NVDA - CD Projekt: A Contrarian's Metaverse Gem?

• We offer the contrarian view that CDPR's Cyberpunk 2077 is a platform that is still at an early phase. This can translate to significant future revenues across multiple opportunities.
• To this effect, CDPR has a hidden gem that may enable the company to leverage NFTs, cryptocurrencies, and the metaverse. Cyberpunk 2077 has an audience aroused by such concepts.
• There is significant precedent to believe that CDPR's flagship title will ultimately live up to the hype, as the hardware required to play it in full fidelity catches up.
• CDPR trades at an attractive valuation, with a strong balance sheet, and software-like margins. These margins may be more sustainable than many believe.
• Despite the fact that CDPR has supposedly delayed the release of a multiplayer (possibly 'metaverse') version of Cyberpunk 2077, a recent M&A event gives clues to the project's future.

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