Asks about market concerns regarding hyperscaler spending on AI infrastructure and how markets are reacting.
Scott
Jensen Huang
Demand is sky high due to once-in-a-generation infrastructure buildout - largest in human history. AI fundamentally changes computing across all applications.
Questions if $660B hyperscaler spending this year is justified based on what Huang sees.
Scott
Jensen Huang
Spending is appropriate and sustainable because company cash flows will rise. We're addressing largest software opportunity in history - software now uses tools (AI uses Excel).
Suggests market needs to understand this shift from focusing on spending to recognizing the opportunity, similar to investor perspective.
Scott
Jensen Huang
Compares to 2008-2009 when Amazon invested in AWS instead of paying dividends - like digging gold mine. These companies are digging biggest gold mine in software history.
Questions certainty about compute needs and potential for overinvestment that won't be recognized until too late.
Scott
Jensen Huang
Not like roads - computing infrastructure gets replaced every 5-7 years. Will take 7-8 years to build up to sustainable level, then refreshing and slight growth.
Asks about investors with PTSD from previous tech revolutions seeing similarities and worrying about repetition.
Scott
Jensen Huang
History informs but doesn't repeat. Fundamental difference: internet had dark fiber, but there are no dark GPUs - 100% rented, with 6-year-old GPU prices rising.