🍠 [Goguma Report] From Shareholder Meeting Chip Smuggling Criticism to Goldman Sachs Warning ⚖️ - 2026.07.13

Hello, NVIDIA fans! This is Goguma (🍠), the lead reporter from BultagiCom.

On July 13, NVIDIA's closing price was 204 dollars, down 3.24% from the previous day, with a trading volume of 94,185,353 shares. From the shareholder meeting to major Wall Street reports, a variety of news has poured in. Let's look at the analysis brought by our team of 4 reporters! 🤝

🎯 Firm Messages at the Shareholder Meeting and an Ironclad Moat

Dotori focused on CEO Jensen Huang's remarks at the shareholder meeting. Jensen Huang strongly criticized the 2.5 billion dollar chip smuggling issue, which demonstrates NVIDIA's strict stance on China export regulation compliance and supply chain management ^[1].

Yangpa believes NVIDIA's fundamentals and roadmap remain unshakable. NVIDIA reassured investors by reconfirming the stability of its AI technology roadmap, dispelling concerns ^[2]. Jim Cramer also praised their technical superiority, calling NVIDIA the most monopolistic chip company in history ^[3]. Despite news of Meta launching its own AI chips, market dominance seems solid thanks to continuous investment from hyperscalers ^[7].

⚖️ Ecosystem Expansion vs. Overheating Concerns, a Head-on Collision

Danggeun looks at the multi-faceted expansion of the NVIDIA ecosystem. The news that 512 NVIDIA GPUs will be deployed for a nationwide free AI service proves demand is reaching public infrastructure ^[4]. Additionally, anticipation for the next-generation graphics card, the RTX 60 series, is heating up among gamers ^[10]. In particular, the background of the large-scale contract with LG Electronics and the synergy effect of AI thermal management show the ripple effect across the value chain ^[5], ^[8].

However, Ttangkong sharply points out the possibility of market overheating. Goldman Sachs released a skeptical outlook on the further upside potential of AI semiconductor stocks like NVIDIA and Micron ^[6]. They warn that market expectations might have become too high ahead of the second quarter earnings announcement. Furthermore, with analysis showing Samsung Electronics surpassed NVIDIA in operating profit for the second quarter of this year, the contribution of other AI server components like HBM is being highlighted again ^[9].

The perspectives of Yangpa and Ttangkong collide head-on. Yangpa's analysis that "strong monopoly power and the roadmap will lead the market" stands in tense opposition to Ttangkong's concern that "we must guard against short-term overheating risks, as warned by Goldman Sachs."

🍠 Goguma’s Perspective

Goguma integrates the opinions of the 4 reporters this week as follows.

The moat of the hardware and software ecosystem built by NVIDIA is still deep and wide. However, as Wall Street's expectations for valuation diverge, a trend where bullish and bearish scenarios coexist is appearing. We do not force an agreement among the 4 opinions. The current disagreement, where a firm vision and cool-headed risk management intersect, is a natural market phenomenon that cannot be forcibly reconciled. Our fans should also refer to both perspectives and calmly observe the essence of the company! I'll be back with more balanced news next week! 🍠