Nvidia’s 106% revenue growth proves pricing power remains extraordinary, but falling gross margins toward 71–72% show that suppliers, especially memory makers, are taking a larger slice.
I’m less worried about Nvidia becoming a “central bank of AI” than I am about the ecosystem becoming increasingly dependent on Nvidia-backed financing and commitments. With receivables rising and payment periods stretching, cash-flow quality deserves closer attention.
For me, the next trade may therefore be beyond NVDA: memory, networking and power infrastructure could capture more of the AI boom as Nvidia’s margins normalize.
@Marktomarket [微笑]
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- JessieTheresa·08-27 19:43Cash flow quality is the part I’d watch. If receivables keep rising faster than revenue, the real risk is downstream inventory and capex getting pulled forward—more focused on DSO or deferred revenue here?LikeReport