Friedberg

And then the market sets the price.

Make two comments.

Sure.

Number one is I think what we will see over time is probably a differentiation of general purpose

workhorses in chip architecture to more of these kind of special purpose chips that work well with certain models and certain applications.

You can kind of think about inference in machine vision and robotics.

You don't necessarily need an H100 to do that.

You can use a purpose-built chip to do that in a way that

reduces power cost, reduces ultimate capital cost to deploy that in an edge environment.

In the core data center environment, you may end up having models that are different for graph neural nets versus LLMs.

There are going to be different chips that will likely fit very differently with different architectures.

I would say that the general workhorse is what we had, but now that everyone's making these investments, and you should expect that the investment dollars in chip design is only gonna ramp up, not down.

There's gonna be differentiated chips for different markets and different applications.

And that's where there's a risk to Nvidia.

The other kind of- Who do you think has the best chance of challenging Nvidia?

So this is where I was gonna go.

The other black swan that I think is missing in the equation today, and my early prediction for 2026

is Huawei, where I think that there's lithography technology that exists in China that is not publicly discussed, that is going to be deployed in Huawei and all these fabs that they're building in mainland China.

And Huawei can create, at a very low cost, probably very high volume, and probably in reasonably short order, chips that can start to rival, for certain market applications, chips that might be expensive and long ... Give a timeline for that.

Is that two years, three years out?