Nicolas Owens
speaker
125 appearances
2 recordings
1 series
first heard Jul 2026
last heard 5 Aug
Nicolas Owens’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.
Appearances
I think you're referring to consensus.
They actually came in $200 million light on my revenue and operating margin forecast.
Okay.
I'll say that one grain of salt is that we don't have a...
First of all, it's a quickly pivoting business, and we don't have a sense of what the seasonality of this business is in terms of what's a normal Q2 look like.
So I don't think there's much to be made there.
They also spent about $11 billion more in CapEx than I forecast.
So I think the anticipation was for a good quarter, and that's what they delivered.
The big delta really is in the acceleration of AI revenue and these rental agreements.
which I think we've talked about.
And those were mostly announced along with the IPO.
So I actually think the announcement about the partnership with Nvidia has some interesting nuance in that previously they had said they wanted to make custom chips, which is what I understand to be kind of the long-term trend that a lot of people who want to build out all this AI infrastructure
They want to tailor the chips to tailor to their computation and their algorithms and so forth.
The comments today were, we really like these NVIDIA chips.
We think they're the best ones.
I think that is almost like a, we're going to buy those chips and rent them out.
And it's less of an emphasis on the tailoring to Grok.
Well, a lot of what they're spending is still classified as R&D.
I mean, I saw a few of the line items, even for SG&A, go up.
Admittedly, the CapEx doesn't show up in the income statement, but the spending generally, right?
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