Stephen Witt

You know, leaving aside Iran and stuff, but all of the stuff in Asia has benefited Jensen.

He lifted the

chip banned on Chinese sales.

He kind of has been involved in kind of not putting tariffs on Taiwanese semiconductors.

And then probably most importantly for Jensen, he's allowed or continued to allow kind of the H1B visa holders to come into Jensen's company.

If you go to Nvidia now and look around the workforce, I would guess fewer than 50% of the people in the company were born.

in the United States.

It's just this incredible agglomeration of worldwide engineering talent from Asia, from Europe, Middle East, all over.

And that's what makes NVIDIA work.

It looks like a company that sells microchips, but they are in fact a large and sophisticated R&D laboratory on the order of something like Bell Labs, but they're much better at commercializing their products.

I'll give a long answer.

In 2005, you recommended the stock.

It looked terrible for the first probably six or seven years you recommended it.

In 2008, their stock went down 80 percent.

People inside the company were growing upset because they purchased stock via the ESOP and they were like, I'm really underwater here, what do we do?

Jensen implemented this policy that not only could you buy Nvidia stock if you're an employee at a discount,

but you could actually buy it at a discount to any point the stock had traded it in the last two years, okay?

So as Nvidia stock started to go like this, they kept that policy in place.

So every employee in the place did this free money trade where they maxed out their cap to the ESOP and basically put all of their incremental earnings into like basically free money Nvidia stock.

And then the rest of them just held it.