While Nvidia's GPUs aren't the only part of capital expenditures, they are a large focus for tech giants. That's a meaningful jump from the $180 billion-$190 billion in guided capital expenditures earlier in the year. Amazon also raised its projected capital expenditures to $220 billion, with higher memory costs playing a big role. The ongoing supply shortage suggests Nvidia can maintain its current momentum, putting it at further odds with its recent returns. Ives' commentary suggests this is still early, which is a good sign for Nvidia investors.