Your thesis still holds

What this says

• —Data-centre revenue grew 54% year over year, with management attributing the increase to inference rather than training workloads — the broadening the bull case depends on.
• —GAAP gross margin was 73.2%, comfortably above the 65% floor set as a kill criterion, and management guided to a similar range next quarter.
• —No change to the competitive framing: the filing still describes the software ecosystem, not the hardware, as the principal differentiator.

Assumptions affected

Which parts of your reasoning this bears on, and how.

1. Demand is broadening from training into inferenceManagement attributes the 54% data-centre increase specifically to inference deployment, which is the first quarter they have named it as the larger driver.Supports
2. Pricing power is visible in sustained gross marginGross margin of 73.2% is flat on the prior quarter despite a richer mix of lower-margin networking hardware.Supports

What would prove the thesis wrong

Where each criterion stood after reading this source.

1. 1Gross margin drops below 65%Observed 73.2 against threshold < 65.Holding
2. 2A major hyperscaler moves production workloads to in-house siliconThis filing contains no disclosure bearing on customer silicon plans.No evidence yet
3. 3Export restrictions remove a region worth more than 15% of data-centre revenueGeographic disclosure shows no region newly restricted during the period; the affected region remains under 10% of segment revenue.Holding

Sources

The exact passages this reading rests on, quoted from the document.