Investors are the obvious listeners to an earnings call. But TD Cowen analyst Joshua Buchalter wonders if Nvidia had another group in mind with some of its commentary — particularly as CEO

Jensen Huang talked about the challenges posed by export restrictions on the China market. "We cannot help but point out a material shift in tone and willingness on CEO Jensen

Huang's part to speak directly and frankly about the ramifications of recent actions by the U.S. government," he wrote. "Indicative of the turbulent backdrop for Nvidia and

the entire industry, the government seemed as important of an audience on this call as did investors." Buchalter called out that if not for the $8 billion in estimated lost revenue from