Jeff Wang

But the way we invest in the semiconductor hardware companies is we can be long NVIDIA because I do think NVIDIA has the best position. And whether or not NVIDIA has 100% market share in three years like it does today, I don't know. But it will still have very, very good market share.

But the way we invest in the semiconductor hardware companies is we can be long NVIDIA because I do think NVIDIA has the best position. And whether or not NVIDIA has 100% market share in three years like it does today, I don't know. But it will still have very, very good market share.

But the way we invest in the semiconductor hardware companies is we can be long NVIDIA because I do think NVIDIA has the best position. And whether or not NVIDIA has 100% market share in three years like it does today, I don't know. But it will still have very, very good market share.

And so if you believe the market is growing, I don't know if data center, you know, GPU spend is a hundred billion or 200 or 300 billion, but we can go long Nvidia. And then we can short a bunch of the companies that I think don't have the depth of moats that Nvidia has. So if you think about some of these server hardware companies, for example,

And so if you believe the market is growing, I don't know if data center, you know, GPU spend is a hundred billion or 200 or 300 billion, but we can go long Nvidia. And then we can short a bunch of the companies that I think don't have the depth of moats that Nvidia has. So if you think about some of these server hardware companies, for example,

And so if you believe the market is growing, I don't know if data center, you know, GPU spend is a hundred billion or 200 or 300 billion, but we can go long Nvidia. And then we can short a bunch of the companies that I think don't have the depth of moats that Nvidia has. So if you think about some of these server hardware companies, for example,

where I think they're going to get beat up on gross margins because NVIDIA now has a reference design. You have a smaller shrinking pool of customers that are getting more sophisticated that are going to do their own server design. So that's how we've chosen to play AI. And I do think there is overinvestment risk, but we can be hedged on that.

where I think they're going to get beat up on gross margins because NVIDIA now has a reference design. You have a smaller shrinking pool of customers that are getting more sophisticated that are going to do their own server design. So that's how we've chosen to play AI. And I do think there is overinvestment risk, but we can be hedged on that.

where I think they're going to get beat up on gross margins because NVIDIA now has a reference design. You have a smaller shrinking pool of customers that are getting more sophisticated that are going to do their own server design. So that's how we've chosen to play AI. And I do think there is overinvestment risk, but we can be hedged on that.

You know, we haven't because I don't know that these ultimately are better businesses after, right? So what you know now is that there's an incredible amount of demand. That demand is growing at very high levels. But if I'm talking about a power electronics company or a company, a construction company that builds data centers, let's say there's incredible growth over the next two years.

You know, we haven't because I don't know that these ultimately are better businesses after, right? So what you know now is that there's an incredible amount of demand. That demand is growing at very high levels. But if I'm talking about a power electronics company or a company, a construction company that builds data centers, let's say there's incredible growth over the next two years.

You know, we haven't because I don't know that these ultimately are better businesses after, right? So what you know now is that there's an incredible amount of demand. That demand is growing at very high levels. But if I'm talking about a power electronics company or a company, a construction company that builds data centers, let's say there's incredible growth over the next two years.

That's gonna attract incremental competition. Are these really great sustainable businesses with deep moats? I think they're okay businesses. I think the stocks may work over the next two years, but in year two or three, do I still want to own them? And I just want to think about these things as a long-term investor. I don't want to be trading in and out of stocks as quickly as I can.

That's gonna attract incremental competition. Are these really great sustainable businesses with deep moats? I think they're okay businesses. I think the stocks may work over the next two years, but in year two or three, do I still want to own them? And I just want to think about these things as a long-term investor. I don't want to be trading in and out of stocks as quickly as I can.

That's gonna attract incremental competition. Are these really great sustainable businesses with deep moats? I think they're okay businesses. I think the stocks may work over the next two years, but in year two or three, do I still want to own them? And I just want to think about these things as a long-term investor. I don't want to be trading in and out of stocks as quickly as I can.

That's a great question. For Klarna, I think Europe matters, but is incrementally mattering less because they have broadened the business. They did a terrific job of expanding the business into the US and other markets.

That's a great question. For Klarna, I think Europe matters, but is incrementally mattering less because they have broadened the business. They did a terrific job of expanding the business into the US and other markets.

That's a great question. For Klarna, I think Europe matters, but is incrementally mattering less because they have broadened the business. They did a terrific job of expanding the business into the US and other markets.

So I think for Klarna, it matters less, but I do think if you are any company that can go global, you start in Europe. Europe is a very nice prize, but I think the best companies will want to go global and they want to go after the US opportunity. It is, you know, the US is still probably, it is the largest opportunity for software companies.

So I think for Klarna, it matters less, but I do think if you are any company that can go global, you start in Europe. Europe is a very nice prize, but I think the best companies will want to go global and they want to go after the US opportunity. It is, you know, the US is still probably, it is the largest opportunity for software companies.