If there were doubts about Nvidia Corp‘s (NASDAQ:NVDA) AI momentum, BNP Paribas just pushed back—with a line that says it all: the "party AIn't over yet."

And the bullish signal isn't coming from chip demand alone. It's coming from the companies building around it.

The Real Signal Is In The Supply Chain

BNP's latest Asia hardware initiations highlight a key layer of the AI ecosystem—ODMs (Original Design Manufacturers) like Wiwynn, Accton, Hon Hai, Wistron, and Quanta, which assemble and test AI server racks before they reach hyperscalers.

That matters for Nvidia for a simple reason.

"Nvidia recognises revenue when it ships GPU's chips into its ODM partners," the analysts note—not when the finished servers are delivered.

In other words, Nvidia's revenue engine sits earlier in ...