AI demand is a measurement convention before it is a market fact.
The headline numbers anchoring the trillion-dollar buildout are produced by definitional choices — cloud-partner pass-throughs, adjusted-basis profitability, forecast windows — so comparability cleanups and audited filings, not customer events, set the figure markets underwrite.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
The figure that moved NVDA -3% and the Nasdaq in a single session was set by a definitional convention about cloud-partner pass-throughs, not by any customer event.
The $20B 'gap' is produced by measurement-basis choices — cloud-partner pass-throughs and comparability cleanups, not customer events, set the revenue figure markets underwrite.
The demand base's profitability claim is a definitional construct whose test is an audit standard, so the anchor number the market gets is set by accounting basis rather than any customer event.