Caroline Hyde

They've been spread across a lot of different dimensions.

I think they're refocusing now on personalization, reliability, speed, and continuing to build out that OpenAI large language model to maintain their lead, right?

Yeah, because I think that the problem is in innovation bull markets is capex starts and you've got to build out the capex and the revenue follows, you know, sometimes years later, sometimes within a couple of years.

And so investors have to extrapolate is the investment.

really going to deliver the revenue and profits and the rate of return.

And not everyone's going to get there.

And that's the risk of innovation driven bull markets.

There are some winners.

There are some losers along the way.

But, you know, I think the key is you've got to really focus on who is delivering the

the revenue today, or at least the visibility of that, and who has the wherewithal.

And just an example, you know, I mean, Alphabet's got, what, $150 billion of operating income.

OpenAI is losing $9 billion a year.

So, you know, the wherewithal, the financial might probably, I think investors are thinking, may sit with Alphabet at the moment.

Going toe to toe against anyone.

The American technology industry has nothing to fear.

We are mighty, we're fast, we're inventive, we'll take anybody on.

In the case of China, we shouldn't concede the entire market to them.

They're formidable, but conceding that entire market, we ought to go compete for it.

Nvidia CEO Jensen Huang there speaking on American AI leadership at the CSIS conference in Washington yesterday.