Lisa Mateo

Srini Pajuria is with us, RBC Capital Markets Research Analyst.

He has an outperform rating on the stock, has raised his price target from 240 to 250, and you're not alone, Srini, because I'm looking at True Security's raising their price target, Citi did, JP Morgan did, Morgan Stanley raised their price target and called it the largest, cleanest beat and raise in the history of semis industry.

What was missing?

About that sustainability, because you've just outlined how they're managing to diversify their end customer.

About 50% of data center demand was from hyperscalers, but they are looking at sovereign AI and the like.

Are we needing to hear more about growth in China, for example, which, again, isn't being factored into the forecast?

How much can we support that the capital expenditure is going to last through 2027 fiscal?

In your risks to rating column in your research note, very clearly hyperscale spending is a leading indicator for AI demand.

Jensen Wong was asked that on the call.

This is what he said.

He was asked about capital expenditures growth going forward.

His answer was confidence in cash flows, because of course, cash flows have been impacted by the CapEx commitment.

He didn't really answer the question, but what did you interpret from what he did say?

Very quickly, Jensen Wang sprung to the defense of the software industry.

Is the ecosystem of his other customers healthy?

Srini Bajuri of RBC Capital Markets, thank you very much.

Coming up, Snowflake CEO joins us to talk about his company's earnings and the fears of AI-driven disruption.

That's one mover to the upside.

This is Bloomberg Tech.

Snowflake, another of the tech names that released earnings yesterday after the bell.