Doesn't include indirect costs, which include non-recurring engineering (NRE). Which is huge for a company like Nvidia designing and verifying new parts, and paying for the masks to make them, which appear to go down to TSMC's 3nm node. Also making new reference designs for boards, I hope tech support for OEMs etc.

They're also one of the very few hardware companies that's good at software and that appears to be done with six figure market salaries per a search I just did.

High gross margins also give them maneuvering room when the market turns against them like now and very possibly for a while longer, and I seriously doubt they've ever believed they could confidently predict what the cryptocurrency market would do with their repurposed systems.