NVDA's beat-and-raise is priced in. The new catalyst is the CSP vs. non-CSP revenue split, offering a pure-play signal on enterprise & sovereign AI adoption—key to the next re-rating. Hyperscaler in-sourcing is a tired narrative; NVDA's CPU ambitions are the real competitive shift. China is a write-off; treat it as zero-cost optionality. Second-order effect: AI is driving a memory supercycle, the averted Samsung strike just removes an accelerant.