[Audio] NVIDIA's agentic AI and Stargate mirage

NVIDIA just posted $68.1 billion in a single quarter — but is the AI infrastructure story built on solid ground, or a house of cards? In this episode, we dig deep into NVIDIA’s fiscal Q4 2026 results to find the structural cracks beneath the staggering numbers.We cover:* Why NVIDIA has become the “electric company for the intelligence age” — and what that means for market risk* The critical shift from AI training to inference and agentic AI, where token generation surged tenfold in one year* How a single company drove one-fifth of all S&P 500 gains between 2023 and 2025 — and why that concentration is dangerous* The oligopsony problem: just four customers account for 61% of NVIDIA’s revenue, with Microsoft alone representing ~20%* Why Project Stargate’s $500 billion headline may be a mirage — with actual hard commitments closer to $30 billion* The “demand cliff” risk: if data centers aren’t breaking ground now, there may be nowhere to put the next-gen Rubin chips in 2027Closing thought: If Stargate isn’t actually being built and the whole system relies on software revenue that hasn’t arrived — are we looking at a bridge to nowhere?You can support our publication and podcast by upgrading your subscription…Gold Circle members receive up to 20 Analyst Reports each year.* Broadcom ($AVGO) Analyst Report, $649 (comes with Gold Circle subscription)* 13 pages, across 9 sections, from Executive Summary to Q1 FY2026 Financial Performance and Key Risks & ConsiderationsAnalyst Reports speak for themselves—and are worth the price of admission. Don’t miss our next one. Become Gold Circle member.© Openfieldbook, publishing 5 days a week, am.Read the research here; powered by Gemini Get full access to Open Fieldbook at openfieldbook.substack.com/subscribe