Entire AI trade hinges on midterm results, says Alger's Ankur Crawford

• Nvidia's current earnings and near-term forecasts are less critical than its long-term growth and margin structure towards 2028/2029.
• Despite recent stock performance, Nvidia is considered undervalued, trading at a low double-digit multiple on future earnings, making it a 'coiled spring'.
• Concerns about a 'data center backlash' (e.g., electricity consumption, regulatory intervention) are acknowledged but viewed as non-factual or solvable long-term issues that won't halt AI growth.

Ankur Crawford of Alger discusses Nvidia's earnings and the broader AI trade, suggesting that current numbers are less important than the long-term outlook. She believes Nvidia is undervalued based on future projections and dismisses concerns about a data center backlash, expecting the benefits of AI to eventually drive market understanding and excitement.