Big Tesla backer Leo KoGuan buys 1 million Nvidia shares, saying AI is not a bubble

Billionaire trader Leo KoGuan revealed he just bought 1 million shares of Nvidia , expanding his artificial intelligence bet beyond Tesla — the electric vehicle maker that helped make him one of its most prominent individual shareholders. KoGuan said in posts on X that he purchased the shares earlier this week and plans to buy more, adding he is convinced the surge in AI investment is still in its early stages. “I was all-in-Tesla; I am still mostly in Tesla + T-bills,” KoGuan wrote. “I bought 1 million shares of NVDA last night; plan to buy more.” KoGuan, who was once Tesla’s third largest individual shareholder, described Nvidia as the “foundational layer” enabling AI, contrasting it with Tesla, which he said “embodied physical AI.” “I am convinced AI is NOT a bubble, it is only the beginning,” he said. His move came after Nvidia’s recent blowout quarterly report failed to boost the stock. Some investors pointed to Nvidia’s stalling $100 billion deal deal with OpenAI as a pain point for the stock. Nvidia is down more than 2% in 2026. NVDA YTD mountain Nvidia year to date Some analysts remain bullish on Nvidia even as investors debate whether the rapid spending on AI infrastructure can be sustained. Analysts at CLSA said markets are watching hyperscaler capital spending and venture funding levels, while questions linger about whether the AI buildout will prove cyclical. Still, CLSA said it remains “anchored in exponential token growth, buoyant earnings and attractive valuations,” noting the stock now trades at less than 23 times forward GAAP earnings. The firm reiterated its high conviction outperform rating on Nvidia. Strategists at JPMorgan said the stock’s post-earnings reaction suggests investors want greater clarity on the data center growth outlook in 2027, particularly as major hyperscalers have significantly expanded capital expenditure budgets for 2026. The bank said it favors owning call options on Nvidia into the company’s upcoming GTC conference, where updates on the 2027 data-center trajectory and a potential new AI inference chip could provide further upside for the shares.