00:00So it's interesting. I mean, again, you think about most of the measures here, the look back and the look forward above expectations.
00:06Then you have fourth quarter CapEx coming in a little bit light. Shares dropping right now down about two percent.
00:11Kunjan, what is your first read here? Yeah, I mean, this is a fabulous company.
00:17So the CapEx number is not really that important here. They're not a big spender of CapEx.
00:21But having said that, I mean, look, the results overall for the print and the outlook look good, decent in line with what the expectations was.
00:30We believe, again, most of the goodness was driven by the CPU business, which is I know not the buzzer right now.
00:37Everyone's focused on the GPU side, but the CPU continues to be strong, which we like about them and remains an underappreciated side of the story.
00:45But that outlook, I think the disappointment, the temporary disappointment in the stock could be because of that outlook figure.
00:52I think the high buy side bogeys or whispers were close to 9.910. So maybe people wanted a little bit more goodness out of this.
00:59So, I mean, on the data center side here, I mean, they talk about that segment revenue, Kunjan, being up about 39 percent year over year, up to a record $5.4 billion here.
01:09How much more of a runway do you see for that growth in 2026?
01:12Yeah, so in 2026, in the first half, unfortunately, this is where sort of they have the pause in terms of strong sequential growth for the GPU because everyone's waiting for that second half where they will be shipping out their first full rack level solution competing with Blackwell.
01:29So, most of the growth in the GPU side, again, that's where the focus is, will be the second half related. So, not a lot we expect in the first half.
01:37And I'm curious, I mean, at this juncture, you can see the shares are down about 4 percent. So, traders sort of voting with their feet here on their read of these numbers.
01:46What are you most interested in hearing from management when we get that earnings call?
01:50Yeah, we would like to really, again, management to highlight the strength in the CPU, which, again, keeps on getting ignored for the timing because of the attention to GPU.
02:00But on the GPU side, we really want to see them having continued traction, showing continued success points of their rack level solution, which, again, will be key, getting good qualification, getting good responses from customers.
02:15This way, it can soften any fears or any hiccups that they might have and brings up more confidence about their second half.
02:21A lot of us, including sell-siders and investors, are going to triangulate into what will be the AI GPU revenue number for 2026 from today's call.
02:29Just curious here, with regard to that 400 chip, what's the expectation for that, Kunjan?
02:35I mean, this is going to be the make-or-break thing for this company when it comes to the AI GPU story.
02:40This is their first full-end solution where they can really compete with NVIDIA and start picking up a decent market share.
02:48So this has to be a make-or-break story.
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