Caroline Hyde

I think this is just the reaction seems to be overall AI fatigue.

On one end, when the top five customers who are raising CapEx targets are being punished for spending that money, you can't have it both ways where the company that's capturing all that revenue also gets rewarded for taking a lot of that high spending.

Just very quickly, networking provided a lot of the upside.

Just explain it

Yeah, you know, people don't pay a lot of attention to the networking, but networking has been surpassing expectations every single quarter.

And I think it will greatly because now the networking, they can sell it even where their GPUs don't go.

So even like ASICs for an Amazon, which are supposed to be growing and taking share away from the NVIDIA GPUs, they're going to plug it with NVIDIA networking.

So that's a new source of revenue, even where they don't have the chips in the servers.

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They're tapping the Swiss market and the sterling market.

In fact, they're looking to sell a really rare 100-year sterling bond as well.

So Alphabet is out there across every type of part of the debt market.

They're tapping the Swiss market and the sterling market.

In fact, they're looking to sell a really rare 100-year sterling bond as well.