Kunjan Sabani

What are the metrics you're looking for?

Yeah, I mean, look, we again expect them to beat by mid-single to high single digits.

But as you said, you know, stock has not done much since ES because most of that goodness has already been digested and priced in.

So investors are waiting for that next big thing, which I don't think he will drop today because remember, GTC is around the corner.

So he might want to save it for that.

We are, though, looking for an upside to that $500 billion pipeline for 2026 and any signals he can give us regarding demand.

spilling into 2027.

So that will be key for investors.

I think he gave a lot more at CES, which generally he does not, saves it for GTC about Vera Rubin.

So the concerns of the hiccups in manufacturing there are much less.

The concerns are more about, you know, they cannot deliver a lot of upside given the supply constraints, whether it's from TSMC, whether it's from packaging, whether it's from memory.

So at this point, it will be more of a smooth sailing.

Yeah, the pressure is there, but they have handsomely been able to do that, surprising to a lot of us.

Remember, now they're adding more content, the deal with meta regarding the CPU, right?

That also will be a significantly high margin product when you think of CPUs.

So they're keeping on adding these small sockets around the GPUs, which don't

bring in significant billions of dollars of revenue compared to a GPU, but add a lot to the margin, helping that pressure which is on the GPU margin.

It is.

And just for context, that $500 figure was already about 5% to 6% above consensus as of yesterday.

These new deals that they announced, the three to four new deals, mostly on the sovereign, could add around billions of dollars on top of that if they were able to execute well and the supply keeps coming on.