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The stronger Nvidia’s earnings are, the more the AI trade enters a “nitpicking phase.” In the past, the market could rally on one simple narrative: exploding AI demand. But that story is already priced in. Beating revenue estimates, robust orders, and continued data-center growth are now largely expected. What matters more for valuation are the less exciting details—gross margins, rising memory costs, customer concentration, and the sustainability of future growth. #PCEToJacksonHole