NVIDIA had a great quarter with strong guidance, Blackwell cadence, and margins. Key shift: Jensen Huang moved from 'early innings' narrative to focus on AI agentic AI and ROI monetization, signaling transition from episodic training to more permanent inference phase.

Diversification is huge - NVIDIA has established benchmark of ~50% to hyperscalers, ~70% including frontier models. Market will watch this closely in coming quarters.

Risks are demand curves vs deployment curves. Demand is strong (Blackwell pulled forward, margins strong), but physical deployment faces permitting/regulatory challenges that could limit absorption of compute demand.

Tokens are multiplier with agentic AI (multiple agents per user). NVIDIA strategically positioned to own AI server rack architecture, setting terms for networking/interconnect as standard.

High confidence was echoed on call. Supplier commitments show foresight to lock in numbers/get preferential pricing, but could be drag if deployment risks materialize.