Ed Ludlow

They said secured supply to meet demand for several quarters.

What's several?

We're gonna bring Anurag in in a second and talk Salesforce because I think that's a good transition to talk about what companies are doing with AI and the message at least that Salesforce is trying to make with agentic AI.

But before we get there, Mandeep, I do want you to weigh in on what Carol mentioned earlier about the China business.

H200 shipped under a new program subject to a 25% tariff.

NVIDIA discloses U.S.

government in a 10K filing granted license by the U.S.

in February of 2026.

The U.S.

license to ship small amounts of H200 to China for specific China-based customers.

What does our investing audience need to understand about what it can sell to China and the impact on that financially?

So Anurag, the question I think a lot of people have, excuse me, about a company like Salesforce, and we could go through any other software company, not any other, but many other software companies, and ask you the same question is about the threat from artificial intelligence.

And Marc Benioff was very clear in the press release to say that this is a company that has relaunched, I don't have the exact wording in front of me, but relaunched as an agentic AI company.

Is it really under threat?

And specifically, like, what is the threat from Claude, from Anthropic or from OpenAI that investors are so worried about?

And is it warranted?

I'm Carol Masser.

And I'm Tim Stenevek, inviting you to join us for the Bloomberg Businessweek Daily Podcast.

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