It was a tale of two AI cities when Nvidia and Salesforce on Wednesday reported the January-quarter earnings that ended their 2026 fiscal years. Nvidia kept its place at the top of the class, reporting better than projected 73% revenue growth. Net income rose 94% to $42.9 billion. For the full fiscal year, Nvidia had revenue of $216 billion and net profit of $120 billion, translating to a margin of 55.6%, which is impressive for a chip designer. By comparison, distant rival AMD’s net profit margin for the last 12 months was 12.5%, while Broadcom (a rival of a sort) had a margin of 36.2%, according to S&P Global Market Intelligence data. But even as Nvidia bulls celebrated the moment—pushing the long-stalled stock above $200—uncertainties about the impact of AI on enterprise software surfaced in Salesforce’s results. On the surface, the quarter looked fine. Revenue grew 12%, which is nothing to write home about but a big improvement on the 8.6% year-on-year growth in the first three quarters of the year. Scratch the surface, though, and the picture isn’t quite as positive. If you exclude the contribution from Salesforce’s recently acquired Informatica, the quarter’s growth rate was only 8%. No one wants to see Salesforce too reliant on acquisitions for growth, as buying other companies isn’t a sustainable way to expand. That’s likely one reason why its stock fell 5% in after-hours trading.