Dear Fellow Investor,
Nvidia reported earnings Wednesday night, and the results were extraordinary.
Revenue came in at $96.2 billion - up 106% from a year ago.
Earnings per share hit $2.22 — more than double what they reported twelve months ago.
And next quarter, they're guiding $108 billion in revenue!
By Thursday's close the stock was up 8.74%.
That single day added $441 billion to Nvidia's market value — the second-largest one-day gain any company has ever posted in the history of the US stock market.
And frankly, if you understand what's driving these numbers, none of it is surprising at all.
The AI Spending Boom Is Not Slowing Down
Every few months, Wall Street needs a reminder that the AI spending boom is real.
That it isn't slowing down.
That the hyperscalers are still writing the checks.
Nvidia just delivered that reminder.
And the market responded exactly the way you'd expect.
Hyperscalers like Microsoft, Google, Amazon, and Meta are not pulling back.
They are accelerating.
And nearly every dollar they spend on AI infrastructure flows through Nvidia.
But Here's What Most People Are Missing
Everyone is focused on Nvidia.
And I understand why.
It's returned over 15,000% over the past decade!
It's one of the greatest wealth creation stories in the history of the stock market.
And while we are still big believers in the long-term value of the company, I think that massive growth stage is behind us now.
After this week's move, Nvidia is worth roughly $5.5 trillion.
Even if it doubles from here — which would be extraordinary — that turns $10,000 into $20,000.
That's good money.
But it's not life-changing money.
The life-changing money is in a much smaller company that Nvidia simply cannot function without.
The one that supplies the critical AI components for both Blackwell and their next-generation superchip THOR.
The one that holds nearly 7,000 patents protecting its technology.
The one that NVIDIA tried to acquire outright — and was blocked by the FTC because other tech giants — Google, Apple, Qualcomm, Amazon — threw a fit.
They said Nvidia would be too powerful if it controlled this supplier outright.
That is how important this company is.
The Cisco of the AI Era
Most people remember the dot-com boom for Amazon, Google, and eBay.
But the company that actually made the most money?
Cisco.
It returned over 67,000% in the 1990s.
Seventeen times more than Amazon over the same period.
Because Cisco built the pipes the internet ran through.
It didn't matter which website won.
Traffic had to flow through Cisco's hardware either way.
This "Secret Supplier" is the Cisco of the AI era.
It doesn't matter which hyperscaler wins the AI race.
Because every AI chip built for every application pays a royalty to this one company.
They collect $2 billion in royalties every year.
Without lifting a finger.
And they control nearly 100% of the mobile chip market on top of that.
Every iPhone.
Every Samsung Galaxy.
Every Google Pixel.
Every one of them runs on this company's architecture.
What's Coming Next
Nvidia has been quietly shipping their new THOR superchip to robotics companies.
Jensen Huang calls physical AI — robots, autonomous vehicles, humanoid workers — a $50 trillion opportunity.
And THOR is the chip that makes it possible.
One chip that does the work of five or six previous-generation chips.
When Nvidia announces the first major THOR adoption numbers — and I expect that announcement is coming very soon — the attention is going to shift to who supplies the critical technology underneath it.
This "Secret Supplier" isn't just some company Nvidia mentions on a blog post.
It is the foundation their entire chip business is built on.
And it's still flying completely under the radar.
This week's earnings were not the story.
They were the setup.
The real story is what happens when the world figures out who actually sits at the center of all of this.
I've put together a full briefing on exactly who this company is — the name, the ticker, and why I think THOR could be the catalyst that changes everything.
Markets are closed until Monday, which makes this a good weekend to watch it before the crowd catches up.
Learn More About NVIDIA's "Secret Supplier" Here>>>
"The Buck Stops Here,"
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Written by Dylan Jovine