Nvidia: the accessory line is compounding faster than the core

What drives this is mix rather than volume. The incremental unit carries a materially higher attach of adjacent silicon than the installed base does, so gross margin rises even in a quarter where units are flat. The disclosure supports this directly. Attach revenue was broken out for the first time last quarter and grew at roughly twice the rate of the core line, off a base small enough that the mix effect is still ahead of it rather than behind. The position: long on Nvidia, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The obvious risk is that the channel clears without a guide-down, which happens when a genuine demand upturn lands on top of elevated inventory. That is the bull case and it is not impossible, only unsupported by the sell-through data.