Weekly: NVDA road show feedback

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Weekly: NVDA road show feedback

Idea

July 13, 2026 04:56 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: NVDA road show Joseph.Moore@morganstanley.comNicole Kozhukhov +1 212 761-7516

Research Associate

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

feedback Ella Tulchinsky

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

We address feedback from last week's NDR; NVDA remains our Mason Wayne

Top Pick in semis, and we think some of the themes from this ResearchMason.Wayne@morganstanley.comAssociate +1 212 761-6012

NDR could be key in unlocking the value that we see. Shane Brett

Feedback post the NVIDIA road show. Shane.Brett@morganstanley.com +1 212 761-1022

Semiconductors

Last week, we hosted several meetings with NVDA CEO Jensen Huang, CFO Collette

North America

Kress, and head of IR Toshiya Hari. We wrote a note about it on Friday (link), and Industry View Attractive

have had dozens of investor interactions with significant feedback.

We note that specialists continue to be fundamentally mostly optimistic about

NVIDIA's near term earnings prospects, and the overall most asked question is "what

does it take for the stock to outperform" given recent relative underperformance for

no fundamental reason. Our answer is that we aren't frankly sure on the catalyst

but the valuation disconnect is too wide to persist.

We have several points of feedback:

1) There is significant interest in the notion that NVIDIA is working closely with

more value and income based accounts. This makes sense to us, as the biggest

single challenge for the stock is the outsized market cap and index exposures; there

simply have been a lack of incremental buyers, at a time when every mid/large cap

peer has had a significant bid.