Travis Hoium

We had a lot of earnings come out this week and the big one was Nvidia.

That was obviously the one that drives the market, both the S&P 500 and the NASDAQ.

John, what did we learn from Nvidia and was it as bad as the market's 5% decline in the stock indicates?

That sounds good, John.

Lou, my question here is around whether this was just the market getting certainty around how much of that revenue that John said that hyperscalers are going to be spending over the next year, somewhere around $650 billion, $700 billion.

We now have a matchup between what the growth of their spending is going to be in 2026 and what Nvidia is expecting to grow in 2026.

Now the question, it almost seems like it's already turning to 2027.

Are those hyperscalers going to spend a trillion and a half dollars, and this is going to be a continued growth story?

Or have we hit some sort of peak or we're near a peak?

Because when you look back at the capital spending in the late 90s and early 2000s, that was actually the warning sign that we were... When you started decelerating, that was when companies like Cisco really, really took it on a chin.

I don't want to get...

too caught up into those analogies, but that is the real only historical comparison that we can make right now.

John, the other news that we've gotten in the past week is companies like AMD selling a whole bunch of chips to Meta.

You have Google.

A lot of rumors about what are they going to be doing with TPUs?

Are they going to be trying to sell those to other companies, maybe even form joint ventures?

Is that another sort of headwind where you go, hey, 18 months ago, there was no competition.

And now there's at least some competition in the market that could squeeze not only revenue, but margins eventually.

On the other end of the spectrum, we have a company like The Trade Desk.

John, this stock is down 83% from its highs.