Ed Ludlow

First, we have invested in every round of base 10 since inception from my prior firm and then through conviction.

And so I think five billion actually is a very small number.

Just say Greylock was your prior firm.

At Greylock and then at conviction, my current firm.

Five billion dollars is a very small number compared to the opportunity ahead.

I genuinely believe that.

And so we're looking at the difference when we make that investment.

But I think from a broader perspective, NVIDIA and Base 10 and Conviction, we have the same vision for what needs to happen to enable all of these AI native startups.

Inference engineering.

RL as a service, the optimization of models to make them cheap and efficient to run.

These are like the three hottest jobs in AI right now.

And one thing base 10 does is take these capabilities and use NVIDIA capacity, make them available to everyone rather than just the labs.

Let's talk there for a little bit, Tuhin, about, you said you're arming yourself for this opportunity and inference.

NVIDIA is interested in investing, but how much do you end up using technology, competing against?

Where do you see the future of what it is that you're solving for?

Sarah, to that point, it's interesting the amount of news we've had around Nvidia today, whether or not it's another what people call circular financing deal, backing Corweave, buying stock, indeed talking about a CPU, and indeed we've seen Microsoft announcing yet another chip AI version for themselves too.

How does this bear out?

Does everyone win?

Are there going to be select winners?

Well, I think so far it looks like NVIDIA is a pretty strong winner at the chip level.