What does Nvidia's (NVDA) $20B CPU # imply

Let's dig into with the question on everyone's mind after the NVDA print: what does the $20B CPU number actually imply? If you're looking for a clean answer, stop reading now. It’s unlikely we get any real clear answer until Computex in a couple of weeks, but here’s the different scenarios we heard today from a few of the best semi analysts on the street, who all talked with NVDA post-their call:

• Joe Moore at MS thinks CPU pricing is $3-4k and the $20B number is 50/50 split between head-node CPUs inside Blackwell/Vera Rubin racks & new standalone CPU sales. He doesn’t think the $20B includes DRAM. In other words, half was already NVDA’s, half is growth into new agentic CPU workloads (greenfield).