The Ledger, every show

“You're going to see the hyperscalers. You're going to see Amazon and Meta and these guys back involved in the stable business.”

“If this happens, Wyckoff, Kushner, and the president all deserve the Nobel Peace Prize. If even 80% of it works out, I think it's worthy of a peace prize.”

“If it works, she's going to get a hundred and fifty billion of incremental revenue just from open AI, right? For building out five gigawatts.”

“So if you look at that estimate, you know, starting in 20, 27, it basically flatlines 27 through 29 for Nvidia. Right? Less than 10% CAGR in terms of the growth for NVIDIA. They have by 20 29, them doing three hundred and sixty billion in revenue compared to t…”

“There's not going to be a dark GPU in the world next year.”

“We see about a hundred billion dollars already in incremental generative AI revenue in twenty-twenty-six. That has to grow to well over a trillion by twenty-thirty.”

“But of the 25 sell-side analysts on Wall Street who cover your stock, if I look at the consensus estimate, it basically has your growth flatlining starting in twenty-twenty-seven. Eight percent growth twenty-twenty-seven through twenty-thirty, ok?”

“I think NVIDIA will likely be the first 10 trillion dollar company”

“Jensen Huang reminded us recently that 50% of the world's AI researchers are in China, and they're indeed innovating and not copying.”

“Today, as Farley said, there is not a U.S. Manufacturer, sans perhaps Tesla, that comes anywhere close to being able to compete in that way on a global basis.”

“If you just watch the pace of releases, the quality of the releases out of China, the cycle time on the innovation and the open source community out of China, it's faster and better at the moment.”

“I think that Iconic is going to lead a five billion dollar round into Anthropic at a hundred and seventy billion.”

“Amazon had this monopoly retail business they could use to subsidize AWS, gain share for a decade, and then begin to take price. That would be a rational strategy for OpenAI to follow. So you take the profitable consumer business, you use it to subsidize, you …”

“I think ChatGPT will cross a billion weeklies, like maybe this year you know, probably this year, I would guess.”

“What that tells me is the model layers being increasingly commoditized. And that there's not going to be a lot of intrinsic value in, in, in that intelligence layer, that operating layer. You're going to have to build applications that guys like Bill Gurley an…”

“I think that there's going to be a big Chinese deal done before the year's out.”

“My sense is that companies are generally going to get smaller, right on the backs of the productivity gains from AI, but they'll redeploy some of those profits into these areas.”

“Because if you're not bringing in 10, 20, 30, forty billion dollars of annual revenue, I don't think you can stay in this game.”

“OpenAI is talking about launching an open source model here shortly.”

“I think we definitely are in the camp that it is way too early to obstruct American AI with, you know, useless regulations. Like, we don't even know what we should be regulating.”

“At a hundred billion in revenue, it seems to me that this company could be on a path to being the most valuable company in the world, right? Five to 10 trillion dollar business in the fullness of time, which frankly would not surprise me for the winner in the …”

“Meta has done this interesting structured deal. They're buying 49% of the company. they're paying a thirty billion dollar valuation. So they're paying effectively fifteen billion. They're avoiding regulatory scrutiny. the CEO of scale is going to help lead e…”

“I saw a study that suggested that 40 to 50% of the AI researchers in the United States, our best researchers, are Chinese.”

“The export controls on, on, on, on China probably is what caused Huawei to catch up so quickly.”

“If we don't do this, then we're going to have a massively disrupted economy over the next six quarters, slowing down economic growth and causing problems and critical shortages in parts to the military, in parts to our US auto industry, et cetera.”

“The Trump administration just repealed the Biden diffusion rule in May of 25.”

“In the first five months of this year, we would have gotten a trillion dollar deal signed with Saudi in terms of their investment in the United States, another trillion dollars with Qatar. Another trillion dollars with the UAE. Those are all investments into t…”

“In Abu Dhabi, they announced a five gigawatt USAI, you know, it's a UAE USAI campus. It's an incredible architectural campus. It's in collaboration with NVIDIA and OpenAI and Oracle. And think of it as almost like a global Stargate. So to put that perspective,…”

“If we had continued down the path that we were on one year from now, this would have been largely, they would have made commitments to build on Chinese AI stacks because they couldn't afford to do nothing.”

“All three of these countries are going to invest aggressively at a level that really no other sovereign on a global basis is investing at to ensure that this part of the world becomes a center for technology and AI.”

“That's what sent the markets down 20%, because we knew two trillion dollars in tariffs is probably a 600 to 700 basis point headwind to GDP.”

“I think that we could still see as part of the negotiation over the next 90 days, I would not be terribly surprised to see NVIDIA allowed to sell some form of deprecated chip into China”

“In the House version of the bill, they renamed it the MAGA account, which stood for Money Account for Growth and Advancement.”

“I do think you're going to see the open AI open source model. I mean, Sam's talked about it many times. I think you're going to see that in the next 30 days or so, certainly by the end of summer, but I would guess sooner rather than later.”

“What we did last week is the US did ban H-twenties going to China”

“I don't think we should be sending GB 200 or cutting edge chips to China. I think that there's a legitimate national interest in, you know, quote unquote, staying out in front on AI. I think there's a debate to be had about that. That's where I come down on th…”

“If we head in the direction of Navarro, it's quite clear to me that we're going to so anger the rest of the world that, ah, the chance that the rest of the world is going to run on US compute. I think what we do in that instance is you move everybody in the di…”

“I think NVIDIA sold, you know, 12 or fifteen billion dollars worth of H-twenties. So if you ban those, then your trade deficit with China goes up by fifteen billion dollars.”

“And we just unilaterally disarmed around that in a way that doesn't even advantage us against Huawei because their chips are already surpassing the H.”

“I think we're going to probably land somewhere in this kind of five to 10% terrace for the rest of the world. Right. If you add that up, that's going to be somewhere order of magnitude, two hundred billion dollars of tariffs, and you're not going to end up at …”

“There's no, no way that lands, I think at 54%. That's the headline tariffs.”

“I think we're going to land the plane here closer to three or four hundred billion in tariffs, not six or 700, and certainly not a trillion in tariffs.”

“BYD is designing a better car, and CATL is designing a better battery, and their glow, their vertically integrated supply chain around semiconductors no longer is dependent upon NVIDIA for inference. Now they're running inference at DeepSeq on the Ascend nine …”

“My belief is that if we're targeting tariff revenues going from sixty-five billion to a trillion, I don't think the US economy is prepared for that, and I think that pushes us into a recession.”

“And so if the Europeans continue to bite our ankles, I think this is one of the things the administration is going to point out on April second and just say, like, we can't have this. Right. You can't effectively thwart business activity between two American c…”

“By the end of the year, Right? Most code is going to either be refactored or written from the start using machine learning. It's going to be coding agents that are helping to do that.”

“This diffusion rule will make it hard for us to get chips to Saudi Arabia, to the UAE, to India, to, you know, our friends in, in Southeast Asia, and it makes it hard through this regulatory capture that some of the US CSPs put in place, you know, all these ho…”

“I think they have four or five products literally sitting on the shelf because they don't have the compute to deliver it to customers.”