Brad Gerstner

We've unlocked power.

We've unlocked capital.

People are now able to underwrite to these deals.

So first, I just think that this is incredible we have this level of competition.

terms of Nvidia's ability to stay ahead of everybody else, listen, I think at the end of the day, it's power in and it's tokens out.

It's perf per watt.

I've talked to many CFOs of hyperscalers, and they said you could price the competitor chips at zero.

Jensen said this publicly many times, price the competitor chips at zero, and it's still more effective and economic decision to choose Nvidia.

And I think that's what it comes down to.

They have to be at perf per watt because power is the constrained resource, going back to what Chamath said.

Jason, I think you made a great point about total TAM.

We see about $100 billion already in incremental generative AI revenue in 2026.

That has to grow to well over a trillion by 2030.

If you look at it on a top downs basis, $125 trillion growth,

global GDP, if you get a 10% improvement in productivity, that's $12 trillion a year of productivity improvements.

If you get a 5%, that's $5 or $6 trillion.

That's what's leading Masa and Sam and others to place these heroic bets.

I don't want to get over my skis about what's been disclosed, but I think rumors out there is that they'll exit this year at over 20 billion run rate.

I think there are a lot of people who think they could hit 50 next year and 100 after that.

So this, again, gets back to your point, David.