Brad Gerstner

So would you say your competitive moat is greater today than it was three years ago?

But you better hope that that industry gets really big.

You're creating an industry.

And I mean, the NVIDIA story,

Again, dumb this down.

It's like playing chess and checkers, right?

The fact of the matter is the folks who are starting ASICs today, whether it's Tranium or whether it's some of these other...

intrinsic accelerators, et cetera.

They're building a chip that's a component of a much larger machine.

You've built a very sophisticated system, platform, factory, whatever you want to call it.

And now you're opening up a little bit, right?

So you mentioned CPX GPU, right?

That is, it seems to me that in some ways you're disaggregating the workloads to the best slice of the hardware for that particular demand.

and you launched MV Fusion that even said to your competitors, including Intel, which you just invested in, the way in which you participate in this factory that we're building, because nobody else is crazy enough to try to build the entire factory, but you can plug into that if you have a product that's good enough, compelling enough that the end user says, hey, we want to use this instead of an ARM GPU, or we want to use this instead of your inference accelerator, etc.

Tell us a little bit more.

Yeah.

What's deeply related to this idea is the argument you've made that kind of shocks some people, where you say, our competitors building ASICs, they could literally, all their chips are cheaper already today, but they could literally price them at zero.

Our objective is they could price them at zero.

And you would still buy an NVIDIA system because the total cost of operating that system, power, data center, land, et cetera, the intelligence out is still a better bet than buying a chip even if it's given to you for free.

So we've taken a crack at kind of the math on that, but walk us through your math, because I think for people who don't spend as much time here, it just doesn't compute.