NVIDIA reported revenue of $96.22B, up 105.8% year over year, with networking at $40.31B, up 138%; demand is growing about 100% while supply supports about 70%. Apple's iPhone revenue reached $54.3B, up 22%, and Services brought in $30.7B, up 12%, while tariff refunds added $0.11 to EPS of $2.02. The author contrasts NVIDIA's model of selling AI data center infrastructure with Apple's model of running AI on devices, and flags memory costs as a risk for Apple and longer payment terms as a concern for NVIDIA. Year to date, Apple is up 26.82% and NVIDIA is up 15.76%, with P/E ratios near 45 and 43 respectively. The author believes NVIDIA offers more growth per dollar paid, while defensive investors seeking steady cash returns may still prefer Apple.
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