Steph McGovern

I mean, previously, it had just sort of been invest in AI and anything that really mentioned AI seemed to be a winner.

But I think as we're sort of seeing this AI trade mature, investors are sort

taking their time to become more selective, questioning, you know, how this is going to be monetized, what can actually be, how it will be used, rather than just jumping on the AI train more broadly.

Should they be questioning NVIDIA?

That's a great question.

I mean, you know, it's very much in focus for our clients.

This is, you know, one of the key earnings or the key earning, I would say, each season.

And obviously, we have seen, you know, the likes of SoftBank, Peter Thiel selling out entirely of their Nvidia holdings.

I do think that this is a litmus test.

Can the chipmaker continue powering the AI rally that has really defined the broader market tech rally this year?

I think there are some reasons to be positive there.

We heard from CEO Huang in October that there's $400 billion worth of orders for chips that are very much at the heart of this AI boom.

So, that is a strong order book.

But obviously, at the same time, we have seen really impressive rally in this share price.

We know that growth is strong but slowing.

But I think broadly speaking, I think it would be fair to say that there is potential for that AI rally to still continue to run further.

There are concerns, obviously, about that circular deals, around 1 trillion circular deals that we've been seeing.

I think that's what the market's nervous about.

So, you know, any insight into that, I think, would be helpful.

What about the concentration that comes with Nvidia?