00:00Dan, I mean, pick your poison here because we're seeing a lot of movement after hours, a lot of different
00:06directions coming through right now.
00:07But it seems like the common element between all of these big names reporting is what's going on with CapEx.
00:14Before we get specific here, we'd love to hear your thoughts first on the billions and billions of dollars that
00:21these companies have committed to building out their AI hopes and dreams.
00:25What we're seeing is that the execution on these cloud and digital infrastructure buildouts are healthy.
00:32Obviously, that is benefiting companies like NVIDIA, which we continue to own and think has attractive prospects.
00:41The key, though, is if one looks at Google Cloud or Amazon Web Services or Microsoft Azure, they're deploying the
00:48capital and then they're getting the returns.
00:51And so when we speak to customers, you're seeing a broad-based reinvention of the digital infrastructure, generative AI, new
01:01workloads, really this re-architecting of enterprises and businesses that's underway.
01:06And so, yes, there's going to be pressure on the free cash flow in the near term.
01:11But when I look at Google or Amazon or Microsoft, I think they're going to come out of this period
01:16stronger with more durable businesses.
01:20And, I mean, you raise an interesting point.
01:22I mean, you think about the suppliers here.
01:23It's a good reminder that, you know, the CapEx numbers that we're talking about, they support an entire ecosystem of
01:29companies that, you know, derive their entire business from what these big companies are spending.
01:36So, I mean, you take these numbers in context.
01:39Do you think that that's enough to keep the momentum going that we've seen in the Philadelphia Semiconductor Index, for
01:44example, which is about to close out in enormous April?
01:49I think we remain selective.
01:51And I think what's going on is that companies that can execute on their product roadmaps, NVIDIA, which we talked
01:58about, Broadcom, these companies are really increasingly strategic to partners such as Google and Amazon.
02:06And so these cloud build-outs are certainly going to remain lumpy.
02:10But this explosion of new workloads that's underway is creating value for the customers, the cloud companies themselves and their
02:19partners, such as NVIDIA and such as a Broadcom, two names we continue to like here.
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