JPMorgan Chase's latest report indicates that NVIDIA's management explicitly stated at recent investor meetings that the FY28 70% year-over-year growth framework is not a demand ceiling. If not constrained by supply, business growth could have exceeded 100%. The core contradiction currently suppressing NVIDIA's growth has shifted from demand to production capacity, with advanced wafers and HBM memory being the two major bottlenecks. The company is coordinating with TSMC, Micron, SK Hynix, and Samsung to expand supply. Furthermore, NVIDIA's inference revenue has surpassed training revenue, and AI computing infrastructure revenue contributed by emerging cloud service providers has exceeded 50%, further diversifying its customer base.