Brad Gerstner

You then had a massive upgrade, which required significant data center overhaul with Grace Blackwell in 2025.

And in the back half of 26, we're going to get Vera Rubin.

27, we'll get Ultra and 28, Feynman.

How is the annual release cycle going?

What were the main goals of going to an annual release cycle?

And did AI inside NVIDIA allow you to execute the annual release cycle?

And each of those users is generating massively more tokens because they're using inference time reasoning.

For people who may not be as familiar, what does extreme co-design mean?

I heard from one of your competitors

You know, yes, he's doing this because it helps drive down the cost of token generation.

But at the same time, your annual release cycle makes it almost impossible for your competitors to keep up.

The supply chain gets locked up more because you're giving three-year visibility to your supply chain.

So now the supply chain has confidence as to what they can build to.

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...