Nvidia reported Q2 revenue of $96.2 billion, up 106% from last year. Data center revenue was $89 billion. The CFO noted a $2 trillion cloud industry backlog, with top hyperscalers expected to spend $800 billion on capex in 2026. Nvidia captures about 24% of that spending. Management guided for 70% revenue growth in fiscal 2028. The CEO said demand is actually higher, but they are limited by manufacturing supply. Gross margins are expected to bottom out around 71-72% in Q4 due to rising memory costs. The stock is around $217, trading at a 27 P/E. That multiple drops to 14 based on 2028 earnings estimates.