Hussein Kanji

I think we're going to go through something, and I don't know what the something is. You look at the dot-com industry, the household name companies of the time didn't necessarily turn out to be the big outcomes, the Yahoo's, the Netscapes. They went away. Amazon powered through, but Amazon was never the super hot company. eBay was the hot company back then. And then the Googles didn't exist.

I think we're going to go through something, and I don't know what the something is. You look at the dot-com industry, the household name companies of the time didn't necessarily turn out to be the big outcomes, the Yahoo's, the Netscapes. They went away. Amazon powered through, but Amazon was never the super hot company. eBay was the hot company back then. And then the Googles didn't exist.

I think we're going to go through something, and I don't know what the something is. You look at the dot-com industry, the household name companies of the time didn't necessarily turn out to be the big outcomes, the Yahoo's, the Netscapes. They went away. Amazon powered through, but Amazon was never the super hot company. eBay was the hot company back then. And then the Googles didn't exist.

The sales forces didn't exist. They came at the tail end of that. I don't know what AI is going to look like five years from now.

The sales forces didn't exist. They came at the tail end of that. I don't know what AI is going to look like five years from now.

The sales forces didn't exist. They came at the tail end of that. I don't know what AI is going to look like five years from now.

One of the pieces of investment advice is you can't think of something as too cheap or too like you can't walk away. You can't go into a company because it's too cheap and you can't walk away from a company because it's too expensive. The big question for me for Nvidia, Nvidia has grown its net margins from 10% to 50%.

One of the pieces of investment advice is you can't think of something as too cheap or too like you can't walk away. You can't go into a company because it's too cheap and you can't walk away from a company because it's too expensive. The big question for me for Nvidia, Nvidia has grown its net margins from 10% to 50%.

One of the pieces of investment advice is you can't think of something as too cheap or too like you can't walk away. You can't go into a company because it's too cheap and you can't walk away from a company because it's too expensive. The big question for me for Nvidia, Nvidia has grown its net margins from 10% to 50%.

And besides the revenue growth, which everyone looks at, it's become this natural monopoly. But if you look at what everyone is doing today, you look at what Apple is doing, you look at what Amazon is now doing, and Matt has been working on this, they're all building chipsets to remove their dependence on NVIDIA. I don't know if those chipsets will actually get anywhere.

And besides the revenue growth, which everyone looks at, it's become this natural monopoly. But if you look at what everyone is doing today, you look at what Apple is doing, you look at what Amazon is now doing, and Matt has been working on this, they're all building chipsets to remove their dependence on NVIDIA. I don't know if those chipsets will actually get anywhere.

And besides the revenue growth, which everyone looks at, it's become this natural monopoly. But if you look at what everyone is doing today, you look at what Apple is doing, you look at what Amazon is now doing, and Matt has been working on this, they're all building chipsets to remove their dependence on NVIDIA. I don't know if those chipsets will actually get anywhere.

I don't know what's coming around. I'm not a semi guy. I don't know what's coming around the corner that could commoditize it. 50% net margin feels high. And if that margin comes back down to even a very good margin, 30% net margin, the multiple changes.

I don't know what's coming around. I'm not a semi guy. I don't know what's coming around the corner that could commoditize it. 50% net margin feels high. And if that margin comes back down to even a very good margin, 30% net margin, the multiple changes.

I don't know what's coming around. I'm not a semi guy. I don't know what's coming around the corner that could commoditize it. 50% net margin feels high. And if that margin comes back down to even a very good margin, 30% net margin, the multiple changes.

The end answer for that question, and this is why I think you have to be a technologist to do technology investing, is what do you think is coming around the corner that may or may not threaten that margin? If you can figure out the answer to that as a semi-person, you can play the NVIDIA game.

The end answer for that question, and this is why I think you have to be a technologist to do technology investing, is what do you think is coming around the corner that may or may not threaten that margin? If you can figure out the answer to that as a semi-person, you can play the NVIDIA game.

The end answer for that question, and this is why I think you have to be a technologist to do technology investing, is what do you think is coming around the corner that may or may not threaten that margin? If you can figure out the answer to that as a semi-person, you can play the NVIDIA game.

I mean, OpenAI has real revenue, and I think there's increasing returns to scale, but I think the same thing I just said about NVIDIA applies to a lot of this AI stuff. And the AI stuff, like I had dinner with Alex, who founded Wave, which is one of the AI companies here that does self-driving cars. In our discussion, this market is commoditizing so fast.

I mean, OpenAI has real revenue, and I think there's increasing returns to scale, but I think the same thing I just said about NVIDIA applies to a lot of this AI stuff. And the AI stuff, like I had dinner with Alex, who founded Wave, which is one of the AI companies here that does self-driving cars. In our discussion, this market is commoditizing so fast.