Nvidia crushed earnings across the board, but the stock initially dropped anyway — good for long-term holders, frustrating for short-term traders.

• Revenue came in at $81.6 billion, beating forecasts by over $2 billion, with next quarter guided to $91 billion.
• Net income tripled from a year ago, with margins near 71% — meaning most of every chip sale flows straight to profit.
• Nvidia announced an $80 billion stock buyback and raised the dividend, yet shares still fell 2-3% on the news.
• Hyperscalers (the biggest cloud companies) are spending more, not less, and upcoming IPOs from OpenAI, SpaceX, and Anthropic should funnel more money into Nvidia chips.
• Anthropic reportedly expects revenue to more than double to $10.9 billion next quarter and may turn its first operating profit — bullish for the whole AI server market.

Outlook: Nvidia stock looks set to push higher into the SpaceX, OpenAI, and Anthropic IPOs later this year, though those same IPOs could mark the top of the AI spending cycle.