After watching NVIDIA's earnings call, there are a few interesting points:

1⃣ Guidance 'deliberately conservative'

The Blackwell NVL72 supercomputer has been fully mass-produced, and Jensen Huang mentioned that orders exceeded expectations. They can now ship 1,000 cabinets per week, with a price of approximately $3 million per cabinet, which means $3 billion a week, or $36 billion a quarter.

If we assume that Blackwell shipments account for 70% of the data center, and the data center accounts for 88% of NVIDIA's overall revenue, the revenue for the third quarter should be around $60 billion, but NVIDIA's own guidance is $54 billion—clearly conservative. Moreover, production capacity is expected to continue ramping up in the third quarter.

2⃣ China business not included

In the earnings report, the guidance for the third quarter did not consider the Chinese market at all. Due to the ban, the H20 series is still on hold for sales. The CFO hinted that if they can negotiate with the U.S. government to restore shipments to the Chinese market, they could contribute an additional $2 to $5 billion in revenue per quarter. By the most conservative estimates, this part is not counted yet.

3⃣ Demand remains explosive

Jensen Huang and the CFO mentioned several key trends during the meeting:

The AI inference token generation has increased tenfold within a year and is expected to continue growing.

Industrial AI demand has surged, with every factory expected to be equipped with AI engineering in the future.

Capital expenditure for enterprise AI infrastructure has not weakened, with an expected scale of $600 billion for the entire year.