Nvidia Crushed Earnings Again. Here’s the Secret Growth Opportunity That Isn’t Even in the Numbers Yet.

Nvidia (NVDA) just delivered another blowout quarter, and the numbers barely feel real anymore. Revenue more than doubled from a year ago to $96.2 billion. The data center business, which is now basically the whole story, accounted for $89 billion of revenue, up 117% year-over-year (YoY). Margins stayed remarkably high, and the company handed back around $26 billion to shareholders through buybacks and dividends. It was the 15th quarter in a row that Nvidia beat Wall Street’s expectations.

The outlook was just as strong. Management guided to $108 billion in revenue for the third quarter, well above what analysts expected. What makes this even more impressive is that it did so without counting on any sales to China. During the call, CEO Jensen Huang said AI has stopped being a future promise and is now generating revenue as it runs. Supply commitments increased to a mammoth $279 billion, primarily to secure memory and manufacturing capacity for current and future chips. So the company’s boom doesn’t seem to be slowing down anytime soon.