Here are 2 underappreciated positives from Nvidia's stellar earnings

* Nvidia's earnings and long-term data center strategy are underappreciated by the market. * Massive free cash flow will fuel aggressive buybacks, driving EPS growth. * Nvidia's risk on data center investments is limited due to fungible, redeployable hardware. Despite Nvidia's strong earnings, its stock hasn't hit a new high, which is seen as unwarranted. CEO Jensen Huang outlined a $450-600 billion revenue opportunity from one OpenAI campus over 20 years. CFO Colette Kress emphasized that Nvidia's hardware is fungible and redeployable, limiting risk. Nvidia also signaled higher capital returns, planning to return 50%+ of free cash flow to shareholders. With projected FCF of $198-462 billion through FY2030, buybacks could reduce shares by 11-13%, boosting EPS 3-6% annually even without earnings growth. Analysts are raising estimates post-earnings, with Nvidia forecasting 70% revenue growth in FY2028. The market reaction is considered insufficient given these catalysts.