00:00This was a phenomenal quarter, a blockbuster quarter in terms of the aggregate numbers,
00:03in terms of the growth, in terms of the margins. I don't think there's a number in here that you
00:07can really quibble with. However, I am curious as to where we are in this super cycle or whatever
00:13we want to call it right now, and whether investors should still be riding it or maybe
00:18be a little bit more cautious. Yeah, Romain. So I think we still have some room to go.
00:26Memory is very much a supply-driven business. So it's not how much demand there is out there.
00:32It's can the vendors bring on enough supply to meet that demand? And because you have these
00:38long lead times for fabs, we don't really begin to see new supply coming on until next year.
00:44And it may even be 28 before Samsung, Micron, Hynex can catch up with all the demand from AI.
00:52But is there a sense here, though, that there's any sort of negative to this?
00:55And by that, I mean, the idea is that if the demand's there, will it be there? We were talking
01:00a little bit earlier in the program, the idea that once you start to get manufacturing capacity
01:04up and running, will that cycle still be there to support that expanded capacity?
01:10Yeah, at least from what I'm seeing, companies have already set their purchase orders for things
01:17like HPM for 2027. So I think if those large customers are certain enough that their demand is
01:27there to place orders, then Micron and the memory makers don't have a demand problem yet.
01:35We are getting additional headlines now. They are addressing some of these issues right now,
01:39talking about that they still see a tight DRAM as well as a NAND market beyond 2026. I think they've
01:47a question, too, Matt, that where are we right now with regards to just the AI build out? And I
01:51bring
01:51that up in the context of what we heard from Jensen Wong earlier, who talked a lot about how we're
01:55kind
01:55of shifting now to this inference phase, which, of course, brings a whole different set of, you know,
02:00power demands and chip style demands as well as memory demands as well.
02:05Yeah. So Jensen told you he's got a trillion dollars in business between Blackwell and Rubin.
02:12And by my math, that shows some slowing in 27. But you're still looking at something like 40 percent
02:22annualized growth off of really, really big numbers. And so if you believe him and he's got
02:30better visibility probably than anyone else out there, then there's still a fair amount of growth left
02:37with AI.
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