Nvidia can use bill-and-hold arrangements more aggressively, which is particularly important for Blackwell, as I discussed in my article on the Blackwell story. Bill and hold allows Nvidia to recognize revenue before physical delivery. Many customers want to lock in supply even if their data centers are not yet ready from a power or cooling perspective. They pay Nvidia to manufacture the racks and hold them. Under specific accounting rules, Nvidia can recognize revenue immediately upon completion of manufacturing, even if the racks remain in Nvidia’s warehouse for months