Here's a strange situation: Nvidia Corp. (NVDA) CFO Colette Kress basically told investors that the company's massive market opportunity keeps getting bigger, and the stock barely moved. According to Gene Munster, Managing Partner at Deepwater Asset Management, that muted reaction tells you everything you need to know about where investors stand on AI right now.

When Good News Doesn't Matter

Munster points to a weird gap between what Nvidia is actually doing and how the market is responding. After Kress appeared at the JPMorgan Fireside Chat and delivered genuinely bullish updates about the company's product roadmap, shares went nowhere. That lack of enthusiasm, Munster argues, is the latest sign that investors remain skeptical about jumping into the 2026 AI hardware cycle.

The concern seems to be whether the extraordinary growth of recent years can actually continue as Nvidia rolls out its upcoming Blackwell and Vera Rubin platforms. Even with strong confirmations from company leadership, the market isn't buying it yet.

Munster Bets on Major Outperformance

While the broader market exercises caution, Munster is doubling down on his bullish call. He expects Nvidia to post revenue growth of "65%+" for 2026, significantly above Wall Street's consensus estimate of 50%. That's not a small difference when you're talking about a company of Nvidia's scale.

Munster noted that Kress's comments gave him the specific upside confirmation he had hoped to hear from CEO Jensen Huang's keynote earlier. In his view, the fundamental demand story remains strong but misunderstood by most investors.

The $500 Billion Question Gets Bigger

What sparked Munster's commentary was Kress's update on the market opportunity for Nvidia's Blackwell and Vera Rubin architectures. The company had previously estimated a $500 billion opportunity running through 2026. Kress revisited that figure and made it clear that demand has continued accelerating and the number "has definitely gotten larger."

She also provided key details on the Vera Rubin platform, confirming it has "taped out" and will launch in the second half of this year. Full volume production is expected in the following calendar year. Importantly, Kress characterized Vera Rubin not just as a chip but as a "co-designed data center infrastructure" capable of delivering 10x higher throughput than what came before.

Stock Performance and Market Position

Nvidia shares have climbed 18.33% over the past six months and 33.61% over the past year. On Tuesday, the stock dipped 0.47% to close at $187.24, then edged up 0.49% in after-hours trading.

Market data indicates that NVDA maintains strong price trends across short, medium, and long timeframes, though its valuation metrics remain elevated. Despite the recent hesitation Munster highlights, the stock continues to hold significant momentum over longer periods.