Is NVIDIA building momentum for its next major move? Dan Ives’ perspective brings attention to NVIDIA’s position in the artificial intelligence boom and the trends shaping expectations for the semiconductor giant.
NVIDIA’s GPUs power AI models, data centers, and advanced computing systems used by major technology companies. As AI infrastructure investment evolves, investors are watching chip demand, hyperscaler spending, earnings growth, competition, and valuation to understand the company’s broader outlook.
In this video, we explore NVIDIA’s bullish momentum narrative, Dan Ives’ perspective...
What Dan Ives said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Dan Ives, Managing Director and Global Head of Technology Research at Wedbush Securities, discussed the AI trade's momentum, investment strategies, and key companies. He argued that the street underestimates AI numbers over the next one to two years, citing a five to six dollar multiplier for every dollar of CapEx in big tech. He mentioned raising $200 million for the IVA fund to give public investors access to private AI leaders like Anthropic, OpenAI, and Figure AI. Ives said he would become less bullish if CapEx slows or demand deals fail. He expressed caution on Oracle, noting its need to cut core business to build data centers, while praising Microsoft, Amazon, and Google as leaders. On Tesla, he highlighted the transition to AI and the potential SpaceX-Tesla merger, which he believes has over a 90% chance. He discussed Starlink's geopolitical challenges and regulatory risks, suggesting self-regulation is likely.
Key takeaways
Ives estimates a five to six dollar multiplier across tech for every dollar of CapEx in big tech, supporting a generational AI theme.
Ives believes there is over a 90% chance the SpaceX-Tesla merger happens, creating a vertically integrated AI ecosystem.
Ives is cautious on Oracle because it must cut its core business to build data centers, unlike Microsoft, Amazon, and Google.
Ives raised $200 million for the IVA fund to give public investors access to private AI companies like Anthropic and OpenAI.
Ives says he would become less bullish on AI if CapEx slows or expected demand deals on software and hyperscaler sides fail.
was to give investors around the world the ability to have a public equity that invests in private AI, private, you know, private AI leader companies that are out there because so many are private and it shouldn't just be a handful of people in Silicon Valley that could own those names. That's the whole goal of the IVA.
I mean, that's a good example of ones, whether it's Anthropic, whether it's OpenAI, you know, whether it's Figure AI. I mean, there's so many great private companies. We are in an innovation boom. But the problem is that if you look at it just — and we always talk about with the bears, and I get the debate and so many smart investors that obviously are on the other side of this, but it all comes down to execution building out the fourth industrial revolution. As this happens, that will prove it out and just like the last few years, it will show this is more of a white-knuckle moment than a time to panic.
Yeah, it's a great question. If we saw CapEx that starts to take foot off the pedal. If we started to see demand deals that we thought were going to happen on the software and the hyperscaler side not happening. So I think that to me is the key and I can just tell you from our checks, combined with what we see is going to happen in earnings season, like for every dollar in CapEx in big tech there's a five to six dollar multiplier we estimate across the rest of tech. And that speaks to why this is just — we're talking about generational theme to the three to four trillion that's going to be spent over the coming years.
You know, and I know we've been talking a little bit, you mentioned CoreWeave, we've been talking about the debt. It felt like there was a time though where investors — or rather, excuse me, companies could really just take on any amount of debt. We could talk about the AI spend and it felt as though they were rewarded for it. But now we're seeing a bit of a shift here in the market where you are seeing a lot more scrutiny. Can you talk to us just about the burden of proof that we're now expecting essentially out of these big tech firms?
Yeah, I think part of it is just what we see with bonds and debt and just with yields. So there's just more pressure. Two is that as you get to a little more maturity on the trade, investors are trying to understand like, okay, what does capacity look like? Like who's at risk? Who's not at risk? Like what does GPU capacity look like? What does backlog look like? So I think as we go into the next phase, investors start to get more their sea legs to understand who they're going to bet on and maybe who they're going to bet against. That's also why like if you go back to maybe where this was one, two years ago, it's a — we're in a different phase of the market, but I think that's a great thing. Because the data centers are again built, the use cases are again built. Look at Apple, look at Meta, look at Tesla, look at SpaceX — physical AI. Like now we're going to the next phases and they won't all — not everyone's a winner, but it's — you'll better be able to discern who the winners are from the losers.
So what has to be a loser? Maybe it's in this earnings season. What company is a loser that you're like, 'Ooh, okay, maybe this is a sign of something that could go wrong.' What company in particular?
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Ives, D. (2026, October 30). NVIDIA’S BULLISH MOMENTUM BUILDS: Dan Ives Explains What’s Next for NVDA [Interview transcript]. Nvidia Growth. CEOInterviews.AI. https://ceointerviews.ai/interview/3166681/
MLA
Dan Ives. "NVIDIA’S BULLISH MOMENTUM BUILDS: Dan Ives Explains What’s Next for NVDA." Nvidia Growth, 30 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3166681/.
BibTeX
@misc{ives2026_3166681,
author = {Dan Ives},
title = {NVIDIA’S BULLISH MOMENTUM BUILDS: Dan Ives Explains What’s Next for NVDA},
howpublished = {Interview transcript, Nvidia Growth. CEOInterviews.AI},
year = {2026},
month = {oct},
url = {https://ceointerviews.ai/interview/3166681/},
note = {Speaker-attributed transcript with timestamps}
}
