Sridhar Ramaswamy

Right, I mean, they delivered on everything.

They checked all the boxes.

For NVIDIA, given their track record,

The expectations are always high, and they were high this quarter, and they came in well above even the high end of the so-called whisper numbers.

And also, they talked about visibility extending well into 2027.

And if you look at the breakdown of the quarter, what led the growth was, interestingly, the non-hyperscalar business, which suggests that

The AI momentum is spreading into the broader markets like enterprise and in a smaller cloud customers, et cetera.

And then in addition to that, networking was particularly strong.

That's also a positive sign in our view because

Networking is a market where NVIDIA is actually gaining share.

They don't have as dominant as a position as they do in compute.

So I would say those are actually definite incremental positives in the quarter.

And then there were some concerns about gross margins heading into the print.

And they guided to mid 70% despite the fact that memory pricing is up more than 100% this year.

So, as I said, they checked every box.

I think the reason for the stock reaction, if I have to guess, is the concerns about the broader AI spending sustainability.

So, that's more of a market concern as opposed to anything that they said on the call.

Yeah, so look, the adaption is broadening.

There's no question about it.

We are seeing that on the enterprise side, on the sovereign side.