$NVDA PATH TO $10 TRILLION The path to $10T for Nvidia is becoming less about whether AI demand exists and more about how much of that demand Nvidia can physically serve. Revenue just crossed a $385B annualized run rate while management still sees FY28 growing roughly 70% even though it says demand is closer to 100%. The customer base is also broadening at exactly the point bears expected concentration to become the problem. Non-hyperscaler ACIE revenue is already 45% of Data Center and grew 138% YoY as neoclouds sovereign AI enterprises and AI-native companies become a second demand engine alongside the major clouds. At the same time Nvidia keeps capturing more economics from every AI factory it sells into. Revenue opportunity per gigawatt has climbed from roughly $18B with Hopper to $25B with Blackwell and potentially $40B with Vera Rubin as CPUs networking software and rack-scale systems become part of the platform while agentic AI drives 15x to 100x more compute per task. That combination is why I think Nvidia has the clearest path to becoming the world’s first $10T company. The business is still supply constrained while demand diversifies and Nvidia captures more revenue from every unit of compute deployed which gives earnings multiple ways to keep compounding even after hyperscaler growth eventually normalizes.