Today at noon ET, Nvidia’s Jensen Huang gives GTC keynote. He does a great job. It usually his best of the year. He shows what his chips are being used for — robotics, cars, AI, etc. Lots of videos and lots of time.
You can watch him streaming on Nvidia.com with your laptop, iPad, iPhone or whatever. Choose something with a bigger screen.
If you can’t make it, there will be replays all over — from Nvidia itself to YouTube. You’ll see highlights on all the financial channels — from CNBC to Bloomberg, etc. It’s a big day.
I have been obsessed with Nvidia forever. And it’s done well.
But obsession is not always the best investment strategy. Here’s a chart showing the semi makers and their performance this year compared with IXIC which is Nasdaq.
The best was not Nvidia. It was AMD. The second best performer in 2025 so far was Intel. The third was KLAC. The fourth was AVGO (Broadcom).
Fifth was Nvidia.
There are lessons for Harry (i.e. me):
+ You can fall in love with a stock, as I did with Nvidia. But, for God’s sake, don’t bet the ranch on it and then go to sleep, happy and dumb.
+ Keep your eyes open, competitors always come a-nibbling. And while sometimes they make no sense technically (like Intel), the market embraces the nonsense story…and, it’s off to the races.
The lesson:
Enthusiasm works better than P/E ratios.
A case in point: AMD, my number one, sports a P/E of 155. Intel’s’ is 3727. AVGO is 93. Nvidia’s is a positively shabby 54.
JPMorgan Chase is the biggest bank. Its P/E is a bargain basement 15.
Here’s a funny chart. JPMorgan versus AMD this year:
When I left Australia in 1966, my boss of six years told me that “I would love the Americans. Because, like me, they substituted enthusiasm for intelligence.”
Since then, we’ve had satellites, fiber, cellphones, the Internet and now AI.
Enthusiasm works.
Favorite cartoons I can’t get out of my brain
Recommendations
+ When I wasn’t looking, Apple “upgraded” my iPhone to IOS 26.0.1. It looks slightly different. But it works. Let Apple do its upgrade thing.
+ I’m back in the U.S. I came back on JetBlue in Mint, their name for business class. It’s better than Delta’s business class. Most importantly (at least for me) is JetBlue’s really good Wi-Fi. Worked across the Atlantic.
+ Google’s Chrome browser is still the best and getting better.
+ The nice lady at Global Entry allowed me back into the U.S. even though my Global Entry expired months ago. Thank you nice lady.
+ If you work on it long enough, your grandchildren will come to appreciate you for more than just ice cream. They love the stupid cartoons on my blog. Which gives me a huge incentive to find more.
Finally
Friday was stunning in the market. I don’t know why. But I’ll take it.
Today in Boston, Dr Sergio Guzman installs my five missing teeth. He’s the best dentist in the whole world. And he responds well to deserved flattery, as we all do. My new million dollar smile will make Susan happy.
See you soon. — Harry Newton
