Tim Beyers

Just to be clear on this, you're talking about geographic diversification is a de facto de-risking.

Jason, I'm going to come to you first on this because we had a debate yesterday.

Again, recording on Friday, Thursday morning show, there was a debate about which is the more important company when you think about the AI value chain.

We just had some spectacular numbers from Taiwan Semiconductor, but we know that Nvidia is a heavy in this space too.

I want to know from each of you, starting with you, Jason, which is the one that has

the greater impact on the AI value chain?

And before you answer, I'm going to give you both some facts about each of these companies.

So right now, Taiwan Semiconductor says about 58% of their total revenue is driven by high-performance compute.

3 nanometer or below.

That's not entirely AI chips, but that's a lot of AI chips, 58%.

They also have a chokehold on the packaging called CoAus that's used for AI.

They also control 72% of the world's chip foundry production.

That is crazy.

The thing that's more crazy is that Samsung, at No.

2, has 7%.

percent of the market.

That's outrageous.

All of that is amazing, but Nvidia is no slouch.

Let's talk about Nvidia.

They hold an estimated 90% plus market share in data center AI chips.