near-term growth.