**Nvidia's Valuation and Demand Shift**

Nvidia is trading near its **cheapest valuation in a decade**, despite guiding to roughly **70% growth next year**. 

Vera Rubin is expected to be its fastest product ramp ever.

Growth is broadening beyond hyperscalers. 
**
ACIE customers grew 25% sequentially**, versus 13% for hyperscalers, giving Nvidia another major source of demand.

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