Hayden Capital's Q2 2026 letter highlights a 6.9% portfolio gain and questions the sustainability of NVIDIA's earnings multiples amid shifting AI supply dynamics.
NVIDIA is discussed as a key AI infrastructure company with high expected earnings growth but uncertain return on invested capital, leading to a neutral outlook.
Hayden Capital reported a 6.9% portfolio gain in Q2 2026, trailing the S&P 500's 15.2% return. The firm maintains a cautious stance on AI infrastructure, specifically highlighting uncertainty regarding NVIDIA's long-term return on invested capital despite high earnings growth expectations.
The firm cites uncertainty regarding the sustainability of NVIDIA's return on invested capital (ROIC) as AI hardware supply increases and resale premiums compress.