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$NVDA 'We're Buyers' - Evercore ISI We believe the earnings set-up is positive: 1) Continued parabolic growth in tokens driven by agentic AI applications, with weekly token usage ~4x higher YTD in just 5- months 2) Our channel checks indicate a) Blackwell lead times remain stretched with demand outstripping supply b) Vera Rubin delay concerns overblown, c) but Rubin demand mixed as some hyperscalers likely prefer to wait for Rubin Ultra. 3) Investor sentiment cut in half over past year, with only 35% of investors selecting NVDA as top Logic/AI pick vs 70% in Jul-25 survey 4) NVDA has lagged SOX by 70% over that same timeframe (past 9- months) 5) NVDA trading at nearly 30% P/E discount to 10yr median 6) AAPL case study indicates large capital return program could coincide with re-rating, as AAPL NTM P/E expanded from 10x to 30x to 40x following TTM CapRtns increase from ~$45bn to $85bn and lately $110bn a. 50% FCF returns implies NVDA TTM CapRtns from $40bn to $175bn by EoY27 7) TSM forecast for AI revs to grow by high-50s% CAGR over 5yrs starting 2024 implies $700bn+ DC Compute revs for NVDA by 2029 Our $352 Price Target is based on base-case C2030 EPS of nearly $17 discounted back to 2026. We note NVDA currently trades just 10.5x our Bull-Case C30 EPS of $31 discounted back to 2026. We continue to view NVDA as arguably the cheapest stock in Semis. Where We Could Be Wrong - NVDA capital returns program may have its “coming out party” not until JulQ as mgmt noted 50% FCF returns would be 2H weighted with 1H cash prioritizing supply commitments ($95bn slated for CY2026). And any margin compression vs mid-70s% playbook mgmt is targeting will likely be received negatively.