"Nvidia’s (NVDA +4.5%) gross margin upside in a humbling quarter for Tegra and an 'apocalyptic' PC environment was quite impressive," writes Raymond James following the FQ1 report. Judging by today's rally, many agree. RJ sees the margin strength as proof demand for high-end GPUs for gaming/computing/workstations "is likely more inelastic than thought." Others are worried about the Tegra unit, which is losing share ahead of the Tegra 4 (FQ2/FQ3) and 4i (FQ4/FQ1) launches. On the earnings call, CEO Jen-Hsun Huang admitted Tegra's gross margin is below Nvidia's total GM, but added margins for GRID and Tesla (also expected to grow fast in 2H) are above-average. AMD +2.3%.