NVIDIA will report earnings soon, with consensus revenue around $65.6B. But this quarter is not about whether NVIDIA beats. It’s about how sustainable AI demand really is. 1) Data Center Still Driving the Story More than half of NVIDIA’s revenue comes from Data Center. Key questions: Are hyperscalers (MSFT, AMZN, GOOGL, META) still accelerating AI capex? Is demand still supply-constrained? Any signs of digestion? If data center growth stays above expectations → bullish continuation. If growth decelerates meaningfully → valuation reset risk. 2) Gross Margin & Mix NVIDIA’s margins have been extraordinary. Things to watch: Is margin stable or compressing? Any pricing pressure? Mix shift from training GPUs to inference products? If margins hold → confirms pricing power. If margins fall → n