Hedge fund manager Dan Loeb has defended Nvidia's valuation, arguing that the chipmaker is not overpriced despite concerns of an AI bubble. Speaking on the "Invest Like the Best" podcast, Loeb highlighted Nvidia's trading at approximately 15 times its 2027 forward earnings and 12 times its 2028 forward earnings as evidence of its attractive pricing. Loeb's firm, Third Point, has been actively increasing its Nvidia holdings over four consecutive quarters in 2025, although it trimmed some positions in early 2026 for risk management purposes. Loeb also dismissed comparisons to the late-1990s dot-com bubble, emphasizing that current AI investments are driven by major tech companies with substantial cash flows. Additionally, Third Point has invested $40.8 million in Hut 8, a Bitcoin mining company expanding into AI data center infrastructure, signaling a strategic interest in the intersection of AI and cryptocurrency.