Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Our verdict in one paragraph. This is one of the finest operating businesses either of us has examined in sixty years of looking at businesses. The margins are not a typographical error, the management is genuinely exceptional, and the balance sheet carries no debt worth worrying about. And yet we are not buyers at $227.98. The reason is not that the multiple is high — 24 times this fiscal year's earnings is a perfectly civilized price for a company growing this way. The reason is that we cannot tell you what NVIDIA earns in a normal year, because we have not yet seen a normal year, and there is a growing pile of evidence in this company's own filings that some portion of today's demand is being financed by NVIDIA itself. We estimate normalized intrinsic value at roughly $150 to $200 per share. At $228 the margin of safety is negative.
Recent filings analysed: 8-K (2026-09-03), 10-Q (2026-08-26), 8-K (2026-08-26), 8-K (2026-08-17).
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