hyperscaler

“You've got the hyper, the big hyperscalers that are actually going to invest two hundred and forty one billion dollars this year. That's up 41%. And next year up two hundred and seventy eight billion. That's up 17%.”

“And so that just sets up a huge incentive for all these hyperscalers to build their own ASICs, their own accelerators that replace the Nvidia ones. Which I think will come online over the next few years from all of them.”

“So I think this is not going to stop, and I also think the hyperscalers, all of their ambitions are so big and so broad, and they're all so pot committed, I don't think anyone's going to stop.”

“Nvidia has run out of places to grow. They can't sell to any more countries. They can't sell to any more hyperscalers.”

“And so people are realizing that they're in it even by holding an S&P 500 index fund because of the concentration of hyperscaler and AI related names, which is something like 40 odd percent now.”

“Once investors look under the hood and see more and more of this, they'll be questioning, why are we spending so much on pre-training? Why are you doing billion dollar training runs anymore? If most of the gains and models are coming from post training and RLH…”