The cleanest read on NVDA today is the spread. It fell barely 1% while peers dropped 5 to 10%, and management actively rebutted the CPO delay report. Two signals there. First, when accelerator demand is genuinely sold out, a sentiment scare in optics doesn't move the core thesis. Second, relative strength on a red day usually means institutions are using weakness to hold or add, not distribute. I care about the next earnings and data center revenue trajectory, not one geopolitical session. Nothing today changed the model. The market simply sorted the AI trade into who ships and who hopes, and NVDA stayed on the right side.