We have Take-Two in the waiting room.

Let's bring him in to the TV and Ultra

Dome. Take, how you doing?

>> Hey guys, doing great.

>> What's going on?

>> So, hey, so tell me, last time you were

on the show, you bottom ticked it.

What's going on?

>> Uh, I think I made the bullish call on

CPUs, memory, and Nvidia. Nvidia's up

like 5 10% but

>> Nice.

>> uh, these few names have still doubled

even after this big drawdown and the HBM

gains are up 100%. So,

I'm hoping that, you know, it's the same

thing again. I come on here and stocks

go up again.

>> Yeah, ideally we could have like an

emergency reserve of Take-Two

>> [laughter]

>> appearances. So, if the market is ever

down, we

strategic reserve, we call you up, you

jump on, and then it's

>> was funny cuz it was literally the exact

bottom and, you know, it went

exponential after that.

>> The Take-Two effect.

>> So, where are we right now with the

level of FUD, the level of, uh, downward

pressure on the AI trade broadly, the

chips, the semi trade? Like, reset for

us on like where sentiment is and then

we can work through the different pieces

of counter examples.

>> So, I think sentiment's very negative.

I'm kind of had this

huge up parabolic up move the last few

months and likely a lot of retail and

hedge funds piled in and we're seeing

this unwind now. I I think the first a

big part of it was the Iran war getting

worse.

>> Mhm.

>> Uh, every time, you know, we had the

the first ceasefire and negotiations,

stocks started taking off right right

after that. And then when you we had the

actual ceasefire, uh, we had a follow

through. And then as soon as Trump

started bombing Iran again, you know,

chip stocks have kind of plummeted in

the last two three weeks. Uh, and then

now we we're seeing just, you know, back

to the old, uh, pattern of, uh, media

and the viral hot takes uh, spreading a

lot of FUD. Uh, I think we saw earlier

this month, um,

I think, uh, Reuters quoted like

Zuckerberg about agentic AI. They took

it out of context and then every

media person was with the hot take that

this met meta was seeing bad returns and

they're going to cut capex. And then we

had leaks right after that saying that

it looks like meta is going to raise

capex. So what we're seeing a lot of

this hot take fud.

Yesterday I think we had a flurry of

stuff that scared people. The Wall

Street Journal vendor financing article

that we'll see we'll see what happens

with that. We had CMXTI IPO in China and

everyone freaked out over that. We had

the information article on ASML.

We could go through each one. And then

the Kimmi thing is obviously a big

thing.

>> Yeah, we'll definitely get there and I

want to talk about open source and

Nvidia's strategy there obviously.

Starting with the Mark Zuckerberg news

in Reuters. This was July 2nd. Meta's

Zuckerberg says AI agent tech

progressing slower than expected.

Zuckerberg added that the company's

reorganization that included major job

cuts was not as clean as it could have

been. Zuckerberg and other meta

executives have been seeking

to moderate some of the core of the

organizational changes introduced this

year. And they said that the trajectory

of agentic development over the last

four months hasn't really accelerated in

the way we expected. The company's bets

on new structure haven't come to

fruition yet. And so people were sort of

reading this as maybe Meta's going to

pull back. But then

it felt like the response was extremely

quick with with Boz going on a podcast

and Alex Wang sharing a whole bunch of

progress across um

a few different

models and data points. And then

SemiAnalysis wrote a whole bull case for

MSL talking about how they have compute

and also they have more of like the

internal structural alignment to sort of

properly YOLO in the AI era if I'm

boiling it down as brutally as possible

just because with Google there's always

this debate between oh do you sell the

TPUs or do you sell the cloud do you

have vented in the product whereas Mark

Zuckerberg's able to sort of like go all

in on this new idea and so maybe there's

more

more glimmers of hope there but what

else have you been tracking downstream

of Meta's ambitions?

>> Well, I mean they've been very up front

that they're investing in AI. Alexander

Wang is tweeting multiple times every

few weeks that they're they're going

full force. They're going to redo open

source AI models. They I think he said

that at the YC event over the weekend.

And it's I mean if you actually look at

and then Reuters came out I think with

an article saying that they're actually

going to raise CapEx dramatically

this year and next year. So all that

kind of fear that that quote about

expensive AI from the town hall

that kind of like spooked the market for

a few days and kind of it was it was

completely false.

Um

>> Yeah, it feels like it's a

yeah, it feels like it's a comms error

because the the language that's been

coming out of Meta has been a little bit

like

AI is going to replace our employees and

it feels like it'd be much better for

them to to come to the market with a

message of we're going on the offensive.

Like we're a hyperscaler.

>> be to be fair that that was the internal

town hall. They didn't mean to leak it

and Reuters leaked that one quote and

put it out put out the headline before

the article came out.

>> it's interesting like Meta did Meta

basically go through like an 8-year

period where like internal town halls

didn't instantly leak?

>> everything leaked always. I think I

think everything's been everything's

>> but there was there was a period where

like the the the the sort of attention

of the media was way way way less on

like what Meta was doing internally

relative to the 2010s and all that

attention just went to the labs, right?

>> Yeah, yeah, yeah. No, that makes sense.

Yeah, I guess the question is like

>> The question that

I keep coming back to is like where is

their revenue ramp? Where is their AI

revenue going to ramp and when, right?

Because as you just keep

>> ads. Like the ads like the AI has

>> Yeah, and I and that's

always that's always that's always been

my view, too, but when you're when

you're continuing to ramp CapEx

>> Yeah.

>> with and saying like we're going all in

on a gen tech and we're building a

harness and we're also going to do open

source and it's like, well, what is the

strategy?

>> Sure.

>> Like

what is going to take you to a billion

dollars of like pure AI product revenue

>> Yep.

>> or or or just API revenue? What's going

to take and then to five and 10

>> Mhm.

>> and what's going to allow you to like

justify this spend other than I think

the market would love if they just said,

"Yeah, we actually need all these GPUs

cuz we can actually be 10 times We're

already good at ads, we could be 10

times better and that's where we're

going to get the the ROI on all of this

CapEx."

>> Mhm.

>> Well, well, they're definitely getting

ROI in that. The market is worried

about, you know, all this extra CapEx on

the or going for the frontier AI model

basically again. And they had to reset

like they had to a lot of people left

and now weighing hired a ton of people

and uh

>> Yeah.

>> we'll see what happens over the next

It's going to take time. It's going to

take 6 to 12 months before we see any

more progress.

>> But that that is hard when you

>> model like came out a few weeks ago um

was a lot better than people thought.

But it wasn't, you know, the frontier

but it was much better than what people

expected.

>> Yeah. Yeah.

Uh

so, uh how have you been processing the

Nvidia letter around uh open source and

all the back and forth, all the people

jumping on, the companies that have been

staying back?

>> I I think

it's been very impressive what they've

been they basically

United the entire tech industry against

Anthropic and in the last like three

four days.

>> 18 trillion in market cap has signed on

last time I tracked across

>> I mean Google Cloud Amazon signed on

eventually

yeah.

>> Okay, they signed on yesterday they

tweeted out interesting.

I think Apple is still the holdout but

that's

>> Which is kind of strange cuz they're the

one that would most benefit from open

source open weight models being you know

more available. I would think but I

don't know what Apple

But I mean they pretty much got the

whole tech industry to

kind of corner Anthropic in their

position um

Open AI signed on.

>> Yeah, what did you think of obviously

Nvidia is afraid

I don't know how how

if I don't know if they're really

I don't really I don't read it as being

like cornered by any means. Right?

>> Jensen is on the record that you know he

said I think to Bloomberg that there was

rising sentiment that something was

going to happen on the on the regulation

front

White House or whatever.

>> Yeah, and we saw that this was this was

last week you had at least four people

in the admin say we're not against open

weights. We're against distillation and

at least I was reading into that of some

type of regulatory action around open

weights

and and then positioning it as we're

targeting this is this is like we're

hitting them hard. Yeah.

>> Um about you know push back and

restrictions and he's doing it under the

safety umbrella but

definitely Microsoft and Nvidia are

worried that

the White House or Congress is going to

do something on this front and that's

why

they took

>> very reasonable that he would have no

problem with like Gemma or llama or any

of the open source from like American

hyperscalers where if you find out that

they're distilling, you just walk across

the street and sue them. Uh and also

these big companies have huge huge I

mean they have safety teams, but also

just like huge incentives to not have a

safety incident happen on their watch

because you're trying to like catch up

to the frontier and then all of a sudden

you have a safety incident. That's going

to be really bad for your overall brand.

Uh and you have a different business to

protect, whether it's social networking

or uh Google Search. If all of a sudden

the Gemma model winds up being a thorn

in someone's side for a cybersecurity

reason or bio reason, uh that would be

uh really really bad. But uh

a foreign company that is just like

hurling it over here can kind of just be

like, "You guys deal with the

consequences potentially." So, I think

that's what what what Darius is worried

about. Uh what about um

the overall idea of like where where it

feels like we're sort of replaying the

Deep Seek moment, open source is going

to reduce cost. And so, uh that's a

reason to pull back on the AI trade

overall. How have you processed that?

>> It's almost a perfect analog. Uh people

are worried about Kimmy, yeah, but when

you actually read the technical paper

and their blog post, uh

this is not a tiny efficient model. This

is 2.8 trillion parameters. It's going

to require a ton of compute server. I

mean, we saw it the first day they put

it out that their servers got slammed.

Um even in the blog post, they say it's

best run on a kind of a

a server with 64 GPUs. So, big

superclusters that are networked well

and and that's perfectly runs great on

Nvidia. And if you remember, you know,

during the whole Deep Seek thing about a

year a year or so ago, uh the market

freaked out that, you know, Deep Seek

was going to was so efficient that it

will lead to a compute flood. But,

Deep Seek was an example of the

reasoning model that actually it was the

opposite. It created a ton of demand.

And I think the same thing is going to

happen with Kimmy, where uh when you

have more capable models that come out,

people find uses for them. And right

now, just like last year when reasoning

models took off, agentic AI and agents

are taking off right now, and the market

is kind of like not realizing that cuz

right now, just like last year when

reasoning models were taking off, right

now agentic AI is taking off. And the

next 6-9 months are going to be bigger

than anyone believes. And Sam is on the

record. Sam is on the record

over the weekend saying

at the YC thing again, like people don't

I don't know why people don't like

listen to you. It's on YouTube. That the

next 6 months it's going to be much more

dramatically better for AI than the last

2 years in terms of advanced

capabilities. And I heard you say RSI

before. I think it's going to be RSI.

People inside OpenAI, and definitely

Anthropic, Anthropic put a blog post on

this. RSI I think is a lot closer than

people think. And if RSI actually

happens in the next 3-6-9 months, that's

going to soak up insane amount of

compute. I mean, we had this exponential

ramp for reasoning, exponential ramp for

agentic, and then if RSI actually

happens, and I think sounds like both

frontier labs think it's going to happen

very soon. That's going to soak up an

unbelievable amount of compute as the AI

models, you know, use more compute to

self-develop and improve. And I think

that's one thing that people are

missing, that both Anthropic and OpenAI

are kind of winking that oh, it's

happening. Anytime I tweet something on

RSI, all these frontier AI people

>> [laughter]

>> like my tweet. So, I think that's good.

>> Uh what what is your what is your sort

of

framework around compute hoarding?

Because certainly certainly it is it has

been happening when you look at when you

look at you know,

like going back to the meta example,

right? They're not selling compute yet.

They're maybe

curious about it or or exploring some

deals. But they have all this compute

and they're betting on their own ability

to create the capability that will have

enough demand to

uh justify justify that. Do you just

think it there there there's so much

demand overall that it just, you know,

even if they're they're hoarding, it

just will leak out and it's okay?

>> so much demand overall. I mean, the SK

Hynix executive said uh during their IPO

run

um that their customers are asking five

to six times more than they're able to

serve. And they're going to double

capacity over the next five years, they

said. And their customers, and I I I'm

going to assume it sounded like Jensen,

um

are asking for five to six times more

than they're they're able to build. So,

there's overwhelming demand. You guys

were at the advanced AI uh

AI and D event. Lisa Su raised her CPU

gigantic CPU forecast.

Just three months ago it was 120 billion

for 2020 30. Three months later, they

raised it to 220 billion.

>> Yeah.

>> Like, she doesn't do that. She doesn't

do that.

>> You have that just on the ready?

>> I've got that ready. I can do whatever.

[laughter]

>> I mean

Like

>> Well, I just love this chart because he

called it

perfectly.

>> He actually did. It's crazy.

>> And CEOs don't don't, you know, raise

their TAMs by like these multiples in a

few months if they're not seeing insane

demand coming in.

>> Especially not public CEOs or serious

business leaders who've been running

like non-meme stocks for decades and are

like serious business

>> Everyone's freaking out that this is

like the dot-com bubble all over again.

They're under finding orders. But what

if these hyperscaler GPU cloud

businesses are amazing businesses? Like,

we're going to say like Anthony says,

like if you do inference,

it's 60 to 80% profit margins, right?

These are amazingly profitable

businesses as long as we keep growing

the next few years. And And again, just

like last year, we're at we're on this

exponential run right now over the next

two quarters, and the market isn't

seeing that. Everyone's freaking out

that oh no, we're spending too much. And

even uh Sam Altman

uh podcast came out today, and another

podcast is Sam Altman. Sam is out there.

He said that he regretted, you know,

pulling back on the compute purchases.

They made a mistake by uh not putting

the pedal to the metal, cuz now things

are taking off again. So,

like I I I I I don't I Amazon the CEO in

April, if you everyone read his annual

letter, Andy Jassy wrote. Yeah. He talks

about how free cash flow works. We're

not betting $200 on a hunch. We see the

demand. We know it's going to be

insanely profitable and free cash flow

positive in the medium-to-long term. So,

that's why we're investing $200 now, and

in in the year or two, we're going to

see insane amounts of free cash flow.

The thing that people are worried about

the right now. It takes time to build

out these data centers and fabs, and you

bet now it's going to happen in a couple

of years.

>> if you if you see uh

you see free cash flow, that is that

that assumes that uh like like the

revenues have to catch up, and then the

capex can't grow more exponentially. And

so, that means you have to see some sort

of plateauing. Maybe it's at the end of

the chart, maybe it's this 2030 range,

but there is a different world of just

like continued growth forever. And then

we sort of run out of money.

>> The the pushback I have there is that's

a static view, right? If they don't grow

revenue

>> Mhm.

>> for the next 3 years, yes, you can't do

that.

>> Yeah.

>> But, they're growing Azure is going 40%,

Google Cloud is going 80%, yeah. You

know, Amazon's growing

high uh double digits. So, if

if

if revenue is growing 40 to 80% this

year or next year and the year after,

that's more revenue you have, that's

more operating cash flow you have to

invest, right?

>> Yeah.

>> So, that's that's what people are

missing. And if this stuff

if the data centers you're building now,

you're spending all this now

generates

unbelievable free cash flow in 12 to 18

months because, you know, this AI is

actually engaging and re-architecting

all the workflows inside companies, and

you need to do the agentic AI coding

agents to make your product better cuz

if you don't if you don't iterate 100

different iterations of your product and

R&D

if you don't do AI, just like AT&T is

doing at the agentic advancing AI at

AMD. He's talked about they're putting

100 gen AI models into production.

They're burning a trillion tokens

a month, and then that's growing double

digit. The reason why they're doing that

is cuz, you know, you by using agentic

AI, you're providing a better customer

service, a better you have a better

product R&D, and you're helping your

companies make better products and

services. And if you don't incorporate

AI into your company

Verizon, your other company is going to

do is going to incorporate AI and then

disrupt you, and then you lose all your

revenue. So, everyone's worried about

the ROI. ROI is important, but you also

need return on revenue because

if you don't use AI, your your rival is

going to use AI to beat you in the

market.

>> Yeah, yeah. No, I I I think the

diffusion story is still even though we

got like sort of jitters by the token

maxing thing, just the actual usage of

AI across companies is still pretty

limited in terms of the amount of people

that are using it, the time that those

people are using it. Like, there

definitely is a San Francisco bubble of

startups where everyone is using AI a

lot, but if you just walk into a normal

business, a lot of people are like,

"Yeah, I got to check that out." which

is pretty interesting.

>> you some some context here, something

>> Yeah, Arra Garabedian Jared Sleeper of

Andreessen Horowitz saying enterprise

adoption disparity remains enormous and

he cited Ara saying

usage would 100 x if every company

adopted AI to the degree of the most

advanced companies.

>> Yeah, yeah, yeah, people like people

forget in the ramp in in the ramp data

like adopting AI can mean like having a

chat GPT pro account for someone which

is like not exactly the same as like

using codex and like coding agents and

stuff. Like it's important I think that

you know if I have someone on my team I

want them to be able to go and do a deep

research report but

that's like table

stakes. The question is like are you

actually speeding up anything that's

repetitive in your job and that

diffusion is just starting to take hold.

>> So so the total market size in terms of

IT and knowledge management in

corporations it's about 6 trillion

dollars, right? A year.

Uh the two main frontier AI model

companies open AI and Anthropic I'm

going to say I think this is roughly

accurate are doing 120 billion dollars

combined in ARR. You know, why can't

that go to 200, 300, 400 billion in the

next year or two? I mean they're growing

at exponential rates.

>> Yeah.

>> And we're taking off and the if the

market is 6 trillion dollars, right? Why

can't they grow to 200, 300, 400 billion

next couple years? I mean it's like just

do a little logic and rational

deduction.

>> Yeah.

>> Um this is definitely possible and it's

happening right now and it's

accelerating and people aren't you know

they're just taking you know these big

headlines where we had this

you know 50 billion dollars from the

Financial Times and we find out it's

over 30 years. It's like on the

homepage.

>> Wait, wait, yeah, yeah, okay, I wanted

to ask you about this. Nvidia revealed

its tenant for 50 billion dollar data

center that will use its chips. Explain

what what is actually going on here?

>> So the Financial Times is put on their

homepage today that Nvidia is going to

backstop a lease for a data center in

Texas for $50 billion. And I saw that, I

was like, "Oh my gosh. Oh,

that doesn't sound good."

>> Yeah. Yeah.

No, it literally sounds like they're

buying their own chips. Like, it sounds

like the most bad thing you could do.

>> Yes. [laughter] Then they actually read

the article, like, halfway down the

article. It's like, a 15-year lease,

uh, and it's only $50 billion if they

renew the lease after 15 years.

>> Okay.

>> So, it's like over 30 years if they

renew it. Then, if you think about that,

you're like, "Wait a minute. 50 billion

divide by 30, if they renew it."

>> Okay. Yeah, Nvidia's 15-year lease

commitment for the Texas site is worth

basically 20 billion, and renewal

options would take the total value to 50

billion over 30 years, according to Hut

8.

>> Okay, but

what do you think they're What What are

their plans for the site? Is this

they

are going to have some Like, what What

do you expect them?

>> So, so, my my point is this is a

billion, you know, whatever, a billion

or $2 billion a year, right? It's a

non-story. But, it's a it's a big

headline, sensational headline on the

homepage.

>> Yeah, and also and also it's not that

it's

it's not like you're taking a $2 billion

loss every year. It's you are the

tenant, and then you are also renting

that out, so hopefully you're making

profit.

>> It's a rounding error. It's like, you

know,

they're doing 320 billion run rate a

year now. That's going to go to 400, 500

billion next year. And we're talking

about something that might be a billion,

you know, like, this is not a story,

but, you know, this is how people run

with the sensationalized headlines, and

people panic and freak out.

>> they just wanted to say the biggest

number. Yeah.

>> That's exactly the point. And And we're

going to see what happens with this Wall

Street Journal article. Um, both OpenAI

and Nvidia are not commenting so far.

Uh, we'll see.

>> But, take us through the rumor.

Rumor mill time.

>> a rumor. It's the Wall Street Journal

and other uh people reporting that.

Yeah, Nvidia is in talks with Open AI to

backstop SoftBank up to 250 billion, you

know, billion dollars. We don't know the

details and I don't want to speculate

and comment, but let's actually see the

details before we I I I think the market

had a really big negative reaction

yesterday

>> Oh,

>> uh to this story.

Uh because everyone I mean, Jim Cramer

was telling his audience like sell

everything at the open today because AI

and data centers dot com uh you know, it

was insane. It's just Let Let Let's see

the actual deal and then metrics and

then numbers before we panic and freak

out.

>> Yeah.

Yeah, that Yeah, yeah. Yeah, that makes

sense.

So

>> Yeah, honestly, when you say freak out

and sell everything, sell your dollars,

sell your

sell your house, sell your stocks, then

I'll freak out. But, until then, today I

feel I feel okay.

>> I mean, I just see the fundamentals. I

see the CEO of AMD expanding her TAM,

you know, dramatically in just over the

last 3 months. I see RSI on the horizon

like every AI researcher is like, "Oh my

god, this is going to happen. We have to

get there sooner." And then I see, you

know, the obvious use case of

uh agentic AI where you have to

re-architect your workflows internally.

Every company has to do this. So,

everything is taking off. You see like

um

You see uh when the president of Korea

came to San Francisco area last week,

you know, they had like a day in the

valley.

Instantly, Nvidia CEO Jensen Huang,

Qualcomm CEO Hock Tan, Dario, you know,

Sam Altman are there, right?

You know, do a little logic deduction.

What Why are they there like crazy? Cuz

they need HBM memory and they're dying

to have it.

So, if you think about that, that means

there's insane demand and HBM memory is

in in

in shortage and there's tremendous

demand for it, right?

>> Talk about the Oh, sorry. Talk about the

Nvidia CUDA mode. It feels like a big

piece of AMD's advanced AI event was

maybe the CUDA mode isn't as much of an

issue anymore in the age of agentic AI.

You can have an AI agent write you the

software that you need to use any chip

and that creates less pricing power for

Nvidia, but there's another world where

you're not really

like

Nvidia doesn't necessarily need a mode

because everything's just growing so

fast that they're still growing. But how

have you interpreted the processing of

like the potential death of the CUDA

mode?

>> So, AMD is out of it. Kimmy wrote like a

couple paragraphs in their blog post

about how they created a GPU kernel all

that. So, everyone, you know, gets

scared or whatever.

It it's

we'll see what it's like in real life.

You know, this is just you know, AMD is

incentivized to say, "Oh, CUDA's not a

problem anymore."

CUDA's been a tremendous mode and I

think it continues to be a mode. And the

reason why is

it's super reliable. All the bugs have

been optimized and fixed and that comes

from hitting the software, you know,

millions of times and billions of times,

right? Like you don't know if, you know,

if if you use cloud code or Kimmy that

what they figure out using their

training data is going to work in the

real world, right? They could talk about

one little piece that does well. Let's

see how it actually works.

>> Yeah.

>> But Nvidia's

big mode is

its scale, its co-design of actually

working through the networking, the CPU,

the GPU and how everything works

together. And the other big thing is

their balance sheet and their ability to

uh get supply commitments from, you

know, I

I I said this before um

optical startups are like upset because

Nvidia secured all the supply for all

the optical components. Same thing with

TSMC wafers, same thing with HBM memory.

So, Nvidia is using their size and

gorilla and be able to prepay and get

components that are in shortage. So,

they become the dominant, you know, over

the next year or two, you're going to

see Nvidia able to add tons of revenue

because they were able to lock up all

the supply components. That's another

thing that people don't really talk

about is their supply chain and their

ability to work with partners and secure

secure component inventory.

>> Is there still energy fud that we would

run into an energy bottleneck before we

run into a chip bottleneck?

>> So, so Jensen said this last week on a

Bloomberg interview that there are a lot

of bottlenecks including um

data center shell, power, and all those

things, uh components, um energy,

whatever. So, all those things that

sounds really bad, right? And then right

after that he said, "I think we have the

chip industry has enough supply to

double their revenue every year."

Basically implying Nvidia has enough

supply

uh for for energy and all that stuff. No

one is pricing that in. So, everyone

talks about bottlenecks. Nvidia CEO just

basically told you on Friday that they

have enough

uh

enough supply chain and all that

bottleneck stuff to double revenue every

year. No one, you know, Nvidia's revenue

uh

estimates for next year are a lot lower

than double, I'll tell you that.

>> Do you think the market

uh

prices in just how much of almost every

important AI company in every category

Nvidia actually owns?

Like it it feels like every single like

we're constantly focused on who's going

to raise CapEx next and and and and

where is this quarter coming in. And it

feels like in two or three years people

will look at Nvidia's balance sheet and

be like, wait, they have what what I

imagine then will be, you know,

could could end up being a trillion

dollar plus of just like ownership in

all of these great companies, which

again just goes back to the advantages

of that early scale while they're, you

know, while while all these companies

are trying to compete away Nvidia's

margins and all these different things,

they've been able to accumulate again

positions in in in all of these

incredible companies. I mean, we saw the

SSI news uh yesterday is a great example

of that.

Um but but how do you look how do you

see it?

>> So, I I think look at Jensen's history

in investing in these companies and

CoreWeave and see how much money they

made. Uh they just bought stake in uh

the optical companies Lumentum and

Coherent. Um

Jensen is enabling the future cuz he

sees this overwhelming tidal of demand

and he needs these companies to be able

to build up their supply chain uh and to

give uh

supplies and chips to to Nvidia. So,

they can actually ramp very hard. Um you

know, everyone's freaking out that this

is vendor financing. What if

hyperscale GPU cloud is so profitable

and these companies need capital to

build up that supply so they can uh

serve the GPU cloud uh services over the

next year or two.

Maybe Jensen sees that coming like he

did with all these other companies like

CoreWeave.

And uh that's why he's investing in

these companies to be able to expand

their ability to make the components uh

the industry needs. So, I I think you're

exactly right. In in a year, two, three

years, uh Nvidia's going to have like

all these stakes in these companies and

it's going to look like uh he was a good

investor um

cuz he has been in the past.

I mean, I

think about Melano.

>> a leather jacket for like five grand and

sell it for a million dollars. I don't

know what else you need to see.

>> I mean, I think think about that one.

>> secret bidder? Did you win that?

>> No, I did

>> We got to get you a jacket.

Uh, the real the real question is

how long until someone distills a jacket

and open sources it you can get a dupe

of a Jensen jacket for two bucks. That's

what I want. Anyway, thank you so much

for coming on the show. Jordy, you got

anything else?

>> Uh, this was great.

>> Yeah, this was great. Thanks so much.

>> Thanks for Thanks for putting up with

all of our jokes.

>> Yeah.

>> Hopefully this this becomes the lucky

charm for the markets.

>> Yes, I agree. [laughter]

>> I I agree.

>> I agree.

>> We'll talk to you

>> is in. Great to see you, Tay.

>> Have a good rest of your week.