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00:00What's so interesting is this question mark on China. What's your read? Because it again and again, John, someone saying there's a $50 billion opportunity here. Right. Yeah. Thanks for having me, Carolyn. And I agree with Ian on just about everything he said. I mean, China's critical, of course, but they already took the charge last quarter. And so the big disappointment overnight was the they came in below the whisper number, but their guidance did not include China at I think it was 54 billion and the whisper number was at 55. So if you back out China from the whisper number, they actually beat not only the street but the whisper number on guidance. So I'm giving it a triple play, a beat beaten raise. And but I think it doesn't make I mean, if this was a disastrous report, the stock would be off significantly more than it is. We trimmed some at 179. That's where it's trading right now. We put it to work in some other names like Palantir and CrowdStrike. And we got some good execution there. But it's still 4% of our portfolios and a candidate for our 12th best Ideas portfolio. So I think that the report was excellent. Decelerating growth is something that Microsoft dealt with with Azure early days from 90% now down to 30. I mean, I don't think invidious valuation is even as expensive as Microsoft. If you look at it on price earnings growth basis, it's below one times. So I think this is an opportunity I mean, to that point, when a $4.4 trillion company is still delivering in excess of 50% revenue and earnings per share growth is pretty extraordinary. But the opportunity is still is so extraordinary. I think Jensen Wong did a very good job at reminding us $4 trillion is how big an infrastructure spend could be alone. But he wouldn't really give us an amount of how much his take is of that market. Can you do the math on that a little bit? Well, yeah. I mean, if you look at earnings growth expectations for 2020 fiscal year 2025, it's 113% growth. For 26, it's 50% growth. So if you if you factor that in to the total numbers, I mean, this could be an incremental 100 million, $100 billion in revenues over the next 12 months. Don't forget to sovereign is starting to pick up that that was about €20 billion in expectations. And then you've got the buyback putting a floor under the stock. They announced a $60 billion buyback. So the market share take from India continues to remain or grow. And what was interesting to me today is that you're seeing AMD and Broadcom up on the news, but but India down slightly. It's really interesting, actually, that all the Chinese names are up on the news as well. You just think what's happening with Smic we are having with other key players who are building our accelerators for China amd really reminds me of AMD because they beat and they in ways they raised, but they couldn't give clarity on the future of China and they were punished because of that. Do investors just need to understand that it's very difficult to get real clarity on China? Yeah. And Caroline, remember too, there are investors and then there are the hedge funds and the algorithms, and that the latter tend to drive the volatility. Investors like me look at opportunities like this and say, I want to be in this for the long term. So last summer we picked off Nvidia at $100 a share. Remember last summer people were saying the story was over. It's not going to continue that the Hyperscalers can't continue to spend CapEx at this level. And not only did they do that, but many of them increased their their CapEx budgets. So if you think about data center, it's 29% growth. Right. But China, he's saying, could grow at 50%. So to answer your previous question, China's growing faster than the rest of the world, but 29% is unlikely to be that the growth number. It's likely to be closer to 30 to 40% in data center growth for NVIDIA in the coming year or two. So I think again, as I said, you want to you want to take advantage of these periods of confusion or, you know, melancholy around the stock's future performance and add to your holdings if you own it and initiate if you don't. Okay. And then the real opportunity is the fact that the cadence of innovation keeps on coming. You've got Blackwell Blackwell Ultra already in the fabs, according to the CFO, is the Rubin Chip and architecture. What does that take us? Yeah, I mean, I think it takes us to Quantum and then some AI. I think, you know, robotics, we've launched a new fund that we're incubating at the firm and it's called New era thematic, and it's it's all of the above. So, you know, it's not just nuclear, it's quantum, it's robot, it's foot photonics. So this this is an area that investors need to be sure they're not underestimating. You know, I heard the naysayers overnight. It's decelerating the growth. There's not a trade is over. It's not even close to over. We're in the early stages and I think you want to. Continue to be looking around and look for those that are going to get left behind. And there will be companies, I believe, like Adobe, that will probably get left behind. But but then you want to focus on the winners and you don't want to shy away from them too early. And this is I think Ruben is the next stage. BLACKWELL We haven't even realized the staggering demand for Blackwell that Johnson spoke about last night. So, yeah, strap in. It's it's going to be volatile but volatile to the upside. It's interesting. Yesterday we had j become better of IBM. On talking about their deal while that partnership with and the fact that they're looking at the future of supercomputing twinning with the future of quantum as well. You're talking about that as an area of growth. Where are these companies, though, managing to pick away at Nvidia's Chance really with inference because yes, they are the chip of choice. They are the architecture of choice when it comes to training models. Are they really the only game in town when it comes to inference? No, I mean, I think not. But that that doesn't mean it's just like, you know, maybe you could argue that Microsoft sort of pioneered cloud computing. Larry Ellison might disagree with us from Oracle, but but you can but, you know, you see eventually they that their growth slowed, but they're still a dominant provider. And we obviously would disagree with me on that as well. But so I think you have to step back, look at where the the marginal erosion is coming from. Yes, we know Apple and Microsoft are developing their own chips. That's that's fine. I don't think that's going to change the dynamic. It goes back to Jevons Paradox. So when we had the deep stick news, you know, everybody sold the stocks. I happened to be on air that day and said, listen, this is an opportunity because more begets more. And so I think this is I mean, that's that's really the story that that they can lose share and still be growing at a rapid pace. And the margins we mean, you talked about margins, you know, about 70%. I mean, I don't know what there is to complain about.

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