Un grafico che demolisce la tesi dei ribassisti su Nvidia

We need to translate the given English text to Italian, following strict rules. Must preserve numbers, tickers, abbreviations, URLs, etc. Must not translate buzzwords like AI, fintech, IPO, ETF, SPAC, blue chip, blockchain, DeFi, SaaS, B2B, YoY, QoQ, CEO, CFO, EBITDA. Also keep EPS, P/E, RSI, IPO, ETF, EBITDA, ROE unchanged. Also keep ticker symbols like (NASDAQ:NVDA) unchanged. Keep URLs unchanged. Keep markdown formatting. Must output only translated text, no extra notes. Must preserve the marker at end exactly.

We need to translate everything else into Italian, formal analytical style (Il Sole 24 Ore). Keep numbers as is, but decimal separator may localize: In Italian, decimal separator is comma. The rule says: decimal separator may localize: '1,5' OK in de/fr/it/uk; scale must stay: B/M/K. So we need to convert decimal points to commas for numbers like 22%? Actually 22% is integer, no decimal. For numbers like $3.28 an hour: that's $3.28, decimal point; should become $3,28? According to rule, decimal separator may localize: '1,5' OK in de/fr/it/uk. So we should change $3.28 to $3,28. Also $5 trillion: $5 trillion is integer, no decimal. $1.5B: that's $1.5B, decimal point; should become $1,5B? The rule says scale must stay: B/M/K. So $1.5B becomes $1,5B (comma). Also 978% is integer. 213% integer. 22% integer. 29 (P/E ratio) integer. 22 percent etc.

Also need to keep URLs unchanged: https://t.co/cvmjaNoiK8 etc.

Need to preserve markdown: headings, bullet points, blockquotes? There's no blockquote. There's italic Stock Advisor’s etc. Need to translate text inside but keep markdown markers.

Also need to preserve the marker at end exactly.

Let's go through.

Original:

Key Points

• Prices to rent an Nvidia H100 are up 22% in the last month.
• The rebound in price, which comes even as Nvidia is launching the new Rubin platform, shows demand for its older chips is still strong.
• Nvidia continues to look undervalued because of on an overwrought bearish thesis.
• These 10 stocks could mint the next wave of millionaires ›

Nvidia's (NASDAQ:NVDA) accomplishments speak for themselves, but despite the stock having grown to a market cap of more than $5 trillion and it becoming the most profitable company in the world, there's still a lot of skepticism facing it.

Even as revenue nearly doubled in its most recent quarter, the stock trades at a price-to-earnings ratio of just 29, roughly in line with the S&P 500, indicating that investors expect its long-term earnings growth to generally resemble the broad-market index, even though it more than doubled net income in its latest quarter and expects strong growth to continue at least through 2027.

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There are a number of reasons why Nvidia doesn't get the premium you might expect for a company growing this fast. First, the semiconductor industry is historically cyclical, and investors are expecting the momentum in the AI boom to eventually fade. At that point, Nvidia's revenue and earnings growth could turn negative as it has in past cycles. Second, competitors, including Nvidia's hyperscaler customers, are building their own chips to substitute for Nvidia components. While they're unlikely to replace them entirely, it could signal that Nvidia's competitive advantage is likely to erode over time. Finally, some investors think that depreciation in Nvidia's chips is an outsize risk facing the company and the broader AI boom. If its chips lose their value quickly, that is likely to hurt their selling price and the broader sustainability of AI, as eventually, Nvidia's customers will need to sell enough services to pay for its chips.

This theory, advanced by Michael Burry of "The Big Short" fame, has been used to criticize hyperscalers and neocloud companies, as well as Nvidia.

However, there's some evidence that Nvidia chips are retaining their value much better than the skeptics would expect.

Image source: Nvidia.

Jensen Huang weighs in

The comments and chart below, taken from X, show the market average for live cloud GPU rental costs based on the Ornn H100 SXM Index.

NVIDIA compute is fungible, durable and highly rentable. It is a productive, revenue-generating asset. https://t.co/cvmjaNoiK8

— Jensen Huang (@JensenHuang) September 8, 2026

The H100 is a three-year-old training chip. Its rental price is up 22 percent on the month, to $3.28 an hour.

— Ornn (@OrnnExchange) September 7, 2026

Every depreciation schedule assumes a chip this old only loses value. The market is paying up for it instead. pic.twitter.com/TNSqgys3vx

Image source: Ornn. Via X.

As you can see, rental prices per hour for an H100 GPU, which were first launched nearly four years ago, are up 22% over the last month, even as Nvidia is now launching the new Rubin platform. the Rubin GPU, or R100, will make the H100 two generations old.

Rental and purchase prices for the H100 have indeed come down substantially from their peak in 2023, when generative AI was just starting to take off, but it's noteworthy that they were still able to increase their value at this point, even as newer options on the market emerge. The R100 will have several times as much memory as the H100 and use a superior, updated architecture.

Even the A100, the generation before the H100, remains in high demand, as some customers prefer the cheaper per-hour rental costs of the A100. Rather than disrupting itself with newer chips, Nvidia seems to be benefiting from a multi-tiered pricing model in which premium customers can pay premium prices for the newest chips and budget customers can pay lower prices for older chips.

What it means for Nvidia

The durability of H100 pricing offers yet another reason to be skeptical of the bearish thesis on the stock and to bet on the company's continued leadership in AI chips.

It's a reminder also that Nvidia, if anything, has been underestimated by Wall Street over the last few years, as the analyst consensus has been woefully short. Similarly, bearish predictions for the stock have fallen flat. Given the fact that the business just doubled in size in the most recent quarter, prices for chips that are now two generations old are holding up, and the stock is trading on par with the S&P 500, Nvidia continues to look like an excellent buy.

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Jeremy Bowman has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.

We need to translate everything except the specified unchanged items.

Important: Keep ticker symbols ($AAPL) etc. Here we have (NASDAQ:NVDA) - that's a ticker with exchange, should stay unchanged. Also S&P 500 - that's an index, should stay unchanged? The rule says keep financial abbreviations (RSI, P/E, EPS, SMA, ROE, EBITDA) unchanged, also URLs, email addresses. It doesn't explicitly say to keep index names unchanged, but S&P 500 is a financial abbreviation? It's an index; but we can treat as proper noun? Probably keep as is. The rule says keep tech/business buzzwords and proper nouns in English (AI, fintech, IPO, ETF, SPAC, blue chip, blockchain, DeFi, SaaS, B2B, YoY, QoQ, CEO, CFO, EBITDA). S&P 500 is not listed, but it's a proper noun; we could keep it unchanged as well. Safer to keep unchanged.

Also need to keep "NASDAQ:NVDA" unchanged.

Also need to keep "Ornn" etc? Those are proper nouns (Twitter handles). Should keep unchanged.

Also need to keep "X" (the platform) unchanged? It's a proper noun; but rule doesn't mention; but we can keep as is.

Now translate.

We need to be careful with markdown: headings ## Key Points etc. Translate the text after headings.

Bullet points: translate each bullet.

Also need to preserve the "›" symbol after bullet? It's part of bullet: "These 10 stocks could mint the next wave of millionaires ›". The arrow is a symbol; we keep it.

Also need to preserve the double asterisks for bold: Nvidia's (NASDAQ:NVDA) accomplishments... Note there is a space after Nvidia's ? Actually original: Nvidia's (NASDAQ:NVDA) accomplishments... There's a bold marker around "Nvidia's " then a space then (NASDAQ:NVDA). We need to keep the bold markers exactly as they appear? The rule: preserve all formatting: markdown, HTML tags (translate only text between tags). So we need to translate the text inside the bold markers, but keep the markers. So Nvidia's ** becomes Nvidia's ? Actually we need to translate "Nvidia's" inside the bold? The bold includes the apostrophe s? The text is Nvidia's (NASDAQ:NVDA) accomplishments... The bold covers "Nvidia's " (including space after apostrophe?). Actually the pattern: Nvidia's (NASDAQ:NVDA) accomplishments... Means bold starts before Nvidia's, ends after the space? Usually markdown text bold. Here they have Nvidia's ** (note space after s before closing ). That seems odd but we must preserve exactly. So we keep Nvidia's ** unchanged, then translate the rest? Actually the text after that is (NASDAQ:NVDA) accomplishments speak for themselves,... So we need to translate "accomplishments speak for themselves, but despite the stock having grown to a market cap of more than $5 trillion and it becoming the most profitable company in the world, there's still a lot of skepticism facing it." while keeping the bold markers around "Nvidia's " only. So output: Nvidia's [translated text]. But we must keep the space after the bold? The original had a space before the closing . We'll replicate exactly: Nvidia's ** then a space? Actually original: Nvidia's (NASDAQ:NVDA) ... There is a space between the closing ** and the opening parenthesis? Let's examine: Nvidia's (NASDAQ:NVDA) accomplishments... So after Nvidia's ** there is a space? Actually the pattern: Nvidia's ** (space) (NASDAQ:NVDA). So there is a space between the closing ** and the opening parenthesis. We'll keep that.

Thus we need to produce: **Nvidia's ** (space) (NASDAQ:NVDA) [translated sentence]. But we need to translate the sentence inside? Actually the sentence after the parenthesis continues. So we will keep the parenthesis unchanged, then translate the rest.

Let's do step by step.

First line: ## Key Points

Translate heading: ## Punti chiave

But we need to keep markdown heading syntax: ## Punti chiave

Now bullet list:

• Prices to rent an Nvidia H100 are up 22% in the last month.

Translate: I prezzi per il noleggio di un Nvidia H100 sono aumentati del 22% nel mese scorso.

Need to keep "Nvidia H100" unchanged? Nvidia is a proper noun, H100 is model; keep as is. "22%" stays same.

• The rebound in price, which comes even as Nvidia is launching the new Rubin platform, shows demand for its older chips is still strong.

Translate: Il rimbalzo dei prezzi, che avviene anche mentre Nvidia sta lanciando la nuova piattaforma Rubin, mostra che la domanda per i suoi chip più vecchi rimane forte.

Check: "Nvidia" unchanged, "Rubin platform" maybe keep Rubin as proper noun? Rubin is a name; keep as Rubin. "platform" translate to piattaforma.

• Nvidia continues to look undervalued because of on an overwrought bearish thesis.

Original grammar odd: "because of on an overwrought bearish thesis." Probably means "because of an overwrought bearish thesis". We'll translate: Nvidia continua a sembrare sottovalutata a causa di una tesi ribassista esagerata