Brad Gerstner

I say, Saks, I've got a bunch of inventory.

Nobody wants to buy it.

I'm going to wire you a billion dollars, buy a billion dollars of my product.

I'll post it to revenue and we're good to go.

It doesn't cost him anything and I get to book a billion in revenue.

Clearly a sham, clearly illegal, not at all what's occurring in the case with NVIDIA.

Just put it in perspective.

25 through 27, NVIDIA will generate $450 billion, half a trillion dollars of cash flow.

What they're investing is mice nuts.

They are making equity investments in companies that are mice nuts.

It's not credit to these companies.

The companies don't, in the case of OpenAI, they don't even have to use Nvidia chips.

They just told the world they were going to buy all this AMD.

They're rumored to be building their own chip.

So the point of the matter here is, of course, it lubricates the system by making these investments, but they're tiny equity checks in these companies.

I think about it this way.

Google Capital is one of the biggest investors in Duolingo.

Duolingo is one of the biggest advertisers on Google.

Nobody's crying foul that Google is somehow round-tripping revenue back into Google advertising.

So long as there is end demand for the product and it's not a sham, I think these things are fine.