How hyperscaler capex feeds Nvidia data-center revenue through the upstream supply throttle and how the Q3 guide reads out compounding versus digestion Hyperscaler capex wave Big Four data-center spend rising Demand lag capex leads revenue ~1-2 quarters capex demand CoWoS advanced packaging wafer-level fan-out HBM4 memory stacks die stacks per module TSMC leading-edge nodes wafer starts allocated Data-center revenue dominant share of Nvidia sales China data-center zero revenue in guide external constraint Q3 guide vs consensus Inventory build-up early-warning signal Compounding wave keeps flowing Digestion / inflection wave throttles back at/above consensus below consensus shipment throttle capacity-bound through 2027 loop: wave sustains the next readout