Mandeep Singh

AMD wants Meta to use their chips and integrate it.

Right.

NVIDIA is actually selling to their customers entire systems that have higher ASPs.

They are helping them reduce the token costs.

And that's where the customers don't mind paying that extra premium that NVIDIA is charging because overall, the total cost of ownership is lower than if you were to standardize on any other chips.

And that's what's reflected in their print is, look, they're customers.

See the value.

By doing the whole thing.

And the Blackwell architecture, that's really taken off.

I mean, all the concerns around the migration from Hopper to Blackwell, I mean, they just proved that Blackwell will be probably a bigger product in terms of their chip architectures.

It's accelerating now.

I mean, look at NVIDIA's growth in the last fiscal quarter.

It was around mid-60%.

They're pointing to 77% growth in their fiscal 1Q.

So that goes to show, and the proof point you can see in the hyperscaler CapEx.

The hyperscaler CapEx seems to be going up as well.

So it's underpinned by healthy fundamentals.

We know why NVIDIA's top line is accelerating.

Right.

Because the CapEx seems to be accelerating.