00:00Can I move to NVIDIA because it's in talks to provide a financing guarantee now to help
00:03OpenAI lease compute from a $500 billion data center that SoftBank controls. So really just
00:10a great story for everybody on the surface, Peter, but it does bring up the circular financing
00:14question again. It does. It does. NVIDIA took some heat, especially last year for these kinds
00:21of circular deals where it would provide financial support to a company that would then in turn buy
00:26chips from NVIDIA. We don't know the exact details of this so far, but certainly it has some echoes
00:32of that because OpenAI is an enormous purchaser of NVIDIA chips. OpenAI has been trying to figure
00:38out how they can build out compute in the United States. This is one of the bigger projects on
00:44the books right now. SoftBank is taking over this Ohio state. This is where Masayoshi Son
00:50announced with Donald Trump that there were ambitious plans to be able to build out this
00:54enormous data center. OpenAI wants to be able to use that data center compute capacity if it can.
01:00And one of the helpful supports is if NVIDIA is going to backstop $250 billion worth of the money
01:06needed for that project, it would make it easier for SoftBank to proceed with it, build it out,
01:11and then provide that to OpenAI. There are a couple other components to this too, though. NVIDIA
01:17is considering whether it should help OpenAI buy chips that it would use on that site to be able
01:24to run the data centers too. So there are some echoes of the data, the circular financing that
01:29we saw last year in the AI industry. Certainly this is going to raise those concerns again.
01:33NVIDIA said we need to build this compute capacity out so quickly that we need to find new ways of
01:38financing these sorts of things. So they believe this is a good, a positive thing for the industry
01:43overall with to see how it plays out.
