Nvidia's Q2 Earnings: This Is Not The AI Bubble Pop - It's Just China

Nvidia Corporation continues to own the AI industry. We don't think this is the bubble pop; instead, we think it's market panic plus a China problem. The two black dots on Q2: Data centers came in slightly lower than consensus, and H20 sales aren't accounted for in Q3. Aside from that, it was a classic top and bottom beat and better-than-expected quarter, with Blackwell demand growing 17% sequentially.