Jason Calacanis

You said, when you look at the revenue multiples of the chip companies and you look at the revenue multiples of the DRAM companies, both cannot be true.

In the context of NVIDIA's earnings, can you just explain maybe in plain language for folks?

I just thought it was so fascinating because it explains, it explains, I think, just to set it up,

Where is value over the next five years?

Like, I think if you looked at Leo Aschenbrenner, his fund has gone from like zero to $5 billion overnight.

And it looks like he's just got massive puts on the chip sector and he's kind of rotated.

So just give us context, Gavin, where's the puck going?

He's been vocal about that.

Like, what is going on here?

You're putting up record numbers and we're getting no credit.

Then you have a re-rating.

And then you re-rate.

New floors established at a higher rate.

This is the thing, like at the end of this Grok transaction last year, my kind of prevailing thought on this is we're going to move to these domain-specific architectures.

I thought that was like a fait accompli.

We're just now waiting for which models.

But the reality is that that DSA architecture

market evolution is actually happening inside of Nvidia.

That's what's so insane to me.

That was my takeaway from the quarter as well, which is like, holy, these guys actually have domain specific architectures, because they're doing these design programs with every this is why back to sort of the, you know, when he does DC to DC with Elon and Colossus three or whatever, it's just it's another game changer for everybody.