Introduces Stephen Dickens to discuss tech sector earnings, focusing on Alphabet/Google's shift from search to AI orchestration.
Diane King Hall
Stephen Dickens
Will look for Google Cloud Platform growth above 30% as a key indicator of enterprise traction and AI infusion throughout Google's entire stack (Gemini in Workspace, Pixel).
Asks if markets want aggressive AI investment, noting Meta was rewarded and Microsoft punished for big spending.
Diane King Hall
Stephen Dickens
Current AI infrastructure build is into existing demand, not future speculation. Every new GPU is used immediately. AWS is well-placed.
Asks about the tension between rapid Nvidia innovation (12-18 month cycles) and hyperscaler depreciation curves (5-6 years).
Diane King Hall
Stephen Dickens
The market wants a more balanced semiconductor market, with AMD gaining share. The pivot from training to inference workloads is key, and the TAM is huge and expanding.
Asks how rapid the pivot to inference workloads will be.
Diane King Hall
Stephen Dickens
We are already in the inference phase. Expects a 10x increase in inference workloads from today, which plays well for AMD.
Asks about AI's impact on the job market.
Diane King Hall
Stephen Dickens
AI is a tectonic shift comparable to agrarian-to-industrial revolution. Net positive long-term, with short-term disruption in some sectors.
Asks for thoughts on Qualcomm as a potential hardware winner.
Diane King Hall
Stephen Dickens
Qualcomm is expanding its TAM beyond high-end smartphones into industrial, edge, and automotive, with strong execution.