Sustained capex
Rising capex
Hyperscaler AI capex flows into NVIDIA data-center revenue and compounds
Hyperscaler AI capex
infrastructure spend · upstream fuel
sustained or rising
Accelerator & system purchases
accelerators · racks · systems
NVIDIA data-center revenue
captures spend · 92.5% of total
quarter keeps compounding
funds
captures spend
each quarter · compounding
compounding ~18% QoQ