Matthew Bloxham

Now, Manus was originally a Chinese-founded business and reincorporated in Singapore.

But it's got Chinese founders, and those Chinese founders are in China, and they're being blocked from leaving the country.

Make decisions.

A poor decision is always better than no decision.

My personal take on the China story is it's a bit of a red herring for NVIDIA now.

I think realistically, given the geopolitical situation between the US and China, I think that the vast majority of China's domestic investment in AI is going to be pushed towards domestic investment.

providers, the likes of Huawei.

Now, obviously, those companies are still behind on the NVIDIA technology capability, but they're catching up pretty quickly.

These numbers, even though they, on paper, beat the average analyst expectation, I think the whisper numbers, if you like, were kind of higher because we had a huge lead indicator on these numbers from what all of the big hyperscalers have told us in recent weeks about their capital spending plans, doubling their spending, $650 billion in total.

So it would have been an enormous shock if NVIDIA hadn't kind of come out with positive numbers because they're ultimately the biggest beneficiary of that increased capital spending program.

Really the focus is going to be on what they say about Q1 for this next financial year and actually if they say anything at all about the full year 2027.

The market for the 2027 year is looking for about $335 billion of revenue, up almost 60% to $120 billion year-on-year increase in sales.

I mean, it's a huge number.

And for context, it is at that top end, $185 billion.

It would be double, more than double what they spent in 2025.

more than the combined capex over the last three years.

So it really is a big, big jump.

Trigger, if you like, yesterday was the announcement on their site of a new agent, AI agent for legal profession.

And that was really the kind of, you know, I guess the straw that broke the camel's back in terms of these worries that the AI disruption is going to be kind of much more kind of board based.

They're talking about $52 to $56 billion of capital spending in this coming year.