A quarter rarely comes along that tells us as much about where the economy is headed as it does about a single company’s balance sheet. Nvidia’s second-quarter fiscal 2027 results, released this week, were one of those quarters. We think it’s worth taking a step back from the headline numbers to talk about why this matters for how we’re positioning client portfolios today, and why we continue to believe artificial intelligence represents a durable shift in how businesses operate rather than a speculative fad.