Tom Gardner

You're building right to the internet.

The next stage would be native cloud.

Are you a cloud-native company?

Do you have to migrate into the cloud, move everything onto AWS, decide what to keep on-premise, or can you just build clean in the cloud?

Companies that were doing that got a very big advantage.

Now, the pace of this technical change is happening so quickly.

How can you get to the next native environment as quickly as possible?

You want to be AI-native.

Every company would wish right now that they were AI native with their workflows, 100% of workflows in AI.

And we're very quickly moving to agent native.

And the proliferation and the demand here is beyond comprehension when looking at almost any other growth scenario in human history.

So to that extent, this is why we see a $5 trillion market cap for Nvidia.

And the demand is massive.

As John mentioned, they've locked in their clients with their CUDA software.

Their software ecosystem is the...

one of the greatest competitive advantages in human history.

So you have enterprises, startups, governments, researchers, everyone is relying on NVIDIA, and they can't spend $5 billion to build their own custom chip, right?

So the mass of the market is completely locked in with NVIDIA.

However,

the hyperscalers, the Googles, the Amazons, the Metas, that are building their own chips.