Beth Kindig

There is not a low bar for NVIDIA.

I think the bar is always very high.

And what I'm saying is that because the way these GPU generations ship, we're in volume production on Blackwell Ultra.

That bar will likely be cleared this quarter.

Hey, Caroline.

Jensen Wang has stated it's a $50 billion per year annual opportunity.

When we left off, it was about $5 billion a quarter.

That's $25 billion.

So somewhere between $25 billion and $50 billion, which really means that as we look into analyst estimates, they are probably too low.

And that has been something from the very beginning that we have found alpha in, is that analysts are really struggling to wrap their head around the opportunity of NVIDIA.

And now here comes back the H200s.

And where my firm is very focused is calendar year 2027.

If you look at these estimates, they are too low as it is, let alone if China revenue resumes.

What's really interesting, though, is China's response to all of this.

I would argue that right now, the number I had was about 2 million H200s, and there's only about 700,000 available, which means that, once again, NVIDIA's oversubscribed.

I have been asked before, who is the next NVIDIA?

Is it something like Huawei?

You know, is it Google's TPUs?

And the answer is, the next NVIDIA is NVIDIA.

They are extremely hard to disrupt, and that goes for China or even United States competitors.