What it is: The compute supplier the whole AI build-out runs through — and, on EP #284, the subject of the question the panel does not ask: who do you actually phone?
Why it is in this archive
Gate: cited in ≥2 episodes — 24 mentions in Moonshots #283, 34 in Moonshots #284. Earned.
Facts
✅ Verified from the company's own release, Q2 FY2027, 2026-08-26 — not from the tape.
| Ticker | NVDA |
| Revenue | $96.221B, +106% YoY, +18% QoQ |
| Data Center | $89.0B, +117% YoY |
| Net income | $59.7B · gross margin 75.0% |
| EPS | $2.46 GAAP / $2.22 non-GAAP |
| Q3 guidance | $108B |
| Buybacks | ~$26.0B returned in the quarter |
| Filings | NVDA on EDGAR |
Upstream — the bill of materials
Method: Reverse bill of materials. ⚠️ Supplier rows are structural knowledge, not filing-verified — mark each one before it is said on camera.
| input | supplier | note |
|---|---|---|
| Leading-edge fabrication | TSMC | 🔴 the concentration. Named on tape as a single point of failure |
| Advanced packaging (CoWoS) | TSMC | the capacity constraint people actually mean when they say "supply" |
| High-bandwidth memory | ⚠️ NOT VERIFIED — do not name a vendor until sourced | |
| Networking | in-house after Mellanox | vertical integration is itself the story |
Downstream — who buys it
| customer / segment | share | note |
|---|---|---|
| Data Center | $89.0B of $96.2B — 92.5% | ✅ from the company's own release |
| Gaming / pro-vis / auto | the remaining ~7.5% | rounding error against data centre |
| Concentration | ⚠️ 10-K names customer concentration; the specific figure is NOT yet pulled | the number worth having |
Position
Both sides are concentrated at once — one fabricator upstream, one segment downstream. That is a company with enormous leverage and two brittle points, and it is visible only when the halves are on the same page. The the timeline entry for 2026-08-29 records the step; this records the shape.
The operator's question this produces — his, not the panel's: "why should I start looking at financing coming from anywhere except going to NVIDIA?" An entity that captures 92.5% of its revenue from the buildout has both the cash and the motive.
Where it came up
- Moonshots #284
0:00— NVIDIA's $96.2B Quarter and the Circular AI Economy - Moonshots #283 — as the index of the era
The method it produced
Bill of materials → reverse BOM, read off SEC filings, "because filings that are mandatory and are due to scrutiny" beat social media. This is the transferable technique, not the number.
⚠️ Unverified
On tape he says "Jensen predicts revenue growth of around 89% versus 44." 89 and 44 are not a growth rate. The real pairs are $96.2B vs $46.7B (+106%) and $89.0B vs $41.1B (+117%). Restate from the table before this is said on camera.