Steph McGovern

I think it was last earnings report about 39% of orders are coming from just two key hyperscalers.

Is that something that people are worrying about, not only the circularity of deals, but the over-reliance on just so few players?

Yeah, I think that is going to be, again, remaining a point of concern.

As you mentioned, if you've got fewer customers or fewer big clients, then obviously there is a risk that is attached to that.

So, any broadening out of that is going to be good news as far as the stock is concerned.

And obviously, you know, we are seeing that the market is nervous.

And I think we do see this every time we come to Nvidia earnings in recent quarters, that there is a little bit of nervousness surrounding the numbers.

And I think that does come with reason.

You can't just jump blindly into a trade.

But I think there is still reason to be positive.

Can you balance, therefore, just the level of…

rationality in the market right now and whether you give credence to the worries over a bubble or whether actually this is just how growth is likely to continue.

Yeah, do you know, I mean, as you point out, there have been so many discussions surrounding are we in bubble territory comparisons to the dot-com era.

But, you know, I think that the market is still acting rationally.

It is still questioning whether, you know, these are valuations which are acceptable.

And I think that does point to a market which, as I said, is acting rationally, which does go against that bubble narrative.

But I think we do need to be moving this forward as well and questioning how will this be monetized?

Will demand actually be met?

What are the strains that could appear?

So I think that is the signs that the market is asking the right questions.