To The Moon

NVIDIA heads into this earnings review with expectations already set at an unusually high level. Consensus in the parameter package points to another quarter of near-triple-digit growth, with revenue forecast at $109.14 billion for the current quarter, up 98.7% year over year, EBIT expected at $71.79 billion, up 99.6% year over year, and EPS projected at 2.476, up 98.1% year over year. Those figures imply investors are not debating whether demand remains strong; they are debating whether growth can stay this elevated while margins remain near prior peaks. The previous quarter established a very strong base, with revenue of $96.22 billion, up 105.9% year over year, and unusually high profitability, including gross margin of 74.98% and net margin of 62.03%. In practical terms, that means the