Here’s a clean, professional take without mentioning sources. Nvidia just delivered the kind of quarter that confirms it as the core equity proxy for the AI infrastructure boom: explosive top‑line growth, unusually high and expanding margins, and guidance that signals demand is nowhere near saturated yet. From a fundamentals perspective, it still looks like a best‑in‑class business with a multi‑year runway, not a “late‑cycle” story. However, the *stock* is in a very different place from the *business*. A lot of that strength is already reflected in the valuation and in positioning. The market now expects: - Data‑center growth to stay very high. - AI capex from the big cloud players to rise or at least remain elevated. - Nvidia to hold a dominant share of AI accelerators and maintain rich m

Nvidia’s latest numbers are phenomenal, but the sustainability of the rally now depends more on sentiment and AI capex cycles than on near‑term fundamentals, which still look very strong.[1][2][3] ## What the results say - Q4 revenue grew about 73% YoY to roughly 68 billion dollars, driven overwhelmingly by data center demand for Blackwell GPUs and networking.[2][1] - GAAP gross margin hit about 75%, a record level for this cycle, helped by a richer product mix and lower inventory provisions.[1][2] - Q1 guidance points to another quarter of very strong revenue with non‑GAAP gross margin guided around 75% again, implying the AI infra build‑out is still in full swing.[4][2] ## AI capex backdrop - The big hyperscalers are expected to spend over 600 billion dollars on capex in 2026, with rough