Angelo Zeno

Yeah, and thanks for having me, Tim.

The way I look at this is, listen, NVIDIA's had the 90% plus market share on the compute side, right, with their GPUs.

Our view the whole time was that they were going to lose share anyway, and that custom silicon chips were going to gain...

a bigger piece of the pie.

AMD eventually was going to have its share as a second alternative to the GPU market.

So this is kind of playing out the way we anticipated.

It's going to be a slow roll, but ultimately, listen, I do think there's a place for TPUs as well as other custom silicon chips.

I don't think you can necessarily sleep on a company like Amazon.

But it's interesting that the strategic pivot that potentially Alphabet is looking at potentially

looking to sell those TPUs to Meta.

And, you know, to the extent that that's true and how quickly some of that scales up, I think is a risk to the NVIDIA story.

But again, I mean, NVIDIA will continue to be the dominant player out there.

And I think investors, you know, maybe shouldn't be looking too deep into the share fight and kind of, you know, can also consider the upside in terms of the total addressable market opportunity here over the next couple of years.

I think that's an interesting point.

The way we look at this actually is a little bit differently.

I mean, when we think about kind of these next-gen offerings that NVIDIA is set to roll out, and we're big believers that, listen, NVIDIA is a generation ahead.

They will continue to be leaders in terms of technology advancements.

But as you roll out Rubin, and Rubin doesn't really have kind of the step-up function to Blackwell the way Blackwell had relative to Hopper, but you get to Rubin and then Rubin Ultra, you're going to see some significant content growth.

over the next couple of years from Nvidia in the data center.

So that should continue to hold up their revenue trajectory as well as the margins here for the company.