Caroline Hyde

And actually, its valuations have started to tray way higher than we're used to.

I think at about 26, 27 times future earnings.

But it's still leapfrogged just Microsoft.

Ahead of it in terms of market cap is Apple.

I think it's got another 7% to go to hit that.

But 15% to go to NVIDIA.

We're not questioning longer term at this exact moment NVIDIA's dominance in AI and semiconductors.

Well, Nvidia right now has, I think 90% or so share of the data center market.

If there is potential for Alphabet to start eating into that, I think that would change a lot of calculations for people in terms of how much can Alphabet scale this business.

I have talked to someone who thinks that this could potentially be worth more than Alphabet's cloud business, potentially up to $900 billion.

So that is a huge potential market there.

And if that means that Nvidia starts losing market share,

I think people will start reassessing how to value that company and its growth and its valuation.

Now, I will just simply say that the AI market is growing so rapidly that people do see room for a lot of big players.

And even Alphabet remains a major customer to Nvidia just because there is so much demand for compute right now.

People don't want to be beholden to any single supplier.

It does suggest that there's a lot of room for growth to go around, even if we start seeing some erosion in market share at Nvidia.

And I'm pretty sure Jensen Wang will be responding to any concerns about erosion in market share.

Rand Vestelica, we so appreciate you joining.

Let's dig into further analysis here with Stephanie Anagaya to the conversation.