After Nvidia's Blowout, The AI Trade's Next Leg Is One Layer Down

Nvidia (NVDA) delivered a Q2 FY2027 revenue blowout and guided for ~70% FY2028 growth, yet shares showed muted reaction, reflecting mega cap-like behavior. I maintain a Hold rating on NVDA due to unprecedented demand visibility but caution on gross margin pressure and a self-financing demand structure that clouds outer-year earnings clarity.