WEBVTT - Nvidia Surges on Artificial Intelligence; GOP Debate Without Trump 0:00:02.480 --> 0:00:03.000 Good morning. 0:00:03.080 --> 0:00:05.920 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:05.960 --> 0:00:07.800 stories we're following today. 0:00:07.800 --> 0:00:11.320 Karen, This morning, Surgeon. The Nasdaq futures follows an earnings 0:00:11.440 --> 0:00:14.640 blowout from in Video. That stock is up another eight 0:00:14.720 --> 0:00:18.400 percent this morning. The chip maker's results and outlook beat 0:00:18.560 --> 0:00:23.040 estimates thanks to a surge in demand for artificial intelligence processors. 0:00:23.200 --> 0:00:26.040 Bloomberg Zed Ludlow has more from San Francisco. 0:00:26.400 --> 0:00:29.880 There is staying power for Nvidia's AI story. The guidance 0:00:29.920 --> 0:00:32.800 for the fiscal third quarter is sales of sixteen billion 0:00:32.880 --> 0:00:36.280 plus or minus two percent. That's about twenty nine percent 0:00:36.560 --> 0:00:39.880 above what analysts were expecting. And the way that executives 0:00:39.920 --> 0:00:42.159 on the call described it is they have visibility on 0:00:42.280 --> 0:00:47.040 AI demand going into the next fiscal year. CFO Collect 0:00:47.040 --> 0:00:50.479 Cress called it quote tremendous and broad based AI demand, 0:00:51.040 --> 0:00:54.200 ed Ludlow for Bloomberg NESE in San Francisco. 0:00:53.720 --> 0:00:54.840 All right, ed, thanks well. 0:00:54.920 --> 0:00:57.280 Nvidia stock is now at more than two hundred and 0:00:57.280 --> 0:01:00.480 twenty five percent on the year despite the game. Dan 0:01:00.520 --> 0:01:03.520 Morgan at Snovius Trust says the valuation is. 0:01:03.480 --> 0:01:04.400 Not that crazy. 0:01:04.600 --> 0:01:06.640 I think if you look at the stock as on 0:01:06.680 --> 0:01:09.920 a forward multiple basis and new factor in the tremendous 0:01:10.000 --> 0:01:13.160 year over year growth that they're getting right now and 0:01:13.240 --> 0:01:16.480 the momentum that they're getting on this quarter to quarter basis, 0:01:16.959 --> 0:01:19.880 the stock to me doesn't seem that excessive, and Dan. 0:01:19.800 --> 0:01:22.440 Morgan at Senovius Trust says in Nvidia will give a 0:01:22.440 --> 0:01:25.000 big boost to the NASDAC. The index was on track 0:01:25.040 --> 0:01:28.000 for its worst month of the year before yesterday's results. 0:01:28.120 --> 0:01:31.440 Now, the earnings blowouts not only making Nvidia investors happy 0:01:31.560 --> 0:01:34.640 this morning, Karen, it's also boosting the wealth of CEO 0:01:34.880 --> 0:01:38.160 Jensen Wang. His fortune grew as much as four point 0:01:38.200 --> 0:01:41.400 two billion dollars, bringing his net worth now to around 0:01:41.440 --> 0:01:45.080 forty six billion. If that gain is sustained, Wong would 0:01:45.160 --> 0:01:47.840 end up among the world's twenty five wealthiest people. 0:01:48.560 --> 0:01:51.960 While investors react to Nvidia earnings, here's another potential market 0:01:52.000 --> 0:01:55.480 event going on in Wyoming. Economists are gathering in Jackson 0:01:55.640 --> 0:01:58.920 Hole in preparation for remarks from FED Chair J Powell 0:01:59.200 --> 0:02:03.360 and Europeans Central Bank President Christine Leaguard. Bloomberg's Tom Keene 0:02:03.440 --> 0:02:05.960 is in Wyoming and leads our team coverage. 0:02:06.280 --> 0:02:08.160 Karen and Nathan, I think it's going to be interesting 0:02:08.200 --> 0:02:11.960 on a Thursday, we look to Friday, Yes, Chairman Poull's speech, 0:02:12.040 --> 0:02:15.919 But far more importantly and underplayed in the American media 0:02:16.160 --> 0:02:20.639 is Christine Laguard's speech, which follows oftentimes on a Saturday, 0:02:20.680 --> 0:02:23.400 but I think because of schedule. A president of the 0:02:23.400 --> 0:02:29.399 European Central Bank speaking in the early afternoon of wyoming Friday, 0:02:29.440 --> 0:02:31.639 It's going to be interesting to see what Laguard says 0:02:31.919 --> 0:02:35.520 with the real difficulties in the European economy, how that 0:02:35.560 --> 0:02:37.760 redounds over to the United States. 0:02:38.080 --> 0:02:40.679 All right, Tom, thanks and tune in for our comprehensive 0:02:40.880 --> 0:02:44.000 live coverage from Jackson Hall. The main event gets underway 0:02:44.040 --> 0:02:47.680 tomorrow with a special four hour edition of Bloomberg Surveillance 0:02:47.680 --> 0:02:50.799 starting at eight am Eastern, and in the afternoon, Tom 0:02:50.840 --> 0:02:54.440 sits down for an exclusive interview with ECB President Christine Laguard. 0:02:54.760 --> 0:02:57.360 Catch that conversation at the close of US markets at 0:02:57.360 --> 0:02:58.200 four PM. 0:02:58.480 --> 0:03:01.359 Lots to look forward to. Let's shift to politics now. 0:03:01.400 --> 0:03:04.480 In the major story today coming out of Milwaukee, eight 0:03:04.600 --> 0:03:07.440 Republican candidates squared off in the first debate of the 0:03:07.440 --> 0:03:11.000 presidential race. Former President Donald Trump wasn't at the event, 0:03:11.080 --> 0:03:14.080 hosted by Fox News, so the remaining contenders trained their 0:03:14.120 --> 0:03:17.560 fire mostly on President Biden and his policies. Here's South 0:03:17.560 --> 0:03:19.480 Carolina Senator Tim Scott. 0:03:19.600 --> 0:03:23.040 Joe Biden's Biden nomens has led to the loss of 0:03:23.200 --> 0:03:27.840 ten thousand dollars of spending power for the average family. 0:03:27.919 --> 0:03:30.840 Florida Governor Ron DeSantis got some applause when he was 0:03:30.880 --> 0:03:32.920 asked whether he'd keep supporting Ukraine. 0:03:33.000 --> 0:03:35.040 I'm not going to send troops to Ukraine, but I 0:03:35.080 --> 0:03:37.360 am going to send them to our southern border. When 0:03:37.400 --> 0:03:41.560 these drug pushers are bringing fentonyl across the border, that's 0:03:41.600 --> 0:03:43.360 going to be the last thing they do. We're going 0:03:43.440 --> 0:03:45.520 to use force and we're going to leave them stone 0:03:45.600 --> 0:03:46.240 cold there. 0:03:46.360 --> 0:03:50.040 But entrepreneur Vivek Ramaswami was a frequent target of attacks 0:03:50.080 --> 0:03:53.320 On stage, he put forward economic policies of his own. 0:03:53.480 --> 0:03:58.520 Unlock American energy, drill, frack burn coal, embrace nuclear, put 0:03:58.560 --> 0:04:01.640 people back to work by no longer paying them more 0:04:01.720 --> 0:04:05.280 to stay at home. Reform the US FED, stabilize the 0:04:05.360 --> 0:04:08.160 US dollar, and go to war. The only war that 0:04:08.240 --> 0:04:10.960 I will declare as US president will be the war 0:04:11.040 --> 0:04:12.800 on the federal administrative State. 0:04:13.200 --> 0:04:15.520 Now, all the candidates were asked whether they would support 0:04:15.520 --> 0:04:18.320 Trump as the nominee if he were convicted of a felony. 0:04:18.480 --> 0:04:22.040 Most raised their hands, except former governors Chris Christy and 0:04:22.080 --> 0:04:23.960 Asa Hutchinson Nathan. 0:04:23.960 --> 0:04:26.280 While the debate aired on Fox News, Trump was on 0:04:26.360 --> 0:04:29.480 social media. The former president took part in a re 0:04:29.480 --> 0:04:33.240 recorded interview at Tucker Carlson on X and explain why 0:04:33.279 --> 0:04:34.480 he wasn't at the debate. 0:04:34.880 --> 0:04:37.599 If you're leading by fifty sixty I at one point, 0:04:37.600 --> 0:04:40.160 I'm leading by seventy points, and I'm saying, why am 0:04:40.160 --> 0:04:43.599 I doing it? And I'm going to have eight people, 0:04:43.640 --> 0:04:45.599 ten people who haven't made the debate. I don't know 0:04:45.600 --> 0:04:47.000 how many it is, but I'm going to have all 0:04:47.040 --> 0:04:50.200 these people screaming at me, shouting questions at me, all 0:04:50.240 --> 0:04:52.400 of which I love answering, I love doing, but it 0:04:52.440 --> 0:04:53.359 doesn't make sense to do. 0:04:54.000 --> 0:04:56.520 And later today Trump is set to surrender to authorities 0:04:56.520 --> 0:04:58.640 in Georgia on charges that he schemed to overturn the 0:04:58.680 --> 0:04:59.520 twenty twenty election. 0:04:59.800 --> 0:05:01.960 Yeah, the major story of following comes out of Russia. 0:05:02.000 --> 0:05:03.960 You have getting Progosian, the man who let a mutiny 0:05:03.960 --> 0:05:06.279 that posts the biggest start to president Vladimir Putin is 0:05:06.279 --> 0:05:09.719 presumed dead. We get more from Bloomberg's Maria today out. 0:05:09.880 --> 0:05:13.480 The fact that there aren't details yet that has prompted 0:05:13.640 --> 0:05:17.400 a lot of speculation, frankly on Russian telegram channels, some 0:05:17.560 --> 0:05:20.320 suggesting that perhaps there is the hand of the Kremlin 0:05:20.440 --> 0:05:20.839 behind this. 0:05:21.200 --> 0:05:22.840 Remember it's almost two months to. 0:05:22.839 --> 0:05:26.280 The date that he led this insurrection against Moscow that 0:05:26.400 --> 0:05:29.039 was a serious threat to the authority of Vladimir Putting. 0:05:29.200 --> 0:05:31.720 And it's not really shocking either that a lot of 0:05:31.760 --> 0:05:34.320 the critics and opponents of Ladimir Putin do have a 0:05:34.440 --> 0:05:37.480 history and a track record of finding themselves in situations 0:05:37.520 --> 0:05:40.400 where they were either seriously injured or dead. 0:05:40.880 --> 0:05:44.120 And Bloomberg's Maria Todao says Progosion is presumed dead at 0:05:44.160 --> 0:05:48.239 the age of sixty two. 0:05:48.680 --> 0:05:50.200 It's five seven on Wall Street. 0:05:50.200 --> 0:05:51.400 Time now for a look at some of the other 0:05:51.520 --> 0:05:53.960 stories making news around the world. Form that We're joined 0:05:53.960 --> 0:05:55.719 by Bloomberg's Amy Morris Semey. 0:05:55.800 --> 0:05:57.599 Good morning, Good morning, Karen. 0:05:57.640 --> 0:06:00.280 The House Freedom Caucus continues to raise the risk of 0:06:00.320 --> 0:06:03.719 an October first government shutdown with demands for spending cuts 0:06:03.720 --> 0:06:06.760 and conditions on money for Ukraine in exchange for their 0:06:06.760 --> 0:06:10.000 support of stop gap spending legislation. Now these demands will 0:06:10.040 --> 0:06:12.840 likely face strong Democratic opposition and threatened to sink a 0:06:12.960 --> 0:06:16.080 so called continuing resolution that leaders in both parties have 0:06:16.200 --> 0:06:20.120 said is necessary to avoid a partial shutdown after the 0:06:20.120 --> 0:06:23.760 fiscal year end September thirtieth, and House Republicans may be 0:06:23.920 --> 0:06:27.080 ready to launch an investigation into the federal response into 0:06:27.120 --> 0:06:31.240 the Maui wildfires. Speaker Kevin McCarthy says he's concerned about 0:06:31.240 --> 0:06:33.760 the response and questioned why there were so many deaths. 0:06:34.200 --> 0:06:37.120 Now there are more questions about what the mayor knew 0:06:37.200 --> 0:06:40.080 when those fires were spreading. The state Attorney General's office 0:06:40.080 --> 0:06:44.360 in Hawaii is investigating, telling CBS their quote advising state 0:06:44.400 --> 0:06:48.480 actors to refrain from commenting on appending investigation. At the 0:06:48.520 --> 0:06:51.240 same time, Hawaiian officials are asking the people of Maui 0:06:51.240 --> 0:06:53.920 who are missing loved ones to come forward and submit 0:06:53.960 --> 0:06:57.000 some DNA so the remains that have been found can 0:06:57.080 --> 0:07:01.080 be identified. Julie French is an expert in DNA identification 0:07:01.200 --> 0:07:04.560 and the senior vice president of Andy Corporation. She says, 0:07:04.600 --> 0:07:07.600 so far, only one hundred four samples have been submitted. 0:07:07.720 --> 0:07:11.720 We need family members to come forward and donate their 0:07:11.760 --> 0:07:15.000 samples so that we can compare them to these DNA 0:07:15.040 --> 0:07:18.120 profiles we've already generated from remains. 0:07:18.160 --> 0:07:20.440 At least one hundred and fifteen people were killed in 0:07:20.480 --> 0:07:23.600 the wild buyers. Hundreds of others are still unaccounted for. 0:07:24.400 --> 0:07:28.200 Wall Street Journal reporter Evan Gershkovich, detained in Russia on 0:07:28.360 --> 0:07:33.000 espionage charges, will remain in custody at least until November thirtieth. 0:07:33.240 --> 0:07:36.560 Gershkovich and his employer deny those allegations. In the US 0:07:36.640 --> 0:07:40.400 government has declared him to be wrongfully detained. Japan has 0:07:40.440 --> 0:07:44.600 started the release of treated wastewar water rather from the 0:07:44.600 --> 0:07:48.240 Fukushima nuclear site into the Pacific Ocean. It's a process 0:07:48.240 --> 0:07:51.760 that could last about thirty years, and it's triggered an 0:07:51.760 --> 0:07:56.160 immediate retaliation by China to curb seafood imports. Japan's process 0:07:56.200 --> 0:08:00.160 has been authorized as safe by the International Atomic Energy Agency, 0:08:00.320 --> 0:08:03.600 but China and other opponents insist that the release of 0:08:03.640 --> 0:08:07.200 waste water from a disaster site cannot compare with similar 0:08:07.240 --> 0:08:11.160 activities that are commonplace in the global nuclear sector. Global 0:08:11.200 --> 0:08:13.800 News twenty four hours a day, powered by more than 0:08:13.800 --> 0:08:16.760 twenty seven hundred journalists and analysts in more than one 0:08:16.880 --> 0:08:20.160 hundred twenty countries, I'm Amy Morris, and this is Bloomberg. 0:08:20.240 --> 0:08:20.480 Karen. 0:08:20.560 --> 0:08:21.760 All right, Amy, thank you. 0:08:21.960 --> 0:08:28.760 It is five oh nine on Wall Street. Time now 0:08:28.800 --> 0:08:31.720 for the Bloomberg Sports Update with Dan Schwartzman. 0:08:31.920 --> 0:08:33.319 Dan, Good morning, Karen. 0:08:33.400 --> 0:08:35.520 Let's start out in Major League Baseball of the Yankees 0:08:35.520 --> 0:08:42.800 step their nine game losing stream deep seven Thomas Berg stoping. 0:08:46.360 --> 0:08:47.920 That's courtesy of the S Network. 0:08:48.200 --> 0:08:50.880 Yankees beat the Nationals nine to one as Aaron judged 0:08:50.920 --> 0:08:53.640 It's three home runs and drives in six runs. Meanwhile, 0:08:53.640 --> 0:08:55.520 the Mets loser rubber game of their three game set 0:08:55.520 --> 0:08:57.960 in Atlanta seven to nothing. Red Sox knock off the 0:08:57.960 --> 0:09:00.720 Ashras in Houston seven to five and ten in Orioles 0:09:00.720 --> 0:09:02.959 get past a Blue Jay seven to nothing, Giants knocking 0:09:03.000 --> 0:09:05.439 off the Phillies in ten innings eight to six. A's 0:09:05.440 --> 0:09:07.800 getting shut out at home four nothing by the Royals, 0:09:07.920 --> 0:09:10.480 while the Manners eight game winning streak is snapped as 0:09:10.520 --> 0:09:13.120 Seattle loses in Chicago five to four and ten innings 0:09:13.120 --> 0:09:15.920 to the White Sox LA Angels. Two A star showy 0:09:15.920 --> 0:09:18.319 Otanny will not pitch the rest of the season after 0:09:18.360 --> 0:09:20.520 being diagnosed with the torn right elbow ligament. 0:09:20.840 --> 0:09:23.080 No decision has been made yet regarding surgery. 0:09:23.360 --> 0:09:25.960 The front runner for al MVP had Tommy John surgery 0:09:26.040 --> 0:09:29.360 just five years ago. Indianapolis Colts giving discruntled running back 0:09:29.440 --> 0:09:31.400 Jonathan Taylor till Tuesday. 0:09:31.080 --> 0:09:32.280 To find a trade partner. 0:09:32.559 --> 0:09:34.679 Sources say the Colts are looking to get either a 0:09:34.720 --> 0:09:37.040 first round draft pick for tailor or a package of 0:09:37.040 --> 0:09:40.200 pick's worth similar value. Sources confirming that the forty nine 0:09:40.280 --> 0:09:42.520 ers have decided to go with Sam Darnold as a 0:09:42.520 --> 0:09:45.319 backup quarterback to Brock Purty, putting in doubt the future 0:09:45.360 --> 0:09:48.079 of former twenty twenty one number three overall draft pick 0:09:48.080 --> 0:09:48.680 Trey Lance. 0:09:48.920 --> 0:09:51.640 The NFL Network is reporting that the Niners are exploring 0:09:51.679 --> 0:09:53.160 all options for Lance. 0:09:52.960 --> 0:09:55.040 Which include keeping the twenty three year old as the 0:09:55.080 --> 0:09:58.040 third tringer for either releasing or trading the North Dakota 0:09:58.080 --> 0:09:59.400 State Products Batcher. 0:09:59.440 --> 0:10:01.640 Bloomberg's Shorts Update, I'm Dan Schwartzman. 0:10:01.880 --> 0:10:04.800 Karen, all right, Dan, thank you all. Coming up on 0:10:04.880 --> 0:10:07.600 Bloomberg Daybreak, We're going to take a closer look at 0:10:07.679 --> 0:10:11.400 Nvidia earnings with Dan Ives, the managing director and senior 0:10:11.440 --> 0:10:14.640 analyst at Wedbush Securities, and we also have the very 0:10:14.720 --> 0:10:18.480 latest on the GOP debate in Milwaukee. We'll be speaking 0:10:18.520 --> 0:10:21.760 with Terry Haines, the founder of Pangaea Policy. 0:10:23.880 --> 0:10:26.880 From coast to coast, from New York to San Francisco, 0:10:27.200 --> 0:10:31.880 Boston to Washington, DC, nationwide on Syrias exam the Bloomberg 0:10:31.920 --> 0:10:33.920 Business app in Bloomberg dot Com. 0:10:34.120 --> 0:10:39.680 This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Investors 0:10:39.679 --> 0:10:42.520 have been waiting all week to hear earnings from Nvidia, 0:10:42.600 --> 0:10:46.079 and the chip maker behind the most advanced artificial intelligence 0:10:46.120 --> 0:10:50.959 semiconductors more than delivered, with revenue that doubled to thirteen 0:10:51.000 --> 0:10:53.680 and a half billion dollars in the latest quarter, an 0:10:53.679 --> 0:10:57.520 outlook that is twenty eight percent above Wall Street estimates. 0:10:57.559 --> 0:11:01.280 This is a third straight blowout core for the company 0:11:01.360 --> 0:11:03.520 that has really been behind much of the fuel of 0:11:03.520 --> 0:11:06.280 this year's rally in tech stock. So can and Vidia 0:11:06.400 --> 0:11:11.480 continue to deliver on these megabullish expectations. Let's bring in 0:11:11.520 --> 0:11:14.560 a megabull on the tech sector for some analysis of 0:11:14.640 --> 0:11:18.160 Nvidia's results. Dan Ives is with us now managing director 0:11:18.200 --> 0:11:21.680 and senior analyst at Wedbush Security. So, Dan, a third 0:11:21.880 --> 0:11:25.560 straight blowout outlook, How do you rate this upgrade for Nvidia? 0:11:26.160 --> 0:11:29.880 I mean, this is the godfather of AI and they 0:11:29.960 --> 0:11:32.400 delivered in home run fashion. I think this was a 0:11:32.520 --> 0:11:36.400 quarter and gaden for the ages. This is almost historical 0:11:36.840 --> 0:11:38.599 and there was What it means for the rest of 0:11:38.640 --> 0:11:43.120 the tech sector with the world watching, this is unparold 0:11:43.160 --> 0:11:45.240 demand that we have not seen since the Internet in 0:11:45.320 --> 0:11:48.680 nineteen ninety five. In my opinion, it speaks to what 0:11:48.880 --> 0:11:50.800 I believe is now the star of a new tech 0:11:50.840 --> 0:11:51.440 bowl market. 0:11:51.840 --> 0:11:52.000 Now. 0:11:52.000 --> 0:11:54.800 We did hear from the CEO, Jensen Wang on the 0:11:54.800 --> 0:11:59.720 call saying that they can keep production up with that supply. 0:12:00.000 --> 0:12:04.800 Do you see any potential headwinds for Nvidia being able 0:12:04.840 --> 0:12:07.720 to maintain the kind of production that it says that 0:12:07.800 --> 0:12:08.760 it can deliver. 0:12:10.000 --> 0:12:13.199 Look I see for Jensen and in video right now 0:12:13.200 --> 0:12:15.680 they are on the yellow brick roads and success. They're 0:12:15.720 --> 0:12:20.679 the only game in town at a transformational trend and 0:12:20.720 --> 0:12:22.960 we haven't seen in thirty years. So when you look 0:12:22.960 --> 0:12:27.880 at what everyone's focused on, does demand continue to be there? 0:12:27.920 --> 0:12:31.480 Our use case is growing. You heard from Nvidio and 0:12:31.520 --> 0:12:33.400 that just speaks to now what we're going to see 0:12:33.440 --> 0:12:37.880 from Microsoft, Google, Mango, dB, the rest of software and 0:12:37.960 --> 0:12:39.200 chips that's now coming. 0:12:39.000 --> 0:12:39.439 Down the road. 0:12:39.440 --> 0:12:42.480 In twenty twenty four, that's of the sheets focused on 0:12:42.559 --> 0:12:45.360 despite noise that we'll hear out of Jackson Hole from 0:12:45.400 --> 0:12:46.520 a FED talking tough. 0:12:47.760 --> 0:12:51.000 Yeah, I do want to get to the rate picture 0:12:51.120 --> 0:12:55.160 what that could mean for Nvidia's valuation. I mean, we've 0:12:55.200 --> 0:12:58.520 seen this stock go up more than two hundred percent 0:12:58.760 --> 0:13:02.160 this year. How do you see the valuation? Can it 0:13:02.200 --> 0:13:06.520 continue to trade at these kind of record levels, particularly 0:13:06.920 --> 0:13:11.120 when we are expecting to see higher for longer rates 0:13:11.400 --> 0:13:12.480 from the Federal Reserve. 0:13:13.360 --> 0:13:17.840 A great question, in my view is transformational growth stories 0:13:17.920 --> 0:13:21.079 the last twenty years, the Netflix, the Microsoft's, the Apples, 0:13:21.400 --> 0:13:23.680 the Amazon, you can't just put them in a box 0:13:23.840 --> 0:13:27.000 pe where they trade that next year in video now 0:13:27.000 --> 0:13:30.280 when you look out three five years, I believe it's 0:13:30.360 --> 0:13:33.199 just started in terms of what this trillion dollar growth 0:13:33.200 --> 0:13:37.040 opportunity incrementally could be, which is why we're bullish in 0:13:37.160 --> 0:13:40.240 terms of the story. And I think what this means 0:13:40.240 --> 0:13:43.079 for the rest of the sector. In what I've used 0:13:43.080 --> 0:13:45.560 in nineteen ninety five moments star the Internet. 0:13:46.720 --> 0:13:51.760 He also mentioned Jensen Wang did the potential of China, 0:13:52.080 --> 0:13:58.400 the crackdown on artificial intelligence access for China and what 0:13:58.440 --> 0:14:02.400 that could mean for Nvidia is business. Could that erode 0:14:02.559 --> 0:14:05.000 some of the outlook that we're hearing from in video. 0:14:06.080 --> 0:14:08.199 Look, I think the bark was worse than the bite. 0:14:08.280 --> 0:14:11.040 I think even when we saw the Biden restrictions a 0:14:11.120 --> 0:14:14.520 lot less onerous than anyone was, you know, fearing it. 0:14:14.600 --> 0:14:16.959 And that's important because at the end of the day, 0:14:17.040 --> 0:14:19.760 right now, this is not the time for the coal 0:14:19.880 --> 0:14:22.560 tech war to continue in terms of when it comes 0:14:22.600 --> 0:14:25.640 to AI ratting up. And I think what we're seeing 0:14:25.680 --> 0:14:28.680 here is that this is not really going to spoil 0:14:28.800 --> 0:14:31.360 the party. And I think that's the important thing in 0:14:31.440 --> 0:14:33.920 terms of broader not just in video, but the rest 0:14:33.960 --> 0:14:35.880 of the tech sector. And that's the one thing that's 0:14:35.920 --> 0:14:39.720 so important here. After a tech sell off, it was 0:14:39.880 --> 0:14:43.400 all focused on video. This was Goiden's heard around the world. 0:14:43.800 --> 0:14:46.800 And the bulls right now, I mean there are smiles 0:14:46.800 --> 0:14:49.200 on their faces and the bears are going back into 0:14:49.280 --> 0:14:51.239 hibernation mode into their caves. 0:14:51.720 --> 0:14:55.120 Well, where do you see breadth coming in in the 0:14:55.160 --> 0:14:58.800 AI space? Obviously in video has been so dominant this year. 0:14:59.360 --> 0:15:00.760 Where are the other players for you? 0:15:01.640 --> 0:15:04.520 Well, I think that's the focus. The second, third, fourth derivative. 0:15:04.640 --> 0:15:09.920 You look directly, Microsoft, Amazon, Google, the cloud players, Oracle, 0:15:10.320 --> 0:15:13.080 I think IBM benefits as well. And then you look 0:15:13.120 --> 0:15:17.560 at the rest of the software Mango, dB, Snowflake, Hou 0:15:17.680 --> 0:15:21.640 and Tier D three AI, I think Salesforce, dot Com. 0:15:21.680 --> 0:15:24.760 I mean, this is going to be a three to 0:15:24.920 --> 0:15:28.240 five year tidal wave of growth that we have not 0:15:28.440 --> 0:15:31.640 seen really in thirty years. And as software and ships. 0:15:31.880 --> 0:15:34.800 Then you look at consumer looking names like Meta, look 0:15:34.800 --> 0:15:36.440 at you know how they're going to benefit. So I 0:15:36.920 --> 0:15:40.840 think this is really just unpressdent, a jaw dropper stunner 0:15:41.240 --> 0:15:42.920 in terms of guidance. 0:15:43.840 --> 0:15:45.800 In terms of the growth, Dan, we got about a 0:15:45.840 --> 0:15:49.880 minute left here. Nvidia also announced a twenty five billion 0:15:49.880 --> 0:15:53.480 dollars stock buyback. Why do a buyback when there is 0:15:53.560 --> 0:15:55.240 potential for more growth than AI? 0:15:56.320 --> 0:15:59.120 Yeah, I think that's something from the board, and I 0:15:59.160 --> 0:16:02.480 think should tease capo allocation. And that's a smart move 0:16:02.680 --> 0:16:05.640 because this company right now is going to start making 0:16:05.680 --> 0:16:09.000 more cash in some countries they need to make sure 0:16:09.040 --> 0:16:11.160 they're doing. They could do some M and A down 0:16:11.240 --> 0:16:14.120 the road, but they find themselves now in just a 0:16:14.360 --> 0:16:19.320 massive position of strength, and I think they've really now 0:16:19.400 --> 0:16:22.480 started to become the only game in town. They built 0:16:22.480 --> 0:16:26.880 the castle, everyone's coming. They need to use that cash accordingly. 0:16:27.120 --> 0:16:29.600 Always great to get your thoughts. As always, Dan, thanks 0:16:29.600 --> 0:16:32.320 so much for being with us. That's Dan Ives, Managing Director, 0:16:32.680 --> 0:16:37.280 Senior analyst at Webbush Securities on the blowout earnings that 0:16:37.320 --> 0:16:40.840 we heard from Nvidia after the close of trading yesterday. 0:16:41.040 --> 0:16:44.520 We want to turn now from big tech to big politics. 0:16:44.600 --> 0:16:46.840 We did have the first debate of the twenty twenty 0:16:46.880 --> 0:16:51.400 four presidential campaign last night, hosted by Fox News in Milwaukee. 0:16:51.520 --> 0:16:53.920 It was a battle for second place. Of course, the 0:16:54.000 --> 0:16:56.840 runaway front runner in this race, Donald Trump, sat it out. 0:16:57.280 --> 0:17:00.920 So did this first debate change the trade as we 0:17:00.960 --> 0:17:05.080 get closer to the first primaries and Caucasus in the 0:17:05.080 --> 0:17:08.119 twenty twenty four campaign. Let's bring in Terry Haynes for 0:17:08.280 --> 0:17:11.560 some analysis of this first debate. Terry is the founder 0:17:11.600 --> 0:17:15.280 of Pangaeopolicy. Terry, I think with a lot of expectation 0:17:15.440 --> 0:17:17.399 going in was there was going to be a focus 0:17:17.440 --> 0:17:21.199 on Florida Governor Ron DeSantis to try to cement the 0:17:21.280 --> 0:17:24.760 campaign reset after the sort of faltering start that he's 0:17:24.920 --> 0:17:27.880 had here. Did he do himself any favors last night? 0:17:29.240 --> 0:17:32.520 You know, I had I have DeSantis as kind of 0:17:32.920 --> 0:17:36.800 one of my meth candidates frankly as a scientific term. 0:17:36.840 --> 0:17:40.600 As everyone knows, I can tell, I think, yeah, I 0:17:40.640 --> 0:17:43.400 think the Santis didn't hurt himself, but he got stronger 0:17:43.400 --> 0:17:45.600 as the night went on. You know, there's a lot 0:17:45.600 --> 0:17:47.640 of candidates on the stage made it hard for him 0:17:47.640 --> 0:17:49.960 to break out. But I think I think he did 0:17:50.000 --> 0:17:55.160 get better ultimately. You know, he he probably arrested the bleeding. 0:17:55.240 --> 0:17:58.280 There's no there's no reason for somebody who supports the 0:17:58.359 --> 0:18:02.119 Santas now to leave him. There's not a lot of 0:18:02.320 --> 0:18:05.600 a call for you know, rushing to destatus either. But 0:18:06.320 --> 0:18:07.280 I thought he did all right. 0:18:08.000 --> 0:18:09.959 Did anyone have a breakout moment for you? 0:18:10.960 --> 0:18:13.320 I had the best to me, I thought, though. The 0:18:13.359 --> 0:18:16.000 winner in the debate really was Nicky Haley, if she 0:18:16.119 --> 0:18:21.120 differentiated herself on a lot of different issues. Interestingly, and 0:18:21.320 --> 0:18:25.480 you know, kind of a breakout rhetorical move, she called 0:18:25.480 --> 0:18:28.720 out Republicans, including some of them on the stage, for 0:18:29.119 --> 0:18:33.400 contributing and enabling runaway US debt and fiscal spending. And 0:18:34.240 --> 0:18:37.119 that's a bit of a novel gamb at criticizing your 0:18:37.160 --> 0:18:41.159 own side as contributing to the problem. But you know, 0:18:41.359 --> 0:18:43.760 it's it has the added advantage of being true as 0:18:43.760 --> 0:18:48.040 Henry Kissinger once said, and uh and is a real 0:18:48.080 --> 0:18:51.560 good way to for Haley to set herself apart from 0:18:51.560 --> 0:18:55.760 the pack. She was in every debate and landed a 0:18:55.760 --> 0:18:56.440 lot of punches. 0:18:56.480 --> 0:18:59.879 I thought a lot of the spin following the debate 0:19:00.280 --> 0:19:04.439 was the attention that seemed to be focused on vivig Ramaswami, 0:19:04.520 --> 0:19:08.040 the newcomer of course in this race, and he seemed 0:19:08.080 --> 0:19:13.040 to hold his own in terms of keeping really tight 0:19:13.160 --> 0:19:16.080 sound bites and pretty forceful answers to a lot of 0:19:16.119 --> 0:19:18.880 the questions. What did you think of Ramaswami's performance? 0:19:20.040 --> 0:19:22.760 Uh, you know, I thought, I think he came perilously 0:19:22.760 --> 0:19:25.919 close to jumping the shark Nathan the It was fascinating 0:19:25.920 --> 0:19:29.800 to watch because the it seemed like all the all 0:19:29.800 --> 0:19:33.639 the other professional politicians came in with with one thought 0:19:33.840 --> 0:19:38.359 that this amateur is doing better than we think he 0:19:38.400 --> 0:19:40.760 should be, So, you know, let's take him down a notch. 0:19:41.600 --> 0:19:44.560 I think they did to some extent. Uh And I 0:19:44.560 --> 0:19:46.919 think he helped a little bit. He was a little overamped, 0:19:47.520 --> 0:19:49.920 and he got tagged by the field as I think 0:19:49.960 --> 0:19:53.080 one candidate called him the childish amateur on the stage, 0:19:53.520 --> 0:19:58.520 and I think that's that's likely to stick to some extent. Uh, 0:19:58.600 --> 0:20:00.959 you know, he makes some points, but he's also an 0:20:01.000 --> 0:20:04.679 outlier on a lot of different issues, including Ukraine AID, 0:20:04.760 --> 0:20:08.480 where everybody else was very supportive of Ukraine AID. And 0:20:08.520 --> 0:20:15.400 I think that's an important takeaway from this field. But fundamentally, 0:20:15.440 --> 0:20:20.320 I thought he was a little abrasive in an introductory 0:20:21.520 --> 0:20:25.919 in an introductory debate where demeanor is very important, I 0:20:25.960 --> 0:20:27.120 thought he came off too hot. 0:20:27.880 --> 0:20:31.119 Now, last minute here, Terry. You've noted in the past 0:20:31.280 --> 0:20:37.760 that there's a sizable majority of Republican voters who are 0:20:38.400 --> 0:20:43.639 I guess anti Trump in some respects that Trump, not 0:20:43.760 --> 0:20:47.200 all of the polls, has a majority of support from 0:20:47.240 --> 0:20:52.280 Republican voters. Did this debate do enough to coalesce some 0:20:52.440 --> 0:20:55.639 of that non Trump support around one candidate. 0:20:57.160 --> 0:20:59.399 It did not, But I think it earned a lot 0:20:59.440 --> 0:21:03.399 of candidates a second look. And when you're looking at 0:21:03.720 --> 0:21:08.120 say Iowa early on, where Trump has you know, around 0:21:08.280 --> 0:21:14.200 four out of ten likely primary voters, that already means 0:21:14.240 --> 0:21:16.480 that six out of ten are looking at or for 0:21:16.600 --> 0:21:22.960 someone else. And this debate without Trump, where the candidates 0:21:22.960 --> 0:21:26.719 had a chance to debate and elbow each other and 0:21:26.760 --> 0:21:30.120 shine a little bit, gave I think a lot of them, 0:21:31.080 --> 0:21:34.760