If you only checked headlines this year, NVIDIA looked unstoppable as AI demand drove record data center revenue and fatter margins. For NVIDIA shareholders, the return over the past year was 22.1%, including dividends. That is a solid outcome, yet it came after bullish analysts in October 2025 were already calling for rapid earnings expansion, very high P/E assumptions, and multi year AI growth. If you were deciding back then, which mattered more: that optimism, or the clear risks around...