Firmus, an Indonesian data center operator, is partnering with Nvidia to construct a 170,000-GPU AI facility in Indonesia — one of the larger announced GPU deployments in Southeast Asia to date. The scale of the buildout signals aggressive regional AI infrastructure investment and cements Nvidia's position as the default supplier for large-scale AI compute globally.

For Nvidia, this is another data point in a string of sovereign and enterprise AI deals across Asia-Pacific. With FY2026 revenue at $215.9B (+65.5% YoY), gross margins at 71.1%, and net margins at 55.6%, Nvidia's financials already reflect dominance in GPU-based AI compute. EPS of $4.90 diluted shows the profitability engine is firing.

The incremental read-through here is positive but modest at the company level — a single facility, even at 170,000 GPUs, moves the needle less when you're already doing $215B in revenue. The more meaningful signal is demand-side: Southeast Asian governments and operators are committing capital to large GPU clusters, supporting Nvidia's forward backlog narrative.

The bull tension centers on whether this deal, and others like it, keeps Nvidia's data center revenue compounding above consensus estimates into FY2027. The bear tension is that at these revenue and margin levels, valuation is already discounting continued hyper-growth, leaving little room for supply chain disruptions, export controls, or demand normalization.

Watchers should monitor whether Nvidia's H100/H200/Blackwell mix in deals like this is disclosed, and whether Indonesian regulatory or export-control dynamics (U.S. AI chip export rules) create any friction in delivery timelines.