Nvidia's Record Earnings Reshape the AI Industry

Nvidia posted record-breaking results driven by a 90%-plus surge in data center demand, with management describing demand as "parabolic" as Blackwell systems ramp up across hyperscalers and enterprise customers. The stock is up nearly 20% year-to-date and over 60% in the past year, with market cap topping $5 trillion. CEO Jensen Huang framed the shift around "AI factories" replacing traditional data centers, arguing the real metric is cost per token, not chip price. Nvidia also identified a fast-growing second market segment spanning enterprises, sovereign AI projects, and AI-native clouds, which it expects to eventually surpass hyperscaler revenue.