00:00Part of the reason there is even a debate about it being circular or not is that there isn't a
00:04great explanation of what the numbers actually represent.
00:07So you've done the reporting about what Dean has written on the terminal on OpenAI.
00:11If we just take SK as a case study, it's $500 billion or half a trillion dollars.
00:16And at some point in that conversation with Jensen, I just said, could you just explain what that number actually
00:21is?
00:21And he was like, well, sure.
00:23It's a number that represents what we, NVIDIA, are going to be buying from SK Hynix and memory chips.
00:28But it also represents what SK as a group, a conglomerate, will be spending on their own AI infrastructure and
00:35then everything in between that we co-invest in.
00:37And there's no real explanation of like, OK, so you're giving them dollars or are they giving you dollars or
00:42are you basically just tallying it up and calling it even at the end of the day?
00:46And that's a big part of it, right?
00:48That people just don't know the directional travel of those dollars.
00:50In the OpenAI case, what we're reporting is much more explicit, where, you know, NVIDIA is both guaranteeing and backstopping,
00:57but also providing financing for AI data centers that at the end of the day, they do use NVIDIA's technology.
01:04And that is, by definition, circular.
01:06OK, so going back to that deal or agreement or partnership with SK Hynix worth more than $500 billion, do
01:14we know if that ever actually happens?
01:16I mean, it's one thing to announce that you have these grand plans.
01:18It's another thing for the two companies to execute on it.
01:21So it's over many years.
01:23It's over time, but there's no set deadline or time frame.
01:27It is literally bucket one NVIDIA buying memory chips from SK Hynix.
01:31SK Hynix has 60% market share in high bandwidth memory.
01:34But SK Group, with SK Telecom underneath it, is a big deployer of data center capacity.
01:41And where do they buy their, not just GPUs, but their servers from, now from NVIDIA.
01:49So that is, it's a multi-year thing.
01:51It won't show up in any one company's one-year financials.
01:55But let me just be honest with you, Scott.
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