Beth Kindig

Yes, so right now the analyst estimates did actually catch up.

They're about 320 billion this calendar year.

Let's just go with 2026.

I wanna really emphasize that it's next calendar year that we're gonna start to see analyst estimates too low.

That is where the alpha is at right now.

And it only takes one or two quarters for us to really see NVIDIA's price movement from all of the momentum we're seeing, not only from Blackwell Ultra, but then we've got Vera Rubin, second half of this year.

Now we have the H200s coming back.

Where that falls specifically in what quarter matters less to me.

And what matters more is that those analyst estimates are far too low.

These are excellent questions, Ed.

Across the board, resources when it comes to this data center expansion are extremely stretched, especially anything that supports the electrical grid, such as copper.

What I would really emphasize is those alternative sources of energy is a great way to position going into 2026.

One thing, too, my firm has dug up is that in order for us to get to Vera, Rubin, and then Rubin Ultra, power has to precede that.

We have to really get this power to these data centers before those systems can really ship in volume and be installed.

Things like nat gas, even solid oxide fuel cells, those that do not need great dependency on the electrical grid is a wonderful way to position.

And copper surging today is a reminder of that.

What's interesting is we've hit...

Exactly.

And what's even more interesting is that AMD was up more last year than NVIDIA.

And they are such a strong CPU player as well as Intel.