A potential negative read-through to $NVIDIA (NVDA.US)$ . ...

A potential negative read-through to $NVIDIA (NVDA.US)$ .

$Alphabet-C (GOOG.US)$ Capex is expected to be flat from Sep to Dec.

This might get picked up as negative on Nvidia given expectations are that Capex comments from Hyperscalers should be up and to the right.

My take: I think Nvidia's numbers will be fine because the AI growth will spread out past the Hyperscalers in the quarters to come and separately Nvidia can't keep up with demand for the next several quarters.

Here are the numbers so you can make up your own mind. In Jun-24 Google grew Capex at 91% and NVDA grew revenue in their Aug-24 quarter by 122%. Google guided Capex to grow at 18% in Dec-24, compared to Nvidia which is expected to grow at 65% in Jan-25.