The stock price reflects the market's overall expectation of all future cash flows discounted to the present value - all the way out to infinity.
When you buy at stock, you are implicitly betting that reality will exceed those expectations.
So, you just said that massive growth is priced in, and the fact you hold the stock implies that you are betting on even more massive growth - relative to expectations.
Correct. The bet here is that 1. we're only seeing the very early stages of what's possible with GPU-based DNNs and 2. while Wall St is certainly considering the future applications their fantasies are on the conservative side.
The main risks to this thesis are that 1. DL could turn out to be a short-lived trend or 2. a new semiconductor technology emerges that is 10x better suited for DL/ML (Google's new architecture?)
The stock price reflects the market's overall expectation of all future cash flows discounted to the present value - all the way out to infinity.
When you buy at stock, you are implicitly betting that reality will exceed those expectations.
So, you just said that massive growth is priced in, and the fact you hold the stock implies that you are betting on even more massive growth - relative to expectations.