Nvidia once again delivered record-shattering earnings, reaffirming its dominance at the center of the AI revolution. Revenue surged 56% year-over-year to $46.7B, EPS came in at $1.05 versus $1.00 expected, and gaming revenues jumped nearly 50%. Blackwell architecture is ramping quickly, hyperscalers remain half of Nvidia’s data center business, and Wall Street analysts lined up to lift targets—JPMorgan to $215, Truist to $228, KeyBanc to $230.
‍

And yet, the stock fell nearly –5% post-earnings, even after a new $60B buyback authorization. The disconnect captures the market’s anxiety: investors now wonder if the AI capex arms race is showing early signs of fatigue.

‍

‍