Steve Jang

So we're very excited, but we're watching closely.

Sure.

As you're rightfully noting, any innovation curve starts with many competitors and it whittles down to two or three.

It's a rule of thumb in Silicon Valley.

So right now, Neuro is entering the space.

There's Waymo, there's Tesla, and there's Neuro.

In China, there's several other competitors, right?

In Europe, there are none, right?

And so on level four capabilities.

So what I think is happening is you're seeing a whittling down because of the resources, the training data, the amount of years that you need to do to train across all these streets.

It's not a software company that you can just start up out of scratch.

So I think one of the things that you'll see also in robotics is you'll see this whittling down of competition, and you see Boston Dynamics, which is owned by Hyundai, which is very interesting.

They're doing quite well, and they reveal the humanoid.

I've been very careful and skeptical about the development of humanoids, and I would say that this is the first time I've seen humanoids in action that look practical.

And so I think you'll see that in robotics as well.

I think you'll see that in generative media.

I think you'll see that in agents.

So a lot of these platforms will start to whittle down to two, three, maybe four players.

And this year will be the year of that, which is why inference, you know, one of the other things that we're seeing here is more further evidence that inference is going to exceed training.

in terms of compute.