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Why Alphabet and Amazon Will Always Need Nvidia

Google sells its own TPUs and Amazon pushes Trainium, yet both keep writing NVIDIA enormous checks. One supply bottleneck and one software moat explain why the custom-chip threat may be harder to execute than it looks.

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GIBCGI
Q4 2026
EPS
$1.63
est $2.30-29.3%
Revenue
$2.92B
est $4.13B-29.3%

CGI's streak of in-line quarters ended hard, with adjusted EPS missing consensus by 29% and revenue landing nearly $1.2 billion below the estimate. Management offered no numerical fiscal 2027 guidance.

Quarterly EPS — reported vs estimate

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