Frank Lee

Yeah, I think the numbers were good.

It was a pretty good beat and raise, and it's the second quarter in a row.

I remember last quarter was the first quarter in six quarters to start to see a beat and raise.

It's happened again this time.

In fact, the first quarter guidance, I think, was considerably higher, not only against our number, but the overall streak.

and including some buy side expectations.

Yeah, so I think it's a good question.

I think the last couple of months, a couple of things have emerged.

The first thing is the memory space has become a super positive cycle that we have not seen in a long time.

We know that's been a big problem in shortages.

So this is resulting in hyperscalers having to pay more money for memory, but not necessarily getting more compute or more hardware performance.

So that's one of the things I think people are also questioning is like, OK, our people are paying up, but they're not getting more performance from what they were a couple of months ago.

The second thing I think NVIDIA has also brought up on this call was the idea of a GenTech AI.

The inflection point of a GenTech AI is mentioned several times on the call, which we agree with.

But I think what's interesting, though, is that a GenTech AI also seems to be boosting performance.

overall server CPU demand.

So you see comments from Intel and AMD suggest the same thing.

So the question now is, you know, a Gentech AI, how much of a boost is this to the pure GPU business that NVIDIA has been dominating?

And how much is a bigger boost to the traditional CPU makers or even new guys like ARM?

So I think there are some questions about who is the true beneficiary of the Gentech AI from a hardware point of view.