Brad Gerstner

You move to an annual cadence.

You're co-developing with a supply chain.

The scale is massively bigger than anybody anticipated, which requires scale both of balance sheet and of development.

Right?

The moves you made both through acquisition and organically with things like NV Fusion, CPX, which we just talked about, all of those things together caused me to believe that your competitive mode is increasing vis-a-vis, at least in so far as building out the factory or the system.

But I think it's interesting that your multiple is much lower than most of those other people.

And I think part of that has to do with this law of large numbers.

A $4.5 trillion company couldn't possibly get any bigger.

But I asked you this a year and a half ago.

As you sit here today, if the market's going to AI workloads are going to 10x or 5x, we know what CapEx is doing, et cetera.

Is there any conceivable world in your mind

where your top line in five years isn't two or three X bigger than it is in 2025?

Like, what's the probability that it's actually not much higher than it is today, given those advantages?

I'll say it here.

I think Nvidia will likely be the first $10 trillion company.

And I've been here long enough, it wasn't that long ago, just a decade ago, as you well remember, that people said there could never be a trillion dollar company.

Now we have 10.

But the world's bigger.

You said this isn't just about better models.

We also have to build.