00:00One of the things that, again, has echoes of the dot-com bubble is the circular financing, all of it.
00:06It was a discussion we had to start the year. It seemed like it got quiet.
00:09And then it starts up again with us learning to start the week that NVIDIA is discussing a $250 billion
00:14backstop for OpenAI in one of their data centers.
00:17Does that aspect concern you, just how reliant customer and supplier seem to be on each other?
00:21It doesn't concern me, but you have to take it into account.
00:25So there's nothing nefarious going on. What's happening here is you've got five or six of the biggest companies in
00:31the history of the world who are all fighting for relative pricing power or bargaining power amongst each other.
00:38So NVIDIA doesn't want to be beholden to just Google and Microsoft and AWS buying its chips.
00:44And so it's trying to fund all these other parties who can be customers of NVIDIA.
00:48So for sure, if you're an NVIDIA investor, you want to be very aware that some of these revenues coming
00:54back to NVIDIA are circular.
00:55But at the same time, I think, again, if you're an NVIDIA investor, you want them going and creating a
01:00bigger marketplace for themselves.
01:03So NVIDIA is doing it in a very, very logical fashion, but it does mean you've got the circularity going
01:08on.
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