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原文：
$NVDA: "We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply constrained outlook"

That statement alone is probably more important than the entire earnings beat just now?

Insane upward revision beat from +43.9% expected to 70%.

"With cloud industry backlog now greater than 2 trillion, CapEx by the top five hyperscalers is expected to reach nearly $800 Billion in 2026 and 1.3 Trillion in 2027"

$1.3 Trillion in 2027. (MS was around $1.2T June, so this is upward projection revisions)

Yeah the high-beta parts of the supply chain growth is going to like this.

翻译：
$NVDA：“我们预计2028财年收入将增长约70%。这是一种供应受限的展望”

仅这句话本身可能比刚才整个盈利超预期更重要？

从预期的+43.9%疯狂上调至70%。

“随着云行业积压订单已超过2万亿美元，前五大超大规模云服务商的资本支出预计在2026年接近8000亿美元，2027年将达1.3万亿美元”

2027年为1.3万亿美元。（微软6月约为1.2万亿美元，这是一项上调的预测）

是的，供应链中高贝塔部分的增长将会是这样的。

原文：
$NVDA: "We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply constrained outlook"

wtf? Isn't that ~$110-130B of above prior consensus.

That statement alone is probably more important than the entire earnings beat just now?

"With cloud industry backlog now greater than 2 trillion, CapEx by the top five hyperscalers is expected to reach nearly $800 Billion in 2026 and 1.3 Trillion in 2027"

$1.3 Trillion in 2027. (MS was around $1.2T June, so this is upward projection revisions)

Yeah the high-beta parts of the supply chain growth is going to like this.

翻译：
$NVDA：“我们预计在2028财年收入将增长约70%。这是一种供应受限的前景。”

这什么情况？不是比之前共识高出约110-1300亿美元吗。

仅这句话可能比刚才整个盈利超预期更重要？

“随着云行业积压订单已超过2万亿美元，前五大超大规模云服务商的资本支出预计在2026年接近8000亿美元，2027年达到1.3万亿美元。”

2027年1.3万亿美元。（微软6月约为1.2万亿美元，所以这是上调的预测）

是的，供应链中高贝塔部分的增长会是这样。

原文：
$NVDA earnings TLDR:

Revenue: $96.22B vs. ~$92.17B (beat)
Adj. EPS: $2.22 vs. $2.09-$2.10 (beat)
DC: $89.0B vs. ~$86.3B (beat)
Adj. gross margin: 75% vs. 75%

Hyperscaler Revenue: $48.71B from $43.05B last quarter (custom ASIC growth hasn't really prevented this revenue from accelerating)

For guidance:
Revenue: $108B vs. ~$104.2B
Adj. gross margin: 74% vs. 75% (kinda the only soft spot)

Revenue ramp has been genuinely absurd over last 4 quarters.
-> $68.1B
-> $81.6B
-> $96.2B (we are here)
-> next quarter guidance: $108B, despite assuming zero China DC compute revenue.

Fun thing to note is Nvidia says its commitments jumped from $119B last quarter to $279B, primarily related to procurement of memory (for next few years).. So memory goes brrr.

TLDR: AI keeps on going brrr. Nvidia is clearly leading the charge and no obvious signs of demand slowing.

Given Nvidia is already a $5T+ company, I think most of the alpha comes from how Nvidia's architecture/capacity decisions impact elsewhere in the supply chain (eg. CPO, memory, 800V) nowadays.

Rather than simply finding mispricing in Nvidia itself.

Regardless, all the fun stuff happens in the earnings call in a few min.

翻译：
$NVDA 财报要点：

收入：962.2亿美元 vs. 约921.7亿美元（超预期）
调整后每股收益：2.22美元 vs. 2.09‑2.10美元（超预期）
数据中心收入：890亿美元 vs. 约863亿美元（超预期）
调整后毛利率：75% vs. 75%

超大规模云服务商收入：487.1亿美元，上一季度为430.5亿美元（自研 ASIC 增长并未阻止收入加速）

指引：
收入：1080亿美元 vs. 约1042亿美元
调整后毛利率：74% vs. 75%（唯一的软点）

过去四个季度收入增长异常惊人。
-> 681亿美元
-> 816亿美元
-> 962亿美元（当前）
-> 下季度指引：1080亿美元，且假设中国数据中心计算收入为零。

有趣的是，英伟达称其承诺金额从上季度的1190亿美元跃升至2790亿美元，主要用于未来几年内的内存采购……所以内存在“嗡嗡”增长。

简要概述：人工智能持续“嗡嗡”增长。英伟达显然领头，暂无需求放缓迹象。

鉴于英伟达已是市值超过5万亿美元的公司，我认为大部分超额收益来自英伟达的架构/产能决策对供应链其他环节（如 CPO、内存、800V）的影响，而不是单纯在英伟达本身寻找错价。

无论如何，所有有趣的内容都将在几分钟后的财报电话会议中揭晓。