Q2 data center revenue doubled on Helios rack momentum, prompting BMO to initiate coverage ahead of Q4 product launch. Forward valuation multiples compress as TSMC capacity constraints threaten GPU shipment volumes against entrenched CUDA software ecosystems. Open interest balances suggest institutional hedging into the launch cycle, leaving Q3 capital expenditure commentary from hyperscalers as the primary catalyst for multiple re-rating.Q2 data center revenue doubled on Helios rack momentum, prompting BMO to initiate coverage ahead of Q4 product launch. Forward valuation multiples compress as TSMC capacity constraints threaten GPU shipment volumes against entrenched CUDA software ecosystems. Open interest balances suggest institutional hedging into the launch cycle, leaving Q3 capital expenditure commentary from hyperscalers as the primary catalyst for multiple re-rating.