Tim Beyers

Travis just laid down some knowledge there that is important.

I'm going to take the question to you.

He said that this is a conservative number, $52 billion to $56 billion in capital spending.

That's conservative.

You tell me, is this the floor of capital spending here right now?

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%.