Topic
Q4 FY26 gross-margin trajectory
Materiality
Bull position
ASP expansion on Blackwell + Hopper mix is sustainable through FY27. Pricing power compounds the operating-leverage tailwind into ~76% non-GAAP gross margin.
Bear position
Gross margin guided down sequentially in Q4 prepared remarks; CFO repeated ‘mix and yield’ language three times in Q&A — historically a leading indicator of inventory write-downs.
Reconciler · materiality rationale
Each 100 bps of gross margin = ~$0.40 of FY26 EPS. The bull and bear paths differ by ~400 bps over the next two quarters. Single-largest swing factor in the model.