Sridhar Ramaswamy

China is kind of a little tricky because there's a lot of geopolitical issues here.

The good thing is that the management did not include any China revenue in the guidance.

So if it comes through, it's upside to the model.

I think it's going to be incremental longer term.

We're not counting on China.

You look at the valuation.

You know, it's in the low to mid 20s today on forward numbers.

You know, that's pretty attractive for a stock, for a company that's growing, you know, 70 percent plus.

Obviously, that's not sustainable.

But our expectation is that even in 27, this company can grow at least 30 percent.

And at this level of gross margins and profitability, I think that's a particularly attractive valuation.

I am confident in their cash flow growing.

You need compute capacity.

And that translates directly to growth and that translates directly to revenues.

Look, at the end of the day, you know, the spending has to have a return, right?

The ROI is very important, but we're still very early in terms of the AI cycle.

And

Part of the reason we are seeing this elevated spending is that the competition among this big four or five hyperscalers is pretty intense.

It's still the battle for leadership is still not settled.

I mean, just recently, Google took the lead in terms of the large language model performance.