Challenges the idea that NVIDIA is sheltered from hyperscaler troubles, noting NVIDIA will eventually be subject to vulnerabilities in hyperscaler business models.
Host
Ben Reitzes
NVIDIA has positive exposure to Anthropic and OpenAI if they win against hyperscalers, plus sovereign AI is in early innings with government investment.
Ben Reitzes
It's very hard for the buy side to underwrite cash flows for NVIDIA's customers in the 2030s; nobody knows.
Asks if Reitzes agrees with Jensen's defense that software companies won't be impacted and their business will be fine.
Host
Ben Reitzes
Sort of no - doesn't really agree. AI could eat software. We're seeing a dead cat bounce right now.
Ben Reitzes
Software moving to tokens means moving to a consumption model, not a seat model. This is a really tough transition for SaaS guys.