NVIDIA & The State of AI

NVIDIA's second-quarter 2025 results offer an unprecedented window into the current state of artificial intelligence development.

With $46.7 billion in quarterly revenue (+56% YoY) and $41.1 billion from data centers alone, these numbers map the entire AI ecosystem's evolution, tensions, and trajectory.

This is not a stock recommendation or financial analysis but a long-term structural analysis. Financial markets may move in the short term based on logic that is purely momentary, driven by expectations, liquidity, interest rates, and so forth; this has nothing to do with long-term prospects or structural reality. This analysis of the AI landscape takes a 20-30 year view, rather than a single quarter. Indeed, the quarter numbers here are purely framed within the long-term prospect of the AI industry.

The Five-Layer AI Stack in Motion