NVIDIAreason 02 of 4it can hold its price and keep the customerderived 2026-08-20accession 0001045810-26-000075
NVIDIA commands pricing power rare in semiconductors: gross margins near 75% on a hardware-intensive product, maintained even as Blackwell became the majority of revenue. The statement that pricing does not flex with short-term cost changes implies customers absorb cost volatility, evidence of sustained pricing power tied to scarcity and performance leadership.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on
“Gross margin increased to 74.9% for the first quarter of fiscal year 2027 compared to 60.5% for the first quarter of fiscal year 2026”
“Provisions for inventory and excess inventory purchase obligations totaled $1.1 billion for the first quarter of fiscal year 2027 versus $5.3 billion in the prior year”
“Our product and solution pricing generally does not fluctuate with short-term changes in our costs”
what it was checked against
Blackwell majority of shipments
“Revenue growth in the second quarter and the first half of fiscal year 2027 was driven by data center products for accelerated computing and AI solutions. Blackwell continued to account for the majority of our system shipments.”