{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/6704f63a835696b02f258dd3/6a7d662151319a521de285dc?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"#100 Nvidia is cheaper than the S&P 500. Someone is wrong.","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/6704f63a835696b02f258dd3/1786602980770-e53cf367-5627-4c0c-922a-321de1f6e17f.jpeg?height=200","description":"<p>The AI debate has moved past valuation and onto something harder to price: whether record capex converts into durable cash flow. From SpaceX's post-IPO wobble to China's cheaper models and the sector's circular financing, Anton du Plooy makes the case for why stock selection, not conviction on AI as a trade, will separate winners from losers.</p>","author_name":"Ninety One"}