Hyperscaler capex
How hyperscaler capex flows into NVDA data-center revenue and free cash flow Hyperscaler capex MSFT · GOOGL · AMZN · META 1–2 qtr lag NVDA data-center revenue lands Customer FCF compresses under spend spend slows, FCF eases FCF conversion ≈60% margin own capex $1.8B NVDA FCF compounding NVDA cash bridge Cash bridge holds Q3 guide clears consensus Thesis breaks revenue follows ≤2 qtrs