00:00Let me just start off by asking you, is this a big deal for the U.S. chip makers that you follow?
00:06It's a massive deal because this opens up a whole nother opportunity in terms of a market.
00:13And I think it's one like everyone knew Middle East was obviously going to focus on AI,
00:18but this has been groundbreaking, I think what we've seen this week.
00:21And it's changed the paradigm.
00:23And ironically, who's watching this closely is China.
00:27Because guess what? You look at what's happened in the Middle East,
00:30they're almost ahead of China when it comes to where they are relative to getting these chips.
00:37China can't get the next-gen NVIDIA chips, but Riyadh can.
00:44So the Trump administration has had to loosen the restrictions around those export controls
00:50introduced by the Biden administration. Lots of talk about those diffusion rules.
00:54Do you see this as the beginning of a rethink around national security concerns?
01:01Well, I think, first off, a lot of those rules, and we've talked about it, I think they were outdated.
01:07And I think relative to the AI revolution, they were actually inhibiting a lot of the growth opportunities.
01:13I think that was smart in terms of what they ultimately did there from the fusion perspective,
01:17because now it opens up.
01:20What I view is sort of the next massive opportunity for a lot of these U.S. tech companies.
01:26And that's what we're seeing play out in real time this week.
01:33And yet, there are still lingering concerns about who ultimately will get access to some of the technology in those chips.
01:41What can the U.S. do to ensure that the technology, the intellectual property, does not get passed on to China?
01:51Look, I think it's a great question.
01:52I think DeepSeq was a moment that changes everything, right?
01:56I think after that, from a restriction perspective, from understanding where the technology is being used,
02:02making sure it doesn't get into the wrong hands.
02:05And I think this speaks to some of the things we're going to see with a lot of these trade deals, even with the U.S. and China.
02:11But in terms of the Middle East, I mean, they didn't baby-step into this week.
02:16I mean, this was a massive, massive week in terms of deals.
02:21And I think you'll probably see more of it, you know, as Trump hits UAE.
02:25Yeah, so let me just bring it back to the macro, because the last time we spoke was, I would say, peak uncertainty around terrorists, trade war, discussions between U.S. and China.
02:39We did have a so-called, that was a dark time, a Geneva mechanism agreed between U.S. and China over the weekends.
02:45How do you see the outlook from here?
02:47Would you say the worst is behind us now?
02:49I think last time, maybe I was even wearing a dark suit when I talked to you, right?
02:53I mean, the reality is, is that the Armageddon scenario got taken off the table.
02:59And now I believe we can start to see new all-time highs for tech as well as markets, because it comes down to, like, cooler heads prevailed.
03:09The de-escalation happened.
03:11And guess what?
03:12The AI revolution, it's not slowing it down.
03:15And that's now what we're seeing play out.
03:18So I think it's to get the popcorn out, and I think now we're going to start to see new all-time highs for tech.
03:26What about the competition that's coming through from China?
03:29You mentioned DeepSeek a short while ago.
03:31Other competitors are also coming up with their own fit-for-purpose language models.
03:37How much does that dent the secular bullish story for U.S. tech stocks?
03:42See, I view it different.
03:44I actually view it as bullish, because the better the models get, the more it's going to drive innovation, the more it's going to drive the use cases in terms of where the data is.
03:52That's why we're bullish in the names like Palantir, and obviously Hyperscalers, Microsoft, Amazon, and others.
03:58Look, Quali's done some amazing things in terms of what we're seeing.
04:02They'll narrow the gap.
04:03But in terms of there's one ship in the world fueling the AI revolution, it's the godfather of AI, Jensen Ovidian.
04:15Well, you know, a lot of those individuals were in Saudi Arabia earlier this week.
04:19Jensen Huang was there.
04:20But then also Elon Musk, a man that you have followed very closely for pretty much all of his career.
04:25And he was in the seat talking about Starlink, about SpaceX, about robo-taxis.
04:31Are you relieved to see that Elon Musk has gone back to his quote-unquote day job?
04:37Relieved would be an understatement.
04:39Because to see Musk there as CEO relative to as Tesla, Starlink, of course, SpaceX, he's not there for dudes.
04:49He's not there for Trump administration.
04:50Look, and that's why Musk made a huge decision.
04:55He bet on Tesla.
04:56His days at Trump White House, in our opinion, are over.
04:58And that's why you're seeing, look what's happened to Tesla stock.
05:01Because investors understand autonomous robotics, what's in the future.
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