00:00We talk about export controls every day in Washington. You're on the other end of this,
00:04of course, looking at NVIDIA's balance sheet and forecast, trying to figure out
00:07how to factor this in. How significant is this to crack back into the Chinese market?
00:13Look, there's one chip in the world fueling the AI revolution, and that's NVIDIA. And you really
00:17need to give them access to the China market. I think that's the understanding that's been
00:23well understood now in the Beltway. It's important because the reality is we're talking about 20
00:27billion a year. And if they don't allow them to sell into China, that just gives Huawei and China
00:34competition the ability to narrow the gap. And that's what Jensen continues to talk. I think
00:40that that message is definitely being heard. Is it possible for a Dan Ives to do channel checks
00:45when it comes to China? Do we know that there are buyers on the other end?
00:50Yeah. I mean, obviously, we spent a lot of time in Asia, in China. Look, they want NVIDIA chips.
00:56The reality is, would you want Peter Luger's steak or would you want White Castle? And the reality is
01:02they want the one chip in the world fueling the AI revolution. And that guy's wearing a black
01:08leather jacket and his name is Jensen. And look, there's competition. Huawei and others,
01:14they're narrowing the gap. But big tech in China, there's one chip they want. It's NVIDIA.
01:20Well, it's really interesting because Michael Burry, I think, is ready to meet you at White Castle. He
01:26was out once again with a knock on NVIDIA today, suggesting that energy efficiencies will make
01:33their highest power chips less useful in the immediate term. So as we throw all these data
01:38centers back together with an eye on Broadcom and its TPUs, is there some truth to this?
01:42Look, I mean, our last Asia chip, if I go back a month ago, demand the supply is 12 to 1 for NVIDIA
01:49chips. So look, it's going to continue to be approved me in terms of the AI revolution. But
01:55I mean, we still believe this is early days. You're talking about $3 to $4 trillion that's going to be
02:00spent the next few years. There's others. Look, we're bullish on Google, bullish on AMD. Others are
02:05going to get into this AI arms race on the chip side. But right now, there's one chip at the top
02:11of that mountain, and it's NVIDIA's world, and everyone else is paying rent.
02:16It's NVIDIA's world. Is this stock then, in your view, with the earnings growth, revenue growth that
02:23we've seen in the most recent forecast, is this stock cheaper than it was a year ago?
02:27Yeah. I mean, like $250 to $275 is where I see it in the 2026. It's a cheap stock. And I think it's
02:36one where investors, sometimes, you know, there's a lot of noise in this, and you got to separate out
02:42what demand ultimately looks like. And we're in the third inning of a nine-inning game in terms of AI
02:48revolution. And it's not just about NVIDIA. It's about Microsoft. It's about Google. It's about
02:53Palantir. It's the infrastructure, Nebius and others, GE, Vinova. I mean, this is where it's
03:01all heading, even when you look at things like nuclear, right, in terms of from a perspective,
03:07from an energy. It's just starting. Well, I'm glad you mentioned energy,
03:11because I talked about this today with Joseph Mycutt at CSIS. And he talks about energy with
03:17relation to AI. And we talked about this deal today, but also just the rampant growth in data
03:24center construction in this country and the potential for us to keep bumping into the ceiling,
03:29the capacity ceiling, when it comes to things like water and, yes, energy. Dan, here's what he said.
03:36I think it's a little bit like a tale of two cities. It's the best of times. It's the worst of times.
03:39Wow. Looking back at 2025, it's been a remarkable year of continued acceleration. When we think about the
03:45build-out that we expect to see over the next five years, that's going to continue to happen. All of
03:50the challenges that you raise, power availability, water use, a general sense that society's not
03:58getting the benefits of the data center build-out, those are going to almost probably get worse.
04:05Could get worse, Dan Ives. When you throw the NIMBY log on the fire, you consider the capacity
04:11constraints when it comes to cooling, yes, water and also energy, whether or not we're all going to
04:17have a small nuclear reactor in our backyard at some point. What kind of volatility do investors
04:23need to brace for knowing that this can't grow in a straight line? Yeah, no, look, I think that for
04:28the first time in 30 years, the U.S. is headed China when it comes to technology. Energy is obviously
04:34the constraint. You saw the TAE nuclear deal. You see what's happening in terms of what we see across
04:41all types of energy, not just nuclear or solar and grid, but I think continuing nuclear is going to
04:46be the play. Look what GE Vinova is trying to do in terms of stopgap. Look, the reality is that is
04:53going to be the focus to make sure in this AI revolution that the U.S. is ahead. And I believe
04:59this is going to be a time of innovation. But no doubt, the biggest constraint in the AI revolution
05:05is energy. Yeah. Alphabet today agreeing to buy clean energy developer Intersect Power. I know
05:15that's not a big priority for the administration right now, Dan, but this is a $5 billion deal.
05:19To what extent will clean energy provide the next leg? I think it's all about clean energy. I mean,
05:25we've talked about it. This is just the start of big tech owning more and more energy, and they're
05:32going to build it out vertically. I mean, that's the arms race that's playing. You'll see open AI.
05:38You'll see other tech players, Microsoft and others, because that is where we're going in terms of from
05:43an energy perspective. And I continue thinking you're going to see more deals like this. We've talked
05:49about nuclear and others. That's where I continue thinking it heads. Really interesting. Dan,
05:54I've got to ask you about the Tesla news while you're with us. Headlines on the terminal that
05:58Tesla engineers warned Elon Musk about the door handles, the electronic door handles,
06:03pushing him to consider making them purely mechanical for the Model 3 sedan in the name
06:08of safety. He worked and pushed back because he valued the simplicity of push-button controls.
06:15How much of a liability is the story for the company?
06:18I mean, look, in my view, Tesla, you have 10 million vehicles that will be on the road by next year
06:24in terms of made. And I think the success speaks for itself. Look, I'm not saying that there's not
06:28issues and these are all things that are very important to sort of understand and to make sure
06:35it's better and better. But I think right now for Tesla and for Musk, I mean, also the future is
06:41about autonomous and robotics. And I think that's what investors are all focused on. And this is going
06:46to be a battleground stock. It will continue to be. But like we've talked about, we think $3 trillion
06:51in a bull case where we could see this given the autonomous chapters now here.
06:57Fascinating, as always. With regard to autonomous, I've only got a minute left.
07:02Dan, what's the next stop on the road for Tesla? Most people have only seen reports of robotic cars,
07:09whether it's Waymo or Tesla's version on this. When does this go mainstream?
07:16Oh, I think 2026. I mean, we've been cars in Austin, everything they're building out,
07:21the geofence area. I think you're going to have 30 cities to robotaxi, 2026.
07:27Wow.
07:27And this is going to be, I think, probably the most important year ever for Tesla,
07:32given autonomous, true autonomous and robotaxis. And I think you're going to see more and more
07:37that are in a robotaxi in the next year. You're at the point where you prefer a driverless car,
07:43Dan Ives? I do. Look, I do. I mean, the point is that I think it's one, I've been in Waymo's,
07:52I've been in robotaxis. I'm a big fan of full self-driving on Tesla. I think that's where this
07:58is. If you have an eight-year-old today, they're not going to need a driver's license when they're 16.
08:02Yeah. Incredible. I like that idea.
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