Nvidia’s Scarcity Runs Out in Five Years: ‘A Chip Designed by OpenAI, by AI’

OpenAI just built an AI-designed chip that already beats Nvidia's best in early tests, and one macro investor has pinpointed exactly when Nvidia's most valuable competitive advantage disappears entirely.

Two days after the biggest quarter in semiconductor history, macro investor Jordi Visser told listeners on The Pomp Podcast that the scarcity holding up NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) has an expiration date. His argument separates near-term results from terminal value, laid out in a single line: OpenAI’s new Jalapeno silicon “a chip designed by OpenAI, by AI” and “is not going to disrupt their numbers this year, it’s not going to disrupt them next year.” Then the pivot: “Nvidia right now has scarcity, but at some point, five years from now, six years from now, it won’t have scarcity.” NVIDIA’s market cap of $5.31 trillion reflects future discounted cash flows. If the market decides GPUs are optional in a decade, that value contracts.

Record Quarter Priced Into Every Model

NVIDIA’s Q2 FY2027 report delivered. Revenue landed at $96.22 billion, up 105.8% year over year, with Data Center revenue of $89.02 billion and non-GAAP EPS of $2.22. Supply commitments jumped to $279 billion, largely memory tied to Vera Rubin. See the Q2 FY2027 8-K exhibit for the full breakout.