Josh Gilbert

Look, the competition, you're absolutely right, is increasing.

We had Amazon, when reporting earnings, told us about its new chip business coming through.

Google, obviously, with its own chip.

So yes, we're seeing the broadening of this AI trade.

I think the biggest thing for us, though, is in the call, Jensen Huang said that NVIDIA will be supply constrained across the entire lifecycle of its new chip, which is the Rubin, which is expected in the second half.

So that's a demand signal if you ever need one, that it ultimately doesn't have the supply to keep up with demand.

So yes, although we are seeing competition increase, it's because there is so much demand.

So Amazon maybe can't get exactly what they want, so they're having to build it themselves.

That does maybe create a long-term conversation around can those businesses do it themselves?

But right now, NVIDIA is just the best in the business, and those hyperscalers are continuing to spend...

hundreds of billions and will probably be in the trillions next year.

And that is, you know, a lot of that flowing into GPUs and CPUs, which is where NVIDIA dominates and with CPUs is looking to dominate as well.

So certainly competition is rising, but for the time being, I think that just matches the demand we're seeing.

So it's not a problem for now.

So if that's the case, and this isn't really a bubble, it's a paradigm shift, is that right?

Yeah, absolutely.

You know, no bubble here, in my view, right?

NVIDIA just generated 40 billion in free cash flow in the quarter.

So, you know, that's a huge, huge number.

I think when we think about bubbles, and again, we can go back to that sort of the dot-com bubble, that type of thing, that's what a lot of people are looking towards.