Jay Goldberg

Yeah, like ultimately, it just always comes down to a projection of confidence that all of the stories we've been over in more than the last year is still intact.

You know, that the great build out of AI infrastructure is early, that they have long horizon visibility into what's going on.

All NVIDIA can control, I suppose, is the roadmap to go from one generation of compute to the next.

And so they talk about in the CFO document margins being supported by the ramp up in Blackwell and mix of new products.

Well, when does that mix change?

When does Vera Rubin really kick in and then go beyond that?

That's kind of how the street would look at it, I think.

So I think there's a near-term problem and a longer-term problem.

The near-term issue is memory.

Memory prices are expensive.

That cuts into everybody's margins.

It's going to eventually cut into consumer demand.

Phones will be more expensive because of the memory.

It's a well-known story.

So I think that's a near-term headwind.

Longer term, I think Qualcomm has some pretty significant challenges, and I'm not sure they're ready to address them yet.

I know they are, but the protesters have said, you know, where are the Americans?

You promised them we would have their back.

Do we still have their back?

So I think there's a near-term problem and a longer-term problem.