| DAILY ISSUE Hello, Reader. Nvidia Corp. (NVDA) has established itself as the undisputed AI darling of today’s stock market, without a doubt generating life-changing amounts of wealth for many investors. But its soaring popularity and front-page dominance can sometimes lead investors to throw on their rose-colored glasses and see only what they want to see. Just look at the latest headline Nvidia made… On Monday, the tech giant announced that it plans to completely produce its AI computers in the United States, and it plans to produce up to $500 billion of AI infrastructure in the U.S. over the next four years through manufacturing partnerships. Shares of Nvidia popped on the news. While this move is monumental for the company and continues to capture investors’ excitement, it’s up to us to look beyond Nvidia’s hype, and examine its current valuation. So, in today’s Smart Money, I’ll dive into the details of Nvidia’s American manufacturing shift... and why it's not quite as homegrown as the headlines suggest. Then, I’ll share the name of a tech company that’s already manufacturing in the U.S. – and trading at bargain prices. Recommended Link | | | | After President Trump's bombshell tariff announcement, millions of folks saw their wealth erased overnight. But Louis Navellier warns that the real threat to American livelihoods has nothing to do with tariffs — and could leave folks in danger long after the panic subsides. Click here to learn how to prepare for challenging conditions. |  | |
Nvidia's "American" Move Nvidia has secured over a million square feet of manufacturing space across the country with plans to produce Blackwell chips in Arizona and AI supercomputers in Texas. Its partner Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) has already begun Blackwell chip production at their Phoenix facilities. Meanwhile, construction is charging ahead on supercomputer manufacturing plants across Texas. Nvidia has also partnered with Taiwanese electronic manufacturing giants Foxconn (also known as Hon Hai Technology Group) to build supercomputer facilities in Houston and with Wistron for similar operations in Dallas. According to Nvidia’s timeline, both plants are expected to escalate production in the next 12-15 months. The chip king is also forming partnerships with Amkor Technology (AMKR) and Siliconware Precision Industries to establish packaging, assembly, and testing operations in Arizona. Now, shares of Nvidia fell about 10% today after the company disclosed that the U.S. will limit sales of its advanced chips to China. But, in the wake of President Donald Trump’s everchanging tariff regime, it’s important to point out that this new manufacturing announcement has nothing to do with tariffs. Major semiconductor companies like Micron Technology Inc. (MU) and Samsung Electronics have been gradually shifting production to the U.S. for several years now. But relocating such a sophisticated high-tech supply chain is a complex, time-consuming process that just can’t happen overnight. That said, Nvidia’s stated goal is ambitious: to generate up to half a trillion dollars of AI infrastructure within the United States over the next four years. However, of the five major manufacturing partnerships Nvidia announced, four involve Taiwanese companies. So, Nvidia’s “domestic” production plans are still largely tied to foreign companies. I’m not pointing this out from any political perspective, but rather as an important observation for investors. With Taiwanese partners collaborating with Nvidia on these projects, they could presumably maintain access to or ownership of the technologies behind these chips and supercomputers. Both Republicans and Democrats have consistently advocated for American companies to independently design and manufacture next-generation AI technologies domestically. And this is precisely what one lowly valued tech company has been striving to accomplish for years. It’s an “unpopular” company that faced a disappointing past… but I’m not abandoning this name just yet. Balancing Innovation With Valuation I’m talking about Intel Corp. (INTC). Intel represents exactly what both political parties claim to want – an American company designing and building cutting-edge technology on American soil. Yet the market’s enthusiasm hasn’t followed political rhetoric. Intel’s stock can’t seem to get out of its own way. Despite being America’s original semiconductor pioneer, most investors assume the company is a has-been. But when Intel finally begins producing chips from the multi-billion-dollar fabs it has in the U.S., the company’s earnings could lurch to the upside. Based on those prospective future earnings, the stock is trading for 16 times 2026 earnings and just 10 times the estimate 2027 result. That valuation is far below the S&P 500’s. And with a market subject to the whims – and even social media posts – of the current administration, my strategy is to invest in companies with modest valuations, which typically offer greater downside protection than their high-flying counterparts. Stocks trading at reasonable multiples tend to weather the storm far better than those with a pretty price tag. This is why my approach to investing prioritizes companies with solid fundamentals trading at attractive valuations. And Intel is just one example of the value-oriented opportunities I’m keeping an eye on in this ever-changing market environment. You can find the names of more undervalued gems in my Fry’s Investment Report portfolio. These are companies that offer both growth potential and defensive qualities that overvalued darlings simply cannot match. Click here to learn how to join me at Fry’s Investment Report. Regards, | 
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