00:00Nvidia just did something it never does. It gave us a full fiscal year growth outlook.
00:05Revenues will grow 70% in fiscal 2028. And what is astonishing about that is Wall Street went
00:11into this earnings thinking that revenues would grow 45% in fiscal 2028. And what's more,
00:17you have Jensen Wong, the CEO of Nvidia, and Collette Crest, the CFO, explaining that if
00:23it weren't for supply constraints, their business would be growing even faster. So it's not just
00:28rare for them to come out and say, this is what's going to happen. It's that were it not for
00:33supply
00:34chains and things outside of Nvidia's control, their business would be doubling. Jensen Wong got
00:40a lot of questions about what is driving that growth. And he basically said it's everything.
00:45Everyone needs more compute. Now, Nvidia is not without its own problems. Margins are being impacted
00:51by higher memory chip costs. The net result is that Nvidia says it will raise prices and those price
00:57hikes will start at the beginning of the next fiscal year. There was the question of, well,
01:02what about all those AI companies that Nvidia is investing in? Is that circular financing? Nvidia
01:08pushed back on that. But also a lot of these frontier labs are investing in their own chips.
01:12And to that, Jensen Wong said the economics of Nvidia systems are better. And his only regret is that he
01:17didn't invest more money in those companies. And his expectation is that those frontier labs will be
01:22running their AI systems on Nvidia compute for a long time to come. The big takeaway from all of this
01:28is that it is Nvidia at the heart of what's happening in AI. And that all of the concerns
01:33about that spending on AI losing momentum, well, if you go off Nvidia's forecasts, that's not happening
01:39at all. And there is no slowdown to come.
