00:00How focused are you on that portion of the chip market, more analog semis that go into all manner of things we rely on each day?
00:10It's great to see you again, Ed. You have it exactly right. I'm very, very hyper-focused on the AI market.
00:16Therefore, the companies I track are a little bit different than the broader semiconductor industry.
00:22For example, we have Vertiv reporting this week. We have Amphenol.
00:26Now, those are both key suppliers into AI systems. Whether or not those suppliers will be confirmed for more and more orders, that's always a question.
00:35But ultimately, they are key components within the AI systems that NVIDIA is shipping.
00:42I'm very excited to see initial reports around the health of the AI market, especially like you just spoke about, because some people believe it's an AI bubble.
00:53The on-shoring of the supply chain story focused on those bigger names at first, right?
01:02You know, NVIDIA was very aggressive to point out all of its capital commitments to this nation and taking the first Arizona-produced chips from TSMC.
01:12That's been in the headlines. But do you see evidence that there is opportunity for investors to invest into something being built out in America that goes beyond an NVIDIA?
01:23Yes, I would say in general, you know, the on-shoring process will take years in terms of truly domesticating our, you know, domesticating our supply chains.
01:38That will take years. And that's not actually my central focus.
01:41My central focus could be best encapsulated by the fact that NVIDIA, they're having one of their biggest product moments ever, which is a huge statement.
01:51As you know, I've covered this stock very closely for many years.
01:53They have Blackwell, Blackwell Ultra shipping, but they're moving from eight GPUs to 72 GPUs.
01:59And that's that piece that I'm explaining is a big moment for NVIDIA.
02:03What that means is that the supply chain should erupt in the upcoming quarter and the next quarter because that complexity has just gone up 9x.
02:13So I'm very, very focused there, less on, you know, timing of on-shoring this manufacturing.
02:19Right. I'm going to be in Washington, D.C. next week for GTC DC, the second edition of the year of GTC.
02:27When those kinds of events happen, how high is the bar for NVIDIA to come out and say something on the product or technology side that moves the needle for investors?
02:39Yeah, I guess I'll be a contrarian again, and I will say if NVIDIA can give us more on Rubin, knowing that Blackwell, Blackwell Ultra shipping, they're shipping in volume.
02:50I'm very positioned for that. Anything forward looking for NVIDIA at this point, let's just say we have this conversation this time next year.
02:58I would want to hear more about Rubin, which may actually come more in March.
03:02The big news story of, I suppose, the last 24 hours beyond the AWS outage, which I don't know how that impacted you, has been rare earths.
03:12You know, the specific headline, an American deal with Australia, which is kind of being interpreted as this countenance to what China is using as levers in the negotiation.
03:24How do you look at the markets in the moment and how they're reacting to rare earths and the news flow of the day?
03:30I certainly would have loved to have owned some of those rare earth stocks.
03:36Some are up, you know, almost 400 percent this year.
03:38Look, you know, China's using it as a bargaining chip in response to us restricting our excellent design companies.
03:46You know, these two economies have battled it out for decades.
03:49And so even though these these things are important to track, we are so interdependent at this time with China and other regions that, you know, I don't think it's something that you would exit AI stocks for.
04:04If anything, you know, I would just look at this as many global powers are concerned about how are we going to keep up the manufacturing?
04:12Because demand is so, so high. Demand is outstripping supply.
04:17That piece is much more important to me as an investor than all the little nuances as to how we get there on supply.
04:23You use the phrase bargaining chip, pardon the pun on your behalf, but the calculus for people like David Sachs is that that is the negotiation rare earths on the China side in exchange for access to deprecated chips on the U.S. side and principally NVIDIA deprecated chips.
04:45Right. Do you have a better sense, Beth, of where that negotiation is heading?
04:49I could see it being resolved favorably for both sides.
04:55You know, we've heard from NVIDIA's CEO that he would really like to restore those relations.
05:02So even if you take some of our industry leaders, they all want to see, you know, as much working together as possible.
05:09Of course, is that reasonable?
05:10I do think that geopolitically, AI will continue to be a point of tension is just so powerful in terms of what it can do for GDP.
05:21And I think it just goes back to that piece, which is because it's so powerful as to how it can grow GDP.
05:30It's a really the best investable opportunity of our lifetime.
05:34And that's the piece I would really focus on.
05:36It's about time for our lifetime.
05:41You know, when you're going across the country, if you've got toược, we're going to keep coming and see how we did it in this one year.
05:51Now, when we're going to take a ball like that, we're going to take a ball like that.
05:54Jennifer's going to get multiplier so that it's easier for us to � States.
05:57And then we're moving towards nous in as possible for us to stay in a while.
05:59So even if you don't Pharaoh's or this one, or you don't.
06:01And we're gonnauche on Mogadana.
06:03We're Kita's going to try.
06:04We're going to try and to challenge you so yeah.
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