HSBC analyst Frank Lee points out that the next major re-rating of NVIDIA's (Nvidia) stock will be driven by a new narrative, rather than current earnings and product roadmaps. He believes that if NVIDIA can position itself as the largest contributor to open-source AI, especially with advancements in small language models (SLMs), it will significantly lower the barrier to entry for enterprise inference. This would expand its infrastructure's total addressable market (TAM) from a few frontier labs to millions of developers and sovereign nations, thereby substantially boosting profitability.