AI Bears Will Watch the Party Through the Window: Ives

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00:00When you start to see people get jittery about the AI spin, whether it's enough, whether it's

00:05too much, whether there's any real return, when you see the results out of Salesforce today,

00:09as well as some of the other companies' cycle, what does that tell you?

00:13Validation movement. I mean, look at MongoDB as another one, right? And you saw with CrowdStrike

00:17on the AI side as well. Look, Remy, I think what you're starting to see here is the second,

00:22third, fourth derivatives. They're now playing out with the AI revolution. That's going to be

00:27the theme 2026. This is, I think, just more and more momentum, especially on the software

00:32use case side going to 2026. This gets to this idea then. So when we start to talk about the

00:38adoption by the customers themselves, the clients, if you will, the companies that are selling this

00:43stuff, so whether it's whatever Microsoft's doing, whatever Salesforce is doing, does that ramp up

00:48or are they already at sort of warp speed on this? Only 3% of companies in the U.S. have gone down

00:54the AI path. I mean, it speaks to our view. Only 3%? Wow. Only 3%. And it speaks to our view

01:00that, like, when you call this a bubble, it is way premature. Look, if someone like myself

01:06spends so much time, you know, on the road, I just saw it in Asia for three weeks. Demand

01:10of supply is, what, 12 to 1 for NVIDIA chips? This hasn't even happened globally. And guess

01:15who's leading in the global race? It's U.S. is leading China when it comes to tech. So to me,

01:20the use cases now start to play out. The derivatives, the second, third, fourth derivatives

01:26are playing out. And that's the key. That is the key theme that we're seeing from Marvell

01:30to Mongo to Salesforce. You know, I believe there's Snowflake and others.

01:34I'm curious, too, just about on the chip side of this as well. We heard from Jensen Wong a

01:38little bit earlier today. He was on Capitol Hill meeting with senators trying to address this

01:42issue with China and being able to sell there. Does China become a market for us, a market,

01:47at least for U.S. companies at some point? Oh, yeah. I think that's, I mean, you can talk

01:52about the Trump visit in April and then probably reciprocal here. It's a matter of time. I mean,

01:57we are not going to give that market to Huawei and take it away from NVIDIA and what I believe

02:03U.S. chips. And look, and that's what the godfather of AI, no one has a better perspective

02:07of what Jensen's seeing. You don't want to give that market to Huawei in domestic competition.

02:13I think that's what's going to continue to play out in this arms race. That will be part

02:18of NVIDIA's growth story over the next 12, 18, and 24 months. I think it's all part of this game

02:24of high-stakes poker going on between D.C. and Beijing. I am also curious about the partnerships

02:29and they continue. We did hear just a few minutes ago from Snowflake strengthening that partnership

02:35with Anthropic, basically integrating those clawed models deeper into the platform. Does that

02:39accelerate as well, Dan? It has to, because in this arms race, that's what everyone's focused

02:45on, put stakes in the ground, whether it's NVIDIA, OpenAI, Snowflake, everything Lisa Su's doing,

02:50AMD. They could get criticism for it in terms of some of the circular financing and other issues.

02:56We're talking about $3 to $4 trillion that's going to be spent in the next few years.

02:59This is not the time to look at this from sort of the backseat. It's the time to be aggressive,

03:05and that's what investors want to see. I think we are going to look out. It's why we think tech

03:10stocks are up another 20% next year, but the bears will watch his AI party through the windows. It's

03:16still 10.30 p.m., and that party goes to 4 a.m.