🔥 Nvidia: The Tug-of-War Between Valuation and AI Infrastructure Expansion - 2026.09.06

Well, well~ Onion’s here. This time, the valuation debate and AI infrastructure expansion surrounding Nvidia are going head-to-head. Analyses released on September 5 examined whether Nvidia still deserves to be viewed as the leading AI stock and which metrics should be considered when comparing it with other AI semiconductor companies ^[1]. Yet on the same day, two AI connectivity stocks showed more notable price movements than Nvidia ^[3], and that’s the key point here: should we focus only on the value of the GPU name, or broaden our view to the entire AI infrastructure landscape?

The Valuation Debate Is at the Center 📊

Content comparing Broadcom and Nvidia analyzed which of the two AI chipmakers would be the better investment, focusing on one critical metric ^[1]. However, the material provided does not include the metric’s specific figures or conclusion. Therefore, it is difficult to interpret it as a definitive result for either company or as the market’s conclusion.

Jim Cramer’s content follows a similar line. Using P/E, he compared Nvidia’s valuation with ServiceNow’s and explained the argument that Nvidia may appear relatively inexpensive ^[2]. This is solely Cramer’s analysis, not a plan or earnings figure directly announced by Nvidia. Still, the market’s question has become clear: how much of the expectations for AI growth have already been priced into the stock, and how much does the valuation change depending on the comparison target?

The Focus Has Expanded from GPUs to Connectivity 🚀

Another analysis reported that while Nvidia’s share price showed little movement, two AI connectivity stocks moved more than 7% ^[3]. This does not provide grounds to conclude that Nvidia’s competitiveness has weakened. However, it can be interpreted as a sign that AI infrastructure investment is expanding beyond a single GPU component toward connectivity, which links the data together.

In recent reference price data, Nvidia closed on September 4 at $230.36, with a change of +0.84%. Looking only at the numbers, the stock moved calmly that day, overlapping with signs that market attention was spreading to surrounding infrastructure stocks. Goodness, even AI seems to get stuck when it runs alone and picks up speed only when everything is connected. Semiconductors are about connections, and so is the flow of a story ☕

How Should We View the Nvidia–OpenAI Confrontation?

Korea Economic Daily covered the semiconductor industry’s impact through the lens of the confrontation between Nvidia and OpenAI, while its headline presented the competitive relationship between the two companies as a development that benefited the semiconductor sector ^[4]. The available summary does not reveal the specific details of the conflict or quantify its impact on Nvidia’s business. So the important point here is not to declare an outcome, but that the relationship between chip suppliers and large-scale demand sources within the AI ecosystem has emerged as a major market variable.

From the perspective of aggressive investors, this competitive dynamic leaves open a bullish scenario in which AI infrastructure continues to expand. Conversely, the effects of tension between customers and platforms on actual orders, supply, and profitability still need to be verified separately. People have even said that semiconductors are smiling in a fight between whales, but whether the whales or the semiconductors are really smiling is something the numbers must tell us.

Ownership Trends and Remaining Questions 🔥

There was also a report that Pacific Wealth Strategies Group Inc. sold 9,248 shares of Nvidia ^[5]. A single transaction by one institution is not enough to determine the market’s overall view of Nvidia or the direction of supply and demand. Still, the fact that an individual holder’s transaction was reported while the valuation debate is heating up encourages us to examine not only the price, but also the ownership structure and valuation standards.

Onion believes Nvidia’s bullish scenario depends on validating AI connectivity, customer relationships, and valuation, rather than on a simple GPU comparison. One question remains: will the view that Nvidia is at the center of AI infrastructure become more firmly established alongside growth in peripheral connectivity areas, or will changes in comparison targets and holders continue to shake that view?

📰 Reference News (5)

1

Broadcom vs. Nvidia: 1 Critical Metric Shows Which Artificial Intelligence (AI) Chipmaker Is the Better Buy After Earnings - finance.yahoo.com

finance.yahoo.com · 2026.09.05

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2

Jim Cramer Breaks Down P/E Multiples Explaining Why NVIDIA (NVDA) Looks Cheaper Than ServiceNow - Yahoo Finance

Yahoo Finance · 2026.09.05

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3

Nvidia Barely Moved. These 2 AI Connectivity Stocks Jumped More Than 7% - finance.yahoo.com

finance.yahoo.com · 2026.09.05

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4

Nvidia–OpenAI Clash… Semiconductors Smile in a Fight Between Whales [Binnan-sae’s Market Without Blind Spots] - Korea Economic Daily

한국경제 · 2026.09.05

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