Chris Miller

Well, I think the key difference is just the scale of spending that we've got right now on building data centers and buying all of the chips that are required inside of them.

NVIDIA, first and foremost, but not only we've seen companies transformed by the data center build out, but in a lot of ways, not much has changed other than that.

We're still sourcing our key semiconductors from Asia and above all from China.

think if you look historically certainly you see cycles up cycles down but there are moments when you see step changes in terms of demand for certain types of chips we saw that with smartphones for example there was no demand for smartphone chips and then now everyone needs a new smartphone every couple of years and what we're seeing in ai right now is that type of step change a huge increase in just the baseline amount of chips that we're going to need

for data centers driven by AI.

And so I think we shouldn't expect cycles to be over.

Certainly there'll be ups and downs in the future, but it's now very clear, I think, that we're just going to need a lot more compute for AI purposes in the future.

And as a result, we'll need a lot more of the AI chips that go inside of data centers.

Well, I think it's in some ways funny when we ask, will AI deliver?

Because if you look just three years ago, even after ChatGPT was released, there are so many things that were not possible that are possible today, whether it's the number or the scale of hallucinations and answers that chatbots give you or the scale of work that you can put together today that just wasn't possible.

In the past, we've already had so much new capability generated just in the couple of years since ChatGPT that in some ways, I think it's an absurd question to ask, will AI deliver?

It already has in a lot of ways.

But I think I understand why there's plenty of questions about what about the investment that's happening right now?

Will that investment...

payoff.

And I think there are reasons to think carefully about how much each company is putting in over what time horizon.

But I guess when I when I zoom out, I asked myself, do I want a world in which there's more access to compute or or less, and it seems to me that we should, rather than being concerned that there's too much compute being put in the ground, be excited that there's actually companies willing to invest in the infrastructure that's going to deliver all these capabilities.

I think there's no doubt that we're going to have AI as a layer that's embedded into all technology that we use.

And when I look at the economic question, I say, first off, is it profitable to serve AI systems today?

Not train the next generation, but serve today's.