Gil Luria of DA Davidson has a neutral rating and a street low $90 price target on NVIDIA shares.

Believing in NVIDIA's current valuation implies a 2026 calendar year revenue of about $200 billion and earnings of about $4.5 to $5.

Gil Luria states that Anthropic's new agent technology is a milestone toward Artificial General Intelligence (AGI).

Gil Luria asserts that current AI models have advanced far beyond the Turing test and would have been considered AGI by the standards of four years ago.

NVIDIA's strategy of boxing multiple GPUs, CPUs, wiring, cabling, and firmware together in systems makes it harder for competitors to catch up.

Gil Luria identifies customer center software companies like NICE and Five9, along with workflow software companies like UiPath, as being the most at risk from AI agent technology.

Gil Luria believes infrastructure software companies like Snowflake, Datadog, and Microsoft are more insulated from AI disruption and are likely to benefit from it.

Gil Luria believes UiPath is the software company most exposed to disruption from Anthropic's new agent capabilities, as its Robotic Process Automation (RPA) is a pre-AI technology.

NVIDIA's strategy to create a moat around its chips involves owning proprietary software like CUDA and enhancing the product bundle.

DA Davidson's estimate for NVIDIA's 2026 revenue is far less than $200 billion.

NVIDIA aggressively moved from a two-year cycle to a one-year cycle for its data center products, incorporating new features and functionality into the Blackwell platform.

Jensen Huang and NVIDIA created the capabilities that make generative AI possible today, similar to how Elon Musk is responsible for the electric vehicle.

NVIDIA has significantly contributed to the cumulative earnings and performance of the S&P 500.

The five hyperscaler companies still represent a substantial amount of NVIDIA's revenue.

Microsoft, Meta, Amazon, Google, Tesla, and Elon Musk have indicated they will buy as many GPUs as NVIDIA can produce this year.

Google has caught up to NVIDIA in chip development, Amazon is catching up, and Meta and Microsoft are in earlier stages, suggesting these companies may buy less from NVIDIA in the future.

Google's TPUs are probably as good as NVIDIA's GPUs.