1152 ET - Nvidia may report "another significant stair-step in backlog" in their second-quarter earnings call, driven by continued compute demand, UBS analysts write in a note. "Looking at compute through the lens of supply and demand, because the vast majority of hyperscaler capex increase this year is due mostly to memory price inflation, compute supply growth is even further from keeping pace with demand - this is ultimately bullish for NVDA," they write. Because broader debates about AI spending and credit risk are out of Nvidia's hands, investors are going to focus on the numbers--and likely come away with greater confidence about earnings growth through 2028. Nvidia trades down 0.2% at $224.81.