Quick Read – NVDA posted $81.6B in Q1 revenue (up 85%) and $48.6B in free cash flow, achieving that growth with zero China data center revenue. – AMZN’s TTM free cash flow collapsed 95% to $1.2B as capex surged, while NVDA trades at a P/FCF of 52 versus AMZN’s 349. – Amazon’s…
n $200B capex plan deploys over 1 million NVIDIA GPUs alongside Trainium, undermining the in-house silicon displacement narrative. – I keep hitting the buy button on NVIDIA (NASDAQ:NVDA) because every time Main Street panics about Trainium, TPUs, or Meta’s Iris chip stealing Jensen Huang’s lunch, the receipts land and the panic looks smaller. Reddit sentiment on NVDA dropped to a bearish score of 32 on July 9 on the back of the DeepSeek and Meta $145B chip budget posts
I read those threads. Then I read the earnings report. Then I bought more.
What Actually Keeps Me Buying The custom silicon story sounds terrifying until you look at what hyperscalers are actually doing with their money. Amazon’s own $200 billion 2026 capex plan explicitly funds one million+ NVIDIA GPUs to be deployed starting in 2026 alongside Trainium. ASICs are narrow.