NVIDIA's earnings report is explosive, but its stock price has slumped.

Let's break down NVIDIA's financial report in detail. NVIDIA's revenue and profits have once again reached record highs. Total quarterly revenue: reached a record $68.1 billion, up 20% quarter-over-quarter and a significant 73% year-over-year. Diluted earnings per share were $1.62, far exceeding analysts' previous expectation of about $1.53.
Net profit for the single quarter reached approximately $43 billion, almost doubling year-over-year.
The Data Center business remains the "strongest engine"
Data Center revenue: Q4 recorded a record $62.3 billion, up 22% quarter-over-quarter and 75% year-over-year.

The revenue guidance for the next quarter is $78 billion (±2%). This figure far exceeds Wall Street's previous average forecast of about $72.4 billion, directly dispelling recent market concerns that "AI capital expenditure by tech giants may slow down."

The uniqueness of this quarter lies not only in the magnitude of the beat, but also in the significant upward revision of forward guidance, which increases transparency for the next growth cycle. Investors' reaction is not to a single quarter's performance, but to the confirmation signal that "order momentum is extending further into the future."

However, the capital market doesn't seem to be fully buying the rally. NVIDIA's stock initially jumped 3% after hours, then resumed its decline. I think the main reason is that people used to believe AI was limitless; as long as NVIDIA produced chips, the whole world would be scrambling for them. But now, the big players on Wall Street are worried about one thing: have those companies buying the chips (like Google, Microsoft) actually made money? If the chip buyers find they can't recoup their costs, they won't buy next year. So, even though NVIDIA's order book is full until next year, people are wondering: could this be the last hurrah?
In a word, earnings represent the past, while the stock price represents the future. When profit expectations are this good but the stock price isn't hitting new highs, it suggests smart money is retreating.
NVIDIA's current logic has shifted from a "sure win" to a game of "catching a falling knife."

From a technical analysis perspective, NVIDIA's stock price has achieved a minor breakout, standing above all moving averages. The moving averages are diverging upward, indicating a new round of upward momentum, which is a good time to enter a long position.