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The stronger Nvidia’s earnings are, the more the AI trade moves into a “nitpicking” phase. Earlier, the market only needed one narrative: explosive demand. Now, that story is already priced in. Revenue beats, strong orders, and continued data-center growth are no longer enough to surprise investors. The real valuation drivers are shifting toward the finer details—gross margins, rising memory costs, customer concentration. #PCEToJacksonHole #AIMonetizationBroadens #BTCOptionsExpiryTest