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The Prof G Pod with Scott Galloway
Prof G Markets: NVIDIA’s Valuation and AI’s Negative Sum Game — with Aswath Damodaran
Aug 14, 2023
Aswath Damodaran, a renowned finance professor at NYU, shares his insights on the current tech market and NVIDIA's valuation. He discusses the intriguing balance between AI's rise and its potential to squeeze profit margins across industries. Damodaran also highlights the psychological nuances of investing, reflecting on his own decisions with NVIDIA shares. He emphasizes the importance of strategic investing in a rapidly changing landscape, where select sectors may present overlooked opportunities despite rising interest rates.
35:04
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Quick takeaways
- The tech market rebound is benefiting larger profitable companies at the expense of smaller money-losing ones.
- NVIDIA's strategic positioning and history of identifying new markets make it an attractive investment opportunity.
Deep dives
The Tech Comeback in the Stock Market
The stock market has experienced a significant comeback for tech companies in the first half of the year. This rebound is primarily concentrated within the larger, profitable tech companies, creating a redistribution of value from smaller, money-losing tech companies. The comeback is driven by the recognition that these big tech companies have built significant buffers and can cut costs without affecting revenues. This has resulted in increased profitability and stronger margins, despite employing fewer people. The market is showing signs of animal spirits returning.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode