Jason Calacanis

They raised the quarterly dividend 25x from one cent a share to 25% cents per share.

And their CFO said they're going to return 50% of the free cash flow to shareholders.

Never been a company like this, huh, Freiburg?

The the scale of this is just extraordinary.

Don't say it.

There you have first, there's your market report from Freebird.

Don't seem so enthused.

Yeah, it's a he's got potatoes in the oven.

I have a question for Gavin.

He did a really interesting talk with Patrick O'Shaughnessy.

And there was this one thing that I wanted to ask you about.

because I thought it was so interesting.

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.