Introduces Dan Hyla as semiconductor expert to discuss Nvidia results and lofty expectations.
Haslinda Amin
Dan Hyla
Nvidia has no track record of breaking out after results. Key headwind is competition from TPUs, Google ecosystem, and AMD.
Asks about capex and revenue acceleration.
Haslinda Amin
Dan Hyla
Capex to sales at all-time high (38%). Question is when revenue accelerates so capex/revenue falls. Monetization coming through CSPs in 2027-2028.
Asks if circumstances justify Nvidia's valuations given challenging environment.
Haslinda Amin
Dan Hyla
Share price up 65% YoY, earnings up over 80%, so derating happening. Market looking at 2027 monetization.
Asks about China market importance long-term.
Haslinda Amin
Dan Hyla
China transformed economy in smartphone era with foreign silicon. Companies want as many GPUs as they can get.
Asks about volatility in US AI players vs Asia, and rally in Taiwan/Japan/Korea.
Haslinda Amin
Dan Hyla
TSMC way outperformed Nvidia. Focus on builders where value is captured in Asia. Asia is supplier/arms dealer for everyone in AI ecosystem.
Asks which companies get decimated by AI.
Haslinda Amin
Dan Hyla
Companies without proprietary datasets are vulnerable. Need to drill down case by case.