Q2 FY2027 data-center revenue hit $89.0B, up 117% YoY and 18% QoQ from Q1's $75.2B; Q3 guidance is $108B excluding China, where legacy-eligible chips were under 1% of data-center revenue. The core bet -- dollars compound as share drifts down -- is running ahead of June's own $91B guide.

AWS now sells Trainium3 to outside customers, a $50B move Jassy frames as direct competition, and Meta's Iris MTIA v3 begins production in September targeting inference -- not frontier training, which stays on NVIDIA GPUs. The ASIC threat is real but still confined to the workload tier the June thesis already discounted.

Huang confirms China GPU share is zero, down from 90%-plus, with Q3 guidance already excluding it entirely; Vera Rubin stayed on Foxconn's 2026 schedule. TrendForce reports Chinese firms raised in-country AI chip budget share from 30% to 46% by July -- domestic substitution confined to China, outside the thesis's addressable market, distinct from the export-control exit already priced in.

NVIDIA is now financier and landlord to its own demand: it holds the lease on Anthropic's 700MW Lambda data center backing a $35B deal, layered on Anthropic's $45B Nscale contract and a reported $10B anchor stake in Anthropic's IPO. Capex increasingly loops through NVIDIA's own balance sheet -- a concentration risk distinct from ASIC share loss.