Read NVIDIA's 10-Q last night. The earnings call skipped over some stuff.

So I went through the filing. The call was all "parabolic demand" and everything sounds amazing. Then you actually read the numbers.

$58 billion in net income, but $13.4 billion of that was just unrealized gains from stocks they own. Intel went up so they booked a gain. That has nothing to do with selling chips. If those stocks stayed flat the quarter looks a lot more normal. Like $44 billion. Management didn't really mention this on the call.

Also three customers make up 54% of revenue. 21%, 17%, 16%. Jensen talked about having customers in 40 countries but half the business is three companies. And the filing says these are mostly purchase orders that can be cancelled anytime. These are probably the same cloud companies building their own chips. If one of them slows down even a bit that's a big hole.

The Groq thing was surprising too. They paid $13 billion cash to Groq. Another $4 billion committed. And now there's $14.4 billion in goodwill on the balance sheet. Groq is an inference startup a lot of people think could compete with them someday. If that goodwill ever gets written down it's a real hit. And nobody really talks about it.

Not saying the company is bad. The business is clearly strong. Just thought the earnings got a nice tailwind from non-operating stuff and a few risks seem under-discussed.

Just sharing in case someone finds it useful.