00:00On the face of it, 85% growth of the top line is quite stunning.
00:05It's actually 15 consecutive quarters where the company has actually come in
00:10and beaten expectations on the top line and beaten the actual guidance expectations.
00:16But as you've mentioned already, there were great expectations
00:19in terms of how people were thinking about the result.
00:22You're seeing the proliferation of other companies benefiting from the ecosystem for sure.
00:27And NVIDIA, to a degree, the muted stock price reaction, I think, reflects the fact of positioning.
00:33There's a very narrow market in terms of US and US tech.
00:37And NVIDIA is a big piece of the index.
00:39So it's difficult to see incremental new buying maybe for NVIDIA.
00:43But you see it in other stocks, as you've already seen in Asia this morning.
00:46It's quite stunning.
00:48So talk us through how NVIDIA is responding to that growth in competition that we've seen in the chip sector.
00:52I think it's interesting that there is some competition in terms of some of the other chip sets
00:56that are out there in the hyperscaler market.
00:57So we see Jensen talking about agentic AI.
01:01They talked about on the call last night that open AI and anthropic are growing at such a rate in
01:08a month,
01:09what took the SaaS companies up to a decade to grow to, which is quite phenomenal.
01:13Then he's talking about the potential for physical AI.
01:17And he even dropped a message on the call to say there's $100 trillion of industry about to be impacted
01:24by AI.
01:25So the moat, the opportunity set that's out there is simply quite stunning.
01:31And he talks about AI infrastructure spend being as much as $3 to $4 trillion a year by the end
01:37of the decade.
01:37So whilst hyperscalers may have alternative solutions now, we are looking at a bigger set of opportunity.
01:44Physical AI, sovereign AI, hyperscalers, anthropic, Bloomberg exclusive overnight on the growth of anthropic
01:52from no product to $10 billion of quarterly revenue in less than three years.
01:57Simply stunning.
01:58So there's no end to the AI growth set, that's for sure.
02:02And NVIDIA sits at the heart of that.
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