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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Let's dive a little bit deeper into the Nvidia earnings.

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Speaker 2: Who do you want to dive deeper in than better person?

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Speaker 1: Right now? That's our guy.

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Speaker 2: I mean, he's getting geared up for Penn State, Nevada

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Speaker 2: this weekend, but he's probably focusing a little bit here

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Speaker 2: on Nvidio. Hey, Dan, I thought these numbers were darn good.

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Speaker 2: But I know there's the law of large numbers. I

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Speaker 2: know there's a whole thing about expectations. Give us your

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Speaker 2: take on these Nvidia numbers, Dan, I.

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Speaker 1: Thought they were robots, and I think the sum extent

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Speaker 1: when you factored China and they actually beat expectation, especially

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Speaker 1: when you look at the outlook. I think this stock

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Speaker 1: cuts up today and I think in further validates Well,

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Speaker 1: we've obviously been talking a lot, you know, with you

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Speaker 1: and the team about about the AI story now playing

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Speaker 1: out into the next stiege of growth. This is bullish

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Speaker 1: in my opinion.

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Speaker 3: Dan, What was your takeaway here as it relates to

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Speaker 3: a lot of the spending here, Capax.

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Speaker 1: I think it just sures there's one ship in the world.

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Speaker 1: Few in the AI revolutions led by Godfather of Ai Jensen,

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Speaker 1: thea viding and newquit's happened on Capax. It's just continuing

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Speaker 1: to accelerate. And then you factor in China that could

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Speaker 1: be fifty billions, I mean, and talking about the fifty

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Speaker 1: percent growth. I look, I think this is just now.

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Speaker 1: It's showing the next fees of the AAR revolutions now

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Speaker 1: starting to play out, especially when you combine it with

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Speaker 1: hyper scalurs and everything we've seen from Pallentier now Snowflake,

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Speaker 1: Manga deb the use cases are expanded.

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Speaker 2: Dan flush out for us the whole China situation. Where

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Speaker 2: is Nvidia today Visa VI China And how do you

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Speaker 2: think this is going to play out over the coming

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Speaker 2: quarters with their age twenty.

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Speaker 1: Ship Yeah, Paul, Look they're cognmental between us and but

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Speaker 1: the reality is Jensen's ten percent politician, ninety percent CEO,

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Speaker 1: and Trump administration to know, is big as chip on

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Speaker 1: the poker table is in the video. So as this

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Speaker 1: all plays out there, it's a pay for play model.

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Speaker 1: They're going to have access to China, even if it's restricted,

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Speaker 1: and that's going to add and incremental what two five

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Speaker 1: six billion per quarter? And you know, even though Beijing's

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Speaker 1: saying telling you know, maybe these companies you don't want

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Speaker 1: to buy video chips. That's like telling a kid not

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Speaker 1: eat candid. Big tech in China wants in video chips.

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Speaker 3: So I mean, as we dig in here into the

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Speaker 3: data what we saw from the earnings report, what is

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Speaker 3: your takeaway in terms of what they were able to

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Speaker 3: see specifically in terms of data center AI demand. That's

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Speaker 3: definitely something that's been in focus here with this report.

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Speaker 1: Yeah, look, I think it's noise in terms of any

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Speaker 1: other quote unquote like miss because when you factored China,

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Speaker 1: it's basically over a billion and a half feet. They're

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Speaker 1: seeing demand acceleration. I mean, no region is not showing acceleration.

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Speaker 1: And now you're starting to factor what's going to happen

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Speaker 1: in Middle East, what's going to happen in China, It's

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Speaker 1: gonna to rest of the world, and you're really talking

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Speaker 1: about one chip that's fueling it. So when I look

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Speaker 1: in a video, I think there's a five trillion dollar

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Speaker 1: mark cap potent by a year under early twenty six,

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Speaker 1: and it's just further validation for the AI revolution basis.

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Speaker 2: So talk to us DAN about their customer base and

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Speaker 2: the concentration of the customers, and I know they want

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Speaker 2: to broaden out their customer base, maybe the sovereigns into

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Speaker 2: other net buyers out there. How do you think that's

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Speaker 2: going to evolve.

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Speaker 1: Big Tech's going to continue dom as a quote unquote

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Speaker 1: customer base in terms of the concentration. But now as

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Speaker 1: sovereigns play out, as enterprises play out, you're going to

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Speaker 1: see more and more people, you know, obviously start to

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Speaker 1: understand that this revolution is not just big Tech. It's

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Speaker 1: about other sort of regions starting to play. And there's

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Speaker 1: only one ship in the world fuel in it, and

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Speaker 1: that's in video.

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Speaker 3: So taking a step back here in video wrapped up

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Speaker 3: all of the mag seven earnings here. What were your

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Speaker 3: thoughts more broadly overall this earning season.

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Speaker 1: I mean, I think this is the bullish tech earning season.

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Speaker 1: We've talked about it, the validation of the AI revolution,

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Speaker 1: his next stage of growth. It's spreading, second, third, fourth derivatives.

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Speaker 1: Now Grant look in video is a Scottie chauffeur of tech. Okay,

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Speaker 1: but what you're just starting to see now play out

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Speaker 1: is those derivatives, the spending, the multiplier, it's all happening

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Speaker 1: and I think that's just bullish going into year end

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Speaker 1: in terms of tech stocks, and I think this bull

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Speaker 1: market has two to three year run still left.

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Speaker 2: Dan, So as you talk to institutional investors, how are

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Speaker 2: they viewing this fifteen percent? I don't know government fee

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Speaker 2: that the US government may impose on some of the

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Speaker 2: chip sales the China. How's that being viewed by investors?

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Speaker 1: Look, it's obviously it's unusual. It's a pay for play model,

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Speaker 1: but guess what, investors, it's new rules of the road,

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Speaker 1: right Big tech starting to understand how that works. But

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Speaker 1: when it comes in video, Okay, pay fifteen percent, that's breadcrumbs.

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Speaker 1: You can raise prices fifteen percent. You need access to China.

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Speaker 1: You can't give Huawei on a silver platter that market.

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Speaker 1: So as it continues to play out, I think investors

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Speaker 1: have accepted they want a video open access to China

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Speaker 1: because that continues to be the golden goose that Jensen's

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Speaker 1: going after.

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Speaker 3: Dan, I want to quickly go right back to what

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Speaker 3: we were talking about here when it relates to data centers.

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Speaker 3: How concentrated is in video's revenue right now? Or like

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Speaker 3: you know, the top five hyper scalers still the overwhelming

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Speaker 3: majority of data center sales.

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Speaker 1: You know, it's concentrated, but that's just the nature right

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Speaker 1: now big text three hundred, what fifty during sixty billion,

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Speaker 1: But it's going to spread sovereigns, enterprises the rest of

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Speaker 1: the world. And Vidia is going to continue to own

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Speaker 1: that so contry today when you look out three four,

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Speaker 1: five years ago, that concentration will continue, I think to

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Speaker 1: diminish as more players get into AI. But there's one

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Speaker 1: chip fueling and it's a video damn.

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Speaker 2: How do you think about the competitive environment for in

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Speaker 2: Nvidia here? Is it am D, is it Huawei? Is

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Speaker 2: it others? We don't know about at the moment.

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Speaker 1: Yeah, but glease is to an AMD clearly competition. I

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Speaker 1: think that it would continue to be bullish and that

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Speaker 1: in terms of getting more and more pieces of pie.

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Speaker 1: Huawei is a competitor. But that's the whole reason that

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Speaker 1: you don't want to just give them full access to

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Speaker 1: China because that will help them narrow the gap for

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Speaker 1: bullets obviously on broad common others. And I think look

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Speaker 1: as this plays out, in Vidia is years ahead of

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Speaker 1: any other competition. And even when you hear talk about

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Speaker 1: you know, US government and obviously, you know Soft Bank

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Speaker 1: investing and Intel, I mean Intel is you know, so

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Speaker 1: many years behind. You know, they continue to really have

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Speaker 1: just a massive out pill battle and that's why video

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Speaker 1: is top of the mountain.

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Speaker 2: All right, Dan, your Penn State Nitley Ions opened the

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Speaker 2: season Saturday, three point thirty pm on the CBS Television network,

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Speaker 2: compariment plus against Nevada forty three and a half point favorites.

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Speaker 2: How do you feel about your Nitley Lions this year?

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Speaker 1: I mean work, I was at practice last week State College.

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Speaker 1: I told you I think this is the year. I

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Speaker 1: think we win the nanty. We have some tough games

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Speaker 1: in Oregon, Ohio State, but I think Big ten continues

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Speaker 1: to hold the mantle. I like al our Singleton and

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Speaker 1: Penn ste I think I think we'll be holding the

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Speaker 1: trophy in January.

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Speaker 2: I like the call naese and clear and confident. Dan Ives,

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Speaker 2: Globalhead of Technology a Webush Securities appreciate getting a few

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Speaker 2: minutes of Dan's time here today on Nvidia and big

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Speaker 2: Tech