Joanne Feeney

They're going to want to say that we're holding prices firm, we're not going to raise them, but our competitors might.

And the reality is, if their competitors do, then they're probably going to follow.

You know, there's different ways of measuring inflation expectations.

And I will say that all of them are pointing in the wrong direction.

Yeah.

Yeah, clearly it's a good sign, right?

And it's been long in coming.

But the size of the market opportunity is still hard to define.

Clearly, China wants to encourage its own semiconductor industry to catch up to some degree to NVIDIA.

But, you know, it's a good sign.

It's incrementally positive.

We're not really going to model it in at this point because it's hard to know how large it could be.

Nevertheless, a positive sign opening up that market and also just to, you know, continue to make sure, as Jensen Wang has put it, that AI applications are built on the U.S.

technology stack primarily.

And because we have the leading chips, that's appropriate.

Yeah, I'm not a military expert, Ed, so I'm going to refrain from talking really about how this could change the military competitive situation.

If we don't sell these chips, if NVIDIA doesn't get to sell these chips, China will develop them.

And they've worked around the –

less capability of their own chips by redesigning inside the racks to try to save energy, to try to boost throughput.

And they'll continue to do that.