NVIDIA posted $96.2B in quarterly revenue, up 106% YoY, but the real signal is that its take per 1 GW of data center jumps from $25B to $40B, with the increment all in CPUs and networking. Non-hyperscale customers grew 138% YoY and NeoCloud capacity is heading from 3 GW to 8 GW in a year — that's the order pool for the optical supply chain. The cost: gross margin troughs at 71–72%.

The star of GTC Taipei wasn't Vera Rubin, but Jensen Huang's new definition of computing: agentic AI is a computer taken completely apart. Once compute is disaggregated, the optical links that stitch it back together turn from a cost item into the critical path to revenue. The real signal hides in one line: every watt is revenue.