Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge
- Jensen Huang's exit leaves Nvidia down nearly a third from its $6 trillion peak, with the vendor-financing web in question
- DA Davidson's Gil Lauria keeps a Buy but cuts his target to $200, preferring AMD, Broadcom and Micron near term
- 10-year yields above 5.1% make neocloud financing costlier; NScale's S1 shows $5.5B of debt
- Apple at 39x forward earnings framed as a Costco- or Walmart-style safe haven
Capital is rotating within the AI trade, moving from the Nvidia complex toward AMD and Micron, while Apple gets priced like a staple on 90% iPhone loyalty and almost no AI capex. The pressure point is funding costs, with debt-heavy neocloud borrowers the first to feel a higher 10-year yield.