Joshua Buchalter

NVIDIA's earnings beat and raise are typical, but the stock didn't move. The key is that the new segment disclosure shows only half of data center revenue comes from hyperscalers, reducing concentration risk. Hyperscale segment grew 115% YoY, and NVIDIA's revenue is only about 20% of hyperscale capex, not 40-50% as previously thought. Supply chain commitments rose to $119 billion, providing better visibility. Revenue growth is accelerating this year, and durability is supported by diverse customer base.