00:00Look, I think right now the street's almost going through a digestion period.
00:03I mean, this is going to be a key week in terms of that narrative relative to cat-backs, use
00:08cases building out.
00:09But look, I just continue to view it. It's a digestion period, but it's still worth third inning of the
00:15AI revolution.
00:15And it's just further validation from earnings.
00:18But it's an arms race.
00:19So for them, I mean, it goes back to like they don't, if they pull back, they'd be at the
00:25end of the line or even off the line relative to the hyperscale or build out.
00:28So you're going to see the same narrative.
00:30I mean, just massive cat-backs numbers doubling down in the arms race from Microsoft, Amazon, Meta, and others.
00:37But I think what's important for investors is what does cloud growth look like for Microsoft?
00:42What does it look like for Amazon?
00:43Are you seeing enterprises just double down on the ultimate use cases?
00:48Because that's the key.
00:50Because as that plays out, the multiplier, we're going to continue to see that.
00:55For every dollar spent on cat-backs, there's $5, $6 multiplier across the rest of the tech.
01:00Because the reality is that there's one chip in the world fueling the AI revolution, and that's NVIDIA.
01:05And I think the one thing that's really been very important is that if you look at some of the
01:10memory stocks that have sort of gone up and maybe obviously taken a little bit of a breather,
01:15NVIDIA and just the rest of the semi-food chain, that's where you want to see demand.
01:20I mean, I would just view it that when you think about what NVIDIA is seeing, demand to supply today
01:27is 12 to 1 for their chips.
01:30Physical AI hasn't even started to play out.
01:32So, yeah, you call them a central bank, some of the words about circular financing.
01:38The reality is we're only 15% through what the broader spending is going to be in terms of AI.
01:44So, yeah.
