So Nvidia's earnings already came and went back in late February, but looking back at what analysts were watching for is kind of interesting. The stock's been all over the place lately, and it's wild how much hinges on whether the company can actually deliver on these massive growth expectations.

Here's the thing about Nvidia - they've got this track record of just crushing Wall Street's numbers. Going into that Feb report, consensus was looking for $65.6 billion in revenue, which would've been a 65% jump from the prior year. EPS expectations were sitting at $1.52 versus $0.89 the year before. Pretty aggressive targets, but the company had basically guided to those numbers internally, so it wasn't like Wall Street was pulling them out of thin air.

The real story though is what's happening with their new chip architectures. By late January, CEO Jensen Huang was already talking about a path to $500 billion in revenue just from the Blackwell and Rubin lines through 2026. And they're mapping out like $3 to $4 trillion in total AI infrastructure spending through 2030. That's the kind of scale that justifies the premium the market's been paying.

Demand has been absolutely insane. Every hyperscaler is racing to build out their AI platforms, and they all need Nvidia's GPUs to handle the compute. The older chip lines - Ampere, Hopper - are completely maxed out. Even the newer Vera Rubin architecture is flying off the shelves. There's talk they might announce the next generation coming in 2027, which would be even more powerful.

Now here's where it gets tricky. The stock was trading at 24 times sales and 46 times earnings, which sounds expensive on the surface. But the forward PEG ratio was only 0.15, suggesting it could actually be undervalued if they maintain this growth trajectory. That's the whole game right there - if earnings growth stays strong, the valuation holds. If there's even a hint of slowdown, watch out.

The market was basically priced for perfection going into that earnings call. Any stumble, any sign the growth is moderating, and the stock would've gotten hammered. But given their history of beating expectations and the fact that demand from customers genuinely seems insatiable, there was a solid chance they'd pull it off.