INVESTMENT COMMENTARY & Outlook
July 2026
The big news is that Nvidia announced a $150 billion share buyback, which is an all-time record. The previous record was a $110 billion share buyback by Apple in 2024. Interestingly, Nvidia has not completed its previously authorized share buyback, so it can now buyback 235 billion of outstanding shares. For trillion dollar companies, it appears that the physics may sometimes impede a stock’s potential appreciation, so these massive stock buyback announcements are a positive development. Nvidia currently trades at 24.6 times forecasted fiscal 2028 earnings, while Apple trades at 38.5 times 2027 forecasted earnings. We stand by our
prediction that Nvidia will hit $300 by the end of this year.
Thanks to Nvidia, as well as excitement that Micron Technology’s forecasted quarterly revenue of $51.32 billion may eventually expand to over $100 billion like Nvidia due to the ongoing memory shortage, the third-quarter window dressing season benefited the fundamentally superior stocks we have under management. We should add that Micron Technology trades at only 14.6 times 2027 forecasted …