EXCLUSIVE: Former Goldman Sachs Executive Says NVDA Stock Lacks 'Oomph' Because SpaceX, OpenAI, Anthropic Mega-IPOs Are Stealing The Thunder

• In an exclusive interview with Stocktwits, former Goldman Sachs executive Michael Parekh said investor focus is shifting toward upcoming AI IPOs including SpaceX, OpenAI and Anthropic.
• Parekh compared Nvidia’s muted stock reaction to the Apollo missions, stating that the market has already priced in the company’s strong growth narrative.
• He added that Nvidia’s valuation still looks attractive relative to its growth rate and highlighted the upcoming Vera Rubin chip rollout as a future catalyst.

Nvidia (NVDA) shares extended loses in midday trade on Friday, slipping lower even as the stock market hit new record highs on Friday despite posting one of its strongest earnings report, with former Goldman Sachs partner Michael Parekh pointing to the upcoming initial public offerings (IPOs) of SpaceX (SPCX), OpenAI and Anthropic as the reason why the stock doesn’t have “oomph.”

“There are three, not one, but three mega AI IPOs lined up. SpaceX just filed — June 12, they want to raise $80 billion. OpenAI just yesterday said they’ll go in September. Anthropic is October, probably,” Parekh, who is also the founder of the AI: Reset to Zero Substack, told Stocktwits in an exclusive interview with Michele Steele. “And one of the places to make room, because you’ve made money on Nvidia, is Nvidia.”

That may be one driver as to why Nvidia doesn't have that much oomph near term, even though the fundamental story, the secular story, is terrific. — Michael Parekh, Founder, AI: Reset to Zero Substack

NVDA’s stock fell over 1% in midday trade on Friday. Retail sentiment on Stocktwits around the Jensen Huang-led company trended in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter.

Nvidia posted one of the strongest earnings reports in the history of the semiconductor industry earlier this week, with Wall Street pouring in with price hikes. The company reported revenue of $81.6 billion, up 85% year-over-year, and GAAP gross margins of 74.9%. It also announced an $80 billion buyback authorization and raised dividend to $0.25 from $0.01. Yet, the stock barely moved.

NVDA Stock Has The Apollo 13 Problem

“This is Nvidia’s 18th quarter of beating,” Parekh said. “Their story is understood. The demand is great, the supply is great, and so the stock volatility on a day-by-day, quarter-to-quarter basis is going to be like guessing waves in the ocean.”

According to him, the muted stock reaction is like what happened during the Apollo program. Nobody watched the Apollo 13 landing because everyone had already tuned out after Apollo 11. Nvidia is in the same position, not because the results are worse, but because the market has already priced the narrative. There is no new information in a beat that everyone expected.

For Parekh, the more actionable point is the IPO calendar. SpaceX, OpenAI, and Anthropic are three of the most anticipated listings in over a decade, arriving back-to-back across June, September, and October. On Stocktwits, retail sentiment around the SPCX ticker trended in 'extremely bullish' territory over the past day. Sentiment was also trending in 'extremely bullish' territory around Anthropic, while OpenAI saw sentiment in the 'bullish' zone.

“Growing at 70, 80, 90% and at a 30 or under multiple — you don’t have to read Warren Buffett’s book to understand what the value proposition is.”  — Michael Parekh, Founder, AI: Reset to Zero Substack

Parekh was clear that the IPO overhang is a near-term phenomenon, not a fundamental reassessment. At 26x to 27x earnings for a company growing between 85% to 95%, the valuation is “reasonable.” He pointed to the the Vera Rubin chip ramp, slated to roll out in in Q2 and Q3 2026 and priced higher and more capable than Blackwell, for upside in the next four quarters. 

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