Market cares a lot more about Nvidia's forecasts (& profits), & the impact of the highly levered AI ecosystem on Nvidia than this quarterly revenue beat.

Hyperscalers are effectively running a trillion‑dollar BNPL program for frontier labs (and OpenAI's numbers - unlike Anthropic's - suck), advancing capex today and relying on multi‑year RPO payments tomorrow. These payments that can only be funded if the labs continuously refinance their equity at rising valuations.

Deceleration is here. Brace for impact.

https://www.groundbrkr.com/p/the-second-derivative-why-no-on...