00:00Full confidence in the $1 trillion forecast and some qualification around it.
00:05For Nvidia, the $1 trillion cumulative backlog runs 2025 to 2027,
00:11and it is Blackwell and it is Vera Rubin.
00:14And in the here and now, investors took time to make up their mind.
00:17The shares of Nvidia swung between losses and gains in after hours as we went through the data.
00:21So in the current quarter, $91 billion of sales, plus or minus 2%.
00:26That matches the whisper number.
00:28The more bullish elements of the street even saw $96 billion.
00:31And again, a massive beat in the quarter gone.
00:34This story is consistent.
00:36There's momentum and the spending from hyperscalers Nvidia, Jensen Wang, CFO CollectCress,
00:42talking about Nvidia's growth still outpacing that capital expenditure from the hyperscalers.
00:48Beyond that, this is kind of old school income statement stuff, right?
00:52Nvidia has 75% margins in an environment where they're moving from one architecture to another.
00:57And they are ramping up Blackwell.
00:59The status of China kind of really interesting too.
01:02The base case assumption is zero revenues from China, both in the quarter gone and in that outlook of $91
01:08billion plus minus 2% in the current period.
01:11But, you know, asked about it, they still see a lot of opportunity in China.
01:15This was another big set of numbers from Nvidia, but it was going into it a high expectations quarter where
01:21even in a beat and raise expectation,
01:23it didn't really matter what numbers Nvidia gave.
01:27People wanted the broader story of kind of what happens next.
01:30And so that was reflected in shares in After Hours.
01:33Big print from the world's most valuable company.
01:35Big print from the world's most valuable company.
01:35Big print from the world's most valuable company.
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