this changes everything for nvidia, amd, palantir and iren [uvDp7kJsZyy]
Nvidia's Q1 FY27 earnings just rewrote the AI thesis. Tokens are profitable, the buildout finances itself, and the ramp to billions of agents has barely started. Here's what it means for NVDA, AMD and PLTR. The faith trade is over. The cash flow trade has begun. Chapters 00:00 — The one sentence that rewrites the AI thesis 01:15 — Tokens are now profitable (the receipts) 02:30 — H100 prices up 20% YTD. GPUs are appreciating. 03:45 — From 1 billion humans to billions of agents 05:30 — Physical AI is now a $9B line item 06:45 — Why this is the AMD setup 08:00 — FPGAs at the edge: hyper efficient, local, circuit level optimised 09:15 — AMD's free cash flow vs Nvidia's 10:30 — Where Palantir fits in the agent economy 11:30 — The three things now simultaneously true 12:15 — Why the $3 to $4 trillion AI infra forecast is conservative