NVIDIA reported another record quarter, with data-center revenue continuing to dominate the mix. Free cash flow conversion remains exceptional, and the Rule-of-40 score is comfortably above 100.
What matters
- Data-center demand shows no sign of normalizing yet.
- Gross margin held above 70% for the sixth straight quarter.
- Supply commitments suggest visibility well into next year.
The stock remains the purest large-cap expression of AI capex.