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 checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s