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Frontier Infrastructure · Conviction Research
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July 4, 2026
Investment Memorandum · Preview

NVDANVIDIA Corporation

✦AI-assisted. Human editorial review is required before publication.
Thesis

NVIDIA owns the platform every AI workload runs on: the chips, the NVLink and InfiniBand fabric, and the CUDA software layer a decade of the world's AI developers have built on. Data center revenue grew 92% last quarter, gross margins sit near 75% against roughly 50% at AMD, and the business threw off $119B of free cash flow over the trailing year. The business quality was never the question. After a 17% correction, the price is. What you pay to own the platform is the only thing left to decide.

The rest of the note answers the price question.
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