Lou Whiteman

Exactly.

It's the famous line from Jeff Bezos, your margin is my opportunity.

If we circle back to Nvidia, the operating margin right now is around 60%.

It was 20% several years ago, which is also quite good for an operating margin, three times that now.

And so, if you think about this, all of the other technology companies, they would love to take away some of this revenue opportunity from Nvidia with their own products.

You look at Alphabet creating the TPUs, you see all of these companies, and as well with the clouds as well.

Nvidia has incentive to not have all of its eggs in just the hyperscalers clouds.

It wants the Neo clouds to succeed as well.

And so you do see it investing in the Neo cloud so that the Neo clouds can buy its GPUs.

So there's a lot of competition here.

It's kind of a stalemate.

You don't want to expressly be out competing with your biggest customers, but at the same time, there are margin opportunities here.

If these companies are overspending right now, I'm not sure what they can do about it at this point.

It's kind of the sunk cost fallacy, if you will.

They've spent so much already, and everyone else is still spending, so we got to keep spending too, right?

Exactly.

Especially considering that they have money coming out of their ears.

We talked about the profit margins.

They do have money and they do have ability to raise more.

If your competitors are still spending, you got to keep spending yourself.