Nvidia Continues To Defy The Odds

Nvidia Corporation more than doubled Q2 revenue YoY to $96B, while management still describes FY2028 growth as supply-constrained rather than demand-constrained. ACIE is growing faster and already accounts for a similar share of Data Center revenue as hyperscalers, reducing NVDA's dependence on a handful of customers. Vera Rubin, broader enterprise AI adoption, and new revenue models increasingly weaken the cyclicality argument but do not fully falsify it - some risk remains.