NVIDIA is trading around two hundred eighteen dollars. While they are hardware, their software ecosystem lock-in is the ultimate non-ad revenue stream. Developers pay for the privilege of accessing their architecture. That’s the gold standard. Even Alphabet, which still dominates ads, is aggressively pushing cloud and enterprise services because they know the ad ceiling is approaching.

It’s interesting that you mention Alphabet. Isn't their ad business still growing, just slower?

It’s growing, but the margin pressure is real. Privacy laws in Europe and potential regulations here are eating into their targeting capabilities.

OpenModels are also good for NVIDIA's hardware business. When companies use Openweight models, they often need their own infrastructure to run them. In many cases, that means NVIDIA GPU. So, Hugging Face strengthens NVIDIA's position in hardware, model distribution, developer workflows and hosted inference. The Foundry Insight. NVIDIA is no longer just selling the picks and shovels of AI. It is buying the marketplace where many developers choose what to build with. Now, let's shift to cybersecurity and enterprise infrastructure. Palo Alto Networks reported quarterly revenue of $3.41 billion, up 34% year over year. CEO Nikesh Arora said AI is pushing cybersecurity higher on CIO priority lists.