Wall Street fights over Nvidia’s AI cycle expiration date after Jensen Huang’s CES keynote

Jensen Huang may have just laid out his most ambitious blueprint yet, but Wall Street is increasingly divided over whether Nvidia’s ( NVDA ) breakneck growth has reached a ceiling or is just entering its second act.

“I think if you get out there it’s an AI bubble, then you had a little too much to drink in Vegas,” Wedbush analyst Dan Ives told Yahoo Finance’s Opening Bid. “The reality is that … we’re talking about trillions of dollars being spent.”

His comments came shortly after CEO Jensen Huang took the stage at CES 2026 to unveil the Vera Rubin platform — a suite of six new chips destined for mass production in the second half of the year. While Huang’s keynote focused on physical AI — robots, autonomous cars, edge computing — the debate on the floor remains the cold, hard math of data centers.

While Ives remains the ultimate tech bull, eyeing a $6 trillion market cap for Nvidia, DA Davidson analyst Gil Luria offered a more sober perspective. The doubt lies in the “cycle,” he said.

For two years, Nvidia has traded almost exclusively on explosive demand for its AI GPUs. Luria suggested that the market is starting to price in a rollover, questioning whether the next step could be reached quickly enough to pick up the slack.

“Why Nvidia is so cheap is actually its pricing is all about the data center market that’s nearing a peak,” Luria said. He argued that Huang is already pivoting to “what’s next” — putting GPUs into robots and automobiles. Still, “timing” remains the ultimate question, Luria noted.

Meanwhile, the competition has not settled yet. A day after Huang’s keynote speech, Advanced Micro Devices (AMD) CEO Lisa Xu introduced the concept of the “yottaflop” – a measure of computing power so massive it was previously theoretical.

While Nvidia remains the gold standard of AI, Ives said the market is underestimating AMD’s ability to capture the “next phase” of the revolution.

“They’re going to be key players in this next phase of the AI ​​revolution,” Ives said. “I don’t think AMD’s stock has factored in.”

However, the biggest part of the Wall Street confrontation is not about the giants, but the infrastructure that supports them. Luria recently issued a “reluctant upgrade” on CoreWeave ( CRWV ) but made it clear that his bearishness has not evaporated. He views players like CoreWeave and Oracle ( ORCL ) as “marginal,” accusing them of borrowing money to build “speculative capacity” and “destroying” shareholder value.