NVIDIA's earnings report yesterday had a very interesting point.


They broke down the data center business details for the past nine quarters.
Divided into two categories:
One is Hyperscale data centers, mainly referring to the data center businesses of giants like Amazon, Microsoft, and Google.
The other includes other AI cloud, industry, and sovereign cloud, where these companies want NVIDIA to provide a full set of services, very diversified.
From the data, it can be seen that by Q1 of this year, the revenue from the second category has already caught up with Hyperscale.
In the past, we always focused on the Capex of tech giants to calculate growth and industry scale limits. But after NVIDIA's breakdown, it tells us that the market is far broader than we imagined.
NVIDIA's performance growth rate is naturally higher than the growth rate of the giants' Capex.
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