Nvidia: Entry Into the PC Market Announced at Computex; Shares Undervalued

Key Morningstar Metrics for Nvidia

• Fair Value Estimate
  : USD 280
• Morningstar Rating
  : ★★★★
• Morningstar Economic Moat Rating
  : Wide
• Morningstar Uncertainty Rating
  : Very High

At Computex 2026, Nvidia NVDA’s keynote address noted that its Vera Rubin artificial intelligence rack-scale solutions are ramping into full production. It announced the RTX Spark “superchip” that combines a Blackwell graphics processor (GPU) and N1X/N1 processor (CPU) for PCs in the agentic AI era.

Why it matters: Our key takeaway was the arrival of RTX Spark, which is expected to arrive in 30 laptops and 10 desktop PCs starting later this year. The Nvidia PC processor has been rumored for some time, but it is now set to take on traditional PC processors from x86 leaders Intel and AMD.

• We remain impressed with Nvidia’s ability to elbow out into adjacent opportunities, and PCs are no exception. Nvidia still has its GPU partnership within upcoming Intel PC processors, but we suspect Nvidia’s RTX Spark lineup will be compelling to power users.

The bottom line: We maintain our USD 280 fair value estimate per share for wide-moat Nvidia. Shares opened up 4% on the news and we think of PCs as an incremental, but not massive, medium-term revenue opportunity for the firm.

• Data center products still drive Nvidia’s valuation, in our view, and perhaps the most important news of all is that the Vera Rubin rollout remains on track, as expected.

Key stats: Another encouraging data point in the keynote was Nvidia’s disclosure of an exponential rise in GitHub coding usage during the agentic AI era (although exact percentages were not provided).

• Metrics such as pull requests merged (or code changes implemented), commits (code changes), and repos (new projects) were all rising with AI adoption from 2023 to 2025 but have spiked with the rise of agentic AI and tools like Anthropic’s Claude Code and OpenAI’s Codex.
• We think these metrics might be useful when thinking about the return on investment of AI adoption. Software coding is accelerating, and we think it’s reasonable that more AI tools will arrive in the hands of consumers and enterprises, perhaps sooner rather than later.