Ed Ludlow

I think it's critically important.

Cash flow.

If you look at the reaction to this Bloomberg report on Meta, many would note that Meta was headed for negative free cash flow next year.

This year, the story was about Oracle hitting negative free cash flow for the first time since 1992.

Is that a worrying set of data that you're seeing on your desk?

Nancy, we came into this morning when we met as a team thinking probably we'd focus on Salesforce and Snowflake earnings.

And then we got the meta report, right?

Your thesis is that you have innovation cycles driven by heavy capex, monetization follows.

Actually, if you take the different part of the stack with Salesforce and Snowflake, tepid outlook in terms of profits and top-line growth from all the AI investment, is that a fair point I've just made?

We're going to go very deep later in the program on the earnings from Salesforce and from Snowflake.

But that was a very interesting cross-the-board look.

Nancy Kern, Global Chief Investment Officer, LTT and Global, thank you very much.

Coming up, NVIDIA's Jensen Wang looks to win over Washington on chip export rules.

But could it be too late for the AI chip maker in China?

We've got more on that next.

This is Bloomberg Tech.

The baseline assumption is zero China revenue, right?

But Jensen Wang's keeping himself in proximity, not just to the administration, but to Congress as well.

Whether China wants those chips, we'll talk about that with Peter Ahlstrom in just a minute.

The Gain AI Act is also a part of this lobbying effort, and it's an area where maybe NVIDIA is nearer to a win.