MarketPR
In focus for NVDA: the company's prior use of circular special purpose vehicles, which coincided with the peak of the tokenization trend, has drawn scrutiny.
A shift toward open-source models has since changed the backdrop. Questions have emerged about whether Nvidia's $500 billion market capitalization remains sustainable in the current environment.
The $500 billion figure is the number the setup rests on. Circular SPVs were part of Nvidia's operations during the tokenization cycle, a period now behind the market.
Open-source model adoption has moved to the center of the AI conversation, and the demand assumptions that built Nvidia's valuation in the tokenization era are now being measured against what that shift has produced.
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