00:00Let's please talk about energy, electricity, power supply, call it what you will.
00:05In turn, for each of you, how worried are you about it as a bottleneck?
00:09And what is your experience day-to-day in running both companies in that respect?
00:13Well, energy should always be a bottleneck for any industry.
00:16And this is a new industry that's growing incredibly fast.
00:19As you know, AI is both a technology that's going to revolutionize many applications,
00:24and we're talking about some of them here.
00:25But the AI industry itself, the manufacturing of the artificial intelligence takes energy.
00:32It takes energy. It takes AI factories.
00:35It's exactly the reason why from Hopper to Blackwell, we increased energy efficiency by 10x.
00:42From Blackwell to Rubin, we increased energy efficiency again by 10x.
00:48And that translates directly to our customers' revenues.
00:51Because in the case of an AI factory, whatever factory size you have, you're limited by the power.
00:59And within that power constraint, you want to have the most tokens or most AI per watt that you can possibly generate.
01:08And so every time we improve energy efficiency, we're effectively improving both the AI capabilities for our customers and their revenues.
01:16Because they're always constrained by power.
01:19The response to your keynote, and forgive me, Roland, one minute, was, you know, Vera Rubin, 10x throughput, really important.
01:25Tokens generated at one-tenth.
01:28But they'll still say, hey, Jensen, what if the electricity is just not there?
01:32It's not available.
01:33Well, there's electricity.
01:35There's never enough electricity.
01:36And my question is, what is the anxiety level for you both about that issue?
01:40There's always energy.
01:42There's never enough energy.
01:44And every industrial revolution will be energy constrained.
01:48And this industrial revolution is also energy constrained.
01:51Now, one of the most important things, though, here speaking about the United States,
01:55if not for President Trump's pro-energy growth agenda, we would have a very hard time growing at all.
02:02In order for a new industry to emerge, you need energy.
02:05And so I think it's safe to say that we wish we had more energy in the United States.
02:10Europe wished it had more energy.
02:11I think the world all wished we had more energy.
02:14And so we have to invest in all sorts of different forms of energy.
02:18But whatever energy you have, you have to make it as energy efficient as possible.
02:23And that's one of the reasons why both of us drive our technology roadmaps so hard,
02:27because every single new generation of technology is more energy efficient than the last.
02:32That's kind of the nature of it.
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