On Chip Competition, P/Es & Preparing For Q-Day

Nvidia no longer seems as competitively invincible as it once did. Jackie surveys the increasingly crowded AI chip playing field that could act like gravity to Nvidia’s earnings growth. … Also: When a stock market goes a year with broad-based share price appreciation yet little change in valuation multiples, that’s a strongly supported market. Earnings growth accounted for the advances in companies’ and industries’ stock prices enjoyed over the course of 2025. … And: Someday, quantum computers will be able to break today’s encryption codes, but when “Q-day” will come is uncertain. The government is developing post-quantum cryptography standards that it would behoove companies to adopt ASAP.