The backlog is growing ~13%/yr — FASTER than the ~5%/yr the price requires. Demand is, for now, running ahead of the embedded expectation.
NVDA Data-Center revenue as a share of the Big-5 hyperscalers' cash capex — how much of the AI build cycle flows straight back to the merchant-silicon vendor. Customer concentration and vendor-financing are text-only disclosures, not imputed here.
If the depreciable base were written off over a shorter, GPU-realistic life than the implied ~4y, depreciation rises and the operating margin falls to the figures above — how much of today's margin rests on the depreciation-life assumption. Display-only; it only ever lowers the margin and never feeds the fair value.
Diagnostics only — never a composite score. These ~8 core names trade as ~2 independent bets, so no cohort-scoped statistic could be significant. RPO is read within-name (never differenced across names — Oracle's backlog is concentrated mega-deals; Microsoft's is diversified). The expectation and demand legs are juxtaposed, not subtracted.
