Nvidia is no longer just the company that sells GPUs and graphics cards. It is becoming the money printer — the collateralized center of a massive, self-reinforcing pool of value.
The market consensus is pricing $92.2 billion of revenue, roughly double last year. The AI Data Center segment alone is supposed to come in around $85 billion. Q3 guidance already sits near $104 billion in the market's head, and gross margin is supposed to hold close to 75%. None of that shows the real nature of Nvidia anymore. Nvidia is no longer just the company that sells GPUs and graphics cards. It is becoming the money printer — the collateralized center of a massive, self-reinforcing pool of value. I. Divergence Between the Valuation and Capex Chart 1 · Capex vs. Valuation Hyperscaler CapEx Keeps Accelerating. Nvidia's Valuation Has Stopped Keeping Pace. Combined quarterly capex of Microsoft, Alphabet, Amazon and Meta vs. Nvidia's period-end market cap, aligned to Nvidia's fiscal quarters. Hyperscaler CapEx ($B/qtr, left) Nvidia Market Cap ($T, right) $0B $50B $100B $150B $200B $4.
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