Singapore-based bank DBS, through its chief investment officer Hou Wey Fook, argues that Nvidia’s earnings trajectory proves AI-related stocks have not entered bubble territory. The chipmaker trades at approximately 17x forward earnings and DBS projects 70% revenue growth for fiscal year 2028. In the second quarter of fiscal 2026, ended July 2026, Nvidia reported $96.2 billion in revenue, up 106% year-over-year, with the data-center segment generating nearly $89 billion. This valuation stands in stark contrast to the dot-com era, when peak multiples reached approximately 100x earnings. DBS nonetheless recommends a barbell strategy, pairing AI growth stocks with defensive assets.
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