Ian King

Yeah, it's a real endorsement from one of the biggest buyers of this kind of equipment.

Obviously, they're playing catch up with NVIDIA, who had their own deal with Meta last week.

So this is a real strong affirmation.

And it also includes a share of warrants as well that are going to Meta.

Yeah, I mean, the way to look at it, Lisa Su said, look, this basically ties us closer to Meta.

They get these shares if we're in a very good position.

I mean, the last tranche, I believe, is about $600.

Yesterday, they closed at less than $200.

So we've got a room to go before that becomes a reality.

But her point was that this kind of locks us together and tightens our relationship.

Yeah, I mean, at this point, all we can do is say, look at the numbers and the numbers, assuming NVIDIA comes in and executes on what Wall Street thinks it's going to do.

The numbers say there's no anxiety here.

All boats are floating.

Everybody's benefiting from the same massive spending in equal measure.

I guess what would change that would be if NVIDIA does not hit those targets, does not exceed those targets.

That, I think, would change the conversation considerably.

I mean, again, you have to go back to the percentages, the growth percentages.

At the moment, both of them would say, you know, this isn't about competition.

This is about there's so much demand.

A company like Meta, which makes its own chips, is buying from both of us.