VanEck: NVDA's bigger risk is customers can't get power; powered-land base case implies ~83% upside
menhguin · x · 2026-09-19
VanEck's Matthew Sigel highlights the firm's investor analysis on the AI power trade:
- The bigger risk to NVDA's estimates isn't miners failing to lease megawatts, but its customers being unable to secure power at all — control of scarce megawatts is the key variable.
- Their re-underwritten base case implies roughly 83% average upside across their powered-land holdings.
- The report addresses who controls the scarce megawatts, what they're worth, and where the market misprices them.
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