NVIDIA (NVDA) is back in focus after supplier Wistron opened a Texas facility to build its Grace Blackwell Ultra and future Vera Rubin systems, while new cloud partnerships expand access to NVIDIA powered AI infrastructure. The stock trades at US$212.06, with a 30 day share price return of 6.01% and a year to date share price return of 12.29%. The 1 year total shareholder return of 22.22% and the very large 5 year total shareholder return indicate that longer term momentum has been stronger than recent quarterly moves. The most followed narrative on NVIDIA points to a fair value of $339.90, implying a wide gap between market price and narrative assumptions. The narrative projects NVIDIA will hit $400b annual revenue in 5 years time, with ~90% of revenue coming from data centre customers, equating to $90b / quarter, or 30,000 Blackwell racks (at ~$3m per rack). However, NVIDIA’s AI-heavy narrative could be disrupted if competing chip or software platforms gain traction, or if tighter regulations curb large-scale data center expansion.