NVIDIA EARNINGS CALL LIVE

what is up what is up can we hear me I need some hellos in the chat if we can hear me I might take a little bit here to uh get started in this stuff we're looking at video earnings listen I don't what all these fans are saying you're not that bad they may be talking about me on the spaces right now but I hope you guys are all ready and excited for another great day in the stock market here we're here for some Nvidia live earnings o I'm excited for this one these numbers should be out it's kind of hard to see Zoom all right 4:20 p.m. Eastern is what time these numbers should be out or's call at 5:00 P p.m. Eastern okay I'm going to test something I'm going to go on mute for a second all right you guys can hear me okay how we doing I'm looking forward to the stream I got a couple stuff I have to do before we should be joining the spaces El musk I 2024 Edge hires GOP political advisor interesting interesting little headline about Elon Musk I hope you guys aren't going to leave me hanging this entire chat I need to know who's here say hello how you guys feeling for these Nvidia earnings interesting little headline right there o spaces is open let's join into that one so as you guys know we're live on these earnings for a good long time here we got Gavin hosting the spaces I got a couple stuff I'm going to do here at the start get the Instagram post [Music] up one second [Music] [Music] Sor right that was a a song on imagine that [ __ ] gets his whole thing like restricted or something oh that would suck so much that was a couple seconds though still nobody oh first person said hello in the chat yes Craig of course I do Craig how you doing I've have not been brought up on Spaces yet should be now oh how peaceful the music is greetings orange Capital so I did some stuff to make us have a little bit better lag problems for anyone here who's on my Drome pow spaces I have a second computer up right now I I just kind of plugged in the old one so I'm using that for a couple of stuff and uh we're we're trying some different things I may even go off Wi-Fi on my phone see if that helps a little bit so I'm hoping this Bas is better I'm sorry I get I I've never been a good uh DM Checker I won't lie to you but I appreciate you being here I got a bunch of stuff to get out why does it look sound like you're in a freaking wind tunnel suck I can't tellar anyone right now spaces are having some problem why does it look sound like we're in a freaking wind tunnel this is a bad start to the spaces uh I want to know how good Bena is for Indian stocks like benzinga well I mean I do like benzinga I have it up uh like this kind of what I'm going to be looking at for the live earnings it's solid it's expensive I don't know how much benzinga is I think it's a solid product though I won't lie to you and spaces down there you go let's uh let's do some thingss let's get be productive while this is happening but yep Nvidia earnings coming up after the close today let's take a look at the markets everything on the one tick one day let's get over to five I'm going to be chill with the stream you know there's so much for me going on during these Nvidia earings and only so much I can do that um you know I can get all stressed about it or just be chill and and muddle through and keep going and just provide you all the numbers the second it's out the world awaits Nvidia earnings I am excited if you guys are in here say hello in the chat for Nidia earnings just post a tweet all right now let's join the spaces I think it's going to work this time what do you expect I have no idea I can't lie I have added uh you guys know we're doing a little bit of a competition for Q3 stock picking competition uh and basically kind of what's happening there is you have to hold the stock for a minimum of one week you have to stay pretty much fully invested and I wonder if I can just pull it up K can you hear me yo yo yo what is up are we hear the people I think it's working G how do you sound no one's talking right now maybe it's just me okay yeah know I couldn't hear g l couple thumbs up couple thumbs down from down below this is a very conflicting uh star this basic oh the host is having connection issues give it a second they may try and reconnect soon I have a feeling this space may be at started again the wind tunnels getting to him again it's hard to tell who's on stage these days no idea what is up longtime follower here is this your full-time job or second time job this is fulltime job reporting news talking about the stock market everything that's going on getting information a lot of the partners that I come in and work with help me with that so uh shout out to that and I guess you kind of get to the size where it becomes a viable business it's cool to be there we're still trying to break into the live streaming and stuff this could be a big part you know so we can start talking a little bit here I don't know what's up with but Evan you want to roll in a little bit here well I think it's I I don't know G is just going to rug us at some point so I don't want to get too deep into the conversation obviously Nvidia earnings coming up it's uh it's been an interesting day in the market for NVIDIA moving lower but kind of coming back up a little bit here um I don't know stock talk you have any uh initial thoughts here that might get cut off so you're just kind of intros how you're feeling about the market today what you're watching kind of the impacts of it I mean I'm just waiting for this report obviously I me I think the market all right we'll see there you go that's the space just crashed again these guys we're going to get this back up I'm going to keep posting the the link to the live stream to different places continue doing this what is up EPS expectations 64 cents yeah I did put out the Tweet earlier I'll probably end up just retweeting it too uh where is it yeah this is what I see yeah Victor I'm trying to to get myself to host I don't know we'll see I'm I'm messaging him if I should just host it is it back live we still have sometime where we're good I don't know I think it might just be him if I'm being real but we'll see see like not being able to play music on here is a a major L major major L I agree I think I am the best host of this stuff hey I'm not complained this is probably good for this live stream get some people in here if you guys are new to the live stream I'm new to it as well but I'm trying to do these more subscribe to the YouTube channel I found that is the biggest way to get people to actually like see the live streams and stuff stuff so make sure you are subscribed to the channel and also give the stream a like we're currently at six likes let's get to 20 20 likes is that a lot I don't know let's run through some of the stuff that we have on the day uh going into obviously Nvidia earnings is the big one that we have those numbers should be out at 4:20 p.m. Eastern what's up on smci getting whacked right let's pull it up yeah it's pretty ugly yeah maybe I will at some point I'm in like a super simple setup right now and my goal on YouTube is to just get the 40 watch uh 4,000 watch hours where I can then monetize here we go I'm going to call G let's get this live stream open I'm going to go on mute for a minute there we go buttery bear welcome welcome I'm calling Gavin trying to get him to fix this stupid thing oh is that the Martin all right G said he tried one more time ever been part of an earnings report oh only ever played with penny stocks can I be honest with you I don't think playing around earnings is really a great way to to make money so I have a degenerate play I'm doing it I'm 0 for three so far I've lost money three times so maybe I'm going to go one for four we'll see I'm going to talk to [ __ ] like I am I'm probably not we'll talk about that in a minute should we move to YouTube X not working no I think X will work I think it's just Gavin honestly all right I'm just going to tell them we're opening it ooh seen a little news story flashing by let's look at something little breaking news open Ai and talks for a funding around valuing the company at more than $100 billion let's get this posted quick so let's head up with a little Justin you know why not is talks to raise several billions of dollars in new funding around it would be above Wall Street [Music] Journal let's use a photo let's site the photo we're kind of in janky mode right now now that I'm live streaming and trying to do this stuff you know so kind of doing the B Tech way on it is okay all right get back to here you video calls okay it looks like G just opened the live stream again let's try this here we go one more time get to hear this music again just play options after er um I mean maybe you want to play like the NV I I don't know let's look at this pull this up um T-Rex [Music] we do have these guys no IV nothing like that I have a feeling Nvidia is going to report good numbers stock is going to end up down like 2 3% take three all right we we working this time spaces spaces question mark question mark I don't hear G I have feel it's again all right I think all right let's uh wolf go live on stocks on space's account let's go live there we'll get G as a co-host and we'll keep this moving forward yeah people even even in my even my YouTube live chat is like G's not cooking it today go do it wolf and we'll join Over y I can you oh there he is but are you just G to rug us five seconds in this guy what what's happening in here where are you I think he's in some coffee shop you guys are hearing this live what the hell I did take one of those ones here let's look at this see I tried I I already said my piece I think you just go open it all right G you closing this one down coming with us just open it and we we'll figure that out no yeah just do it come on I mean it's kind of working he just invited me a co-host good for you go not going do it do it I'm pushing for it I'm good I don't want to run this thing I'm doing my own live stream here a lot of yeah I'm not [ __ ] hosting that thing fully dude's that in like a cafe right now getting lunch expecting to host a space what are we talking about are we doing good all right this is one of the worst spaces I think that has ever happened yeah I think everyone's good love you g I'm out I'm just going to host my own space let's try something you know let's let's do a little beef up here sometimes I say the space that's actually going to work work I'm pushing for it let's do it you just want to see the other side of the beef let's open into space right now all right all right I guess I'm if I'm if I'm going to be running the space I might as as well be hosting it not first choice but here we are I don't even know what's happening over there um so we'll see uh I appreciate everyone for joining in we got some live Nvidia earnings going I'm sharing my screen for the first time so I have a lot going on here oh Gavin closed it down joining up let's throw him over give him the co-host Mr Cafe wolf you good to run us through the first hour here and then we'll I'll start taking it over in the second um we we can try and yeah what's up G I don't know what's happening to the space is SPAC is it being wild here we are coming in for the rescue I'm hoping it's a it's a good earnings I think a decision just had to be made there and uh it was for the best of the world try that three times to make it work but for some reason it doesn't work it's working better now for sure so I hope everyone is ready and excited for these Nvidia earnings so far guys I am 0 for three on these earnings plays I've taken I'm learning for you guys in real time why I should not be um why you really shouldn't be gambling around earnings and let's see I'm probably going to go 0 for four today but I do have a play around Nvidia earnings we'll talk about that later as we uh go into it but wolf if you want to start us out here yeah so Evan wants the market to crash and uh that's what he said at least last night at Myspace but we can jump into it the problem I will say Evan is I can't tell who's on stage it just shows me you and ger that's fine to be honest that's the full panel for us there go yeah I don't know who else is this is rough how you guys feeling how does it sound okay sh let's kick us shy let's kick it off here let's kick it off over here with you throw in your thoughts on uh on Nvidia and then we also have crowd striker we'll let some people get in here how we feeling for these earnings Mr shy what are we watching I think I think both names are all right there we go how do you guys how does he sound can you guys hear him well 10% R I think is gonna have really strong prints uh I already made some commentary that 40% of the revenue is already shown on how that's going to go due to Tech big Tech players and I think they're going have really strong s about their guide their Q3 guide um he's G space with Iana but like this estimat right now 31.4 she made some comment to go like up would Happ to be like 35 billion so that just shows like it doesn't have to just meet their outl look SD be by over 10% where did you think I was expectations for let's make them a little louder maybe retest those alltime highs doating due to the uncertainty on delaying the blackw chips it feels a little loud that they probably won't be more on their aggressive side on of their guide but I don't think anything about this earnings will be thesis breaking everyone needs to get their hands on uh video's gpus that story will not change it's all about maybe valuation and expectations like the estimates have gone up significantly since the last space are interesting you have to ask yourself what's being priced in what's been not being priced in I think they're in the third Innings of their domination the GPU space and kind of re seeing their Vision on the ecosystem they're building around their AI Hardware that's going to accelerate the AI applications to build around it so they're going to essentially own the full an cycle life cycle of AI the AI thematic and you're seeing that play out so this earnings maybe it doesn't give the numbers needed doesn't guide uh to the extent that it needs to hit the alltime highs but I think it a lot of people will be okay if I'm just settling in the 120s through the seasonality weakness that's my two s on that uh crowd strike I also do think the estimates are still pretty high on crowd strike and we got some uh pre-read through C1 and Paulo Alto on their guys were not as aggressives as uh I would have anticipated uh maybe you can say the PA alto's guide was more conservative because they're a blue chip company they don't like to they like to under promise overd deliver since one yesterday I really do think um maybe I'm hyper sensitive because I've been part of those conversations where I help prep C stre on earnings calls there was a lot of fluff language on that call there was any specific com call out that how they're taking let's see if thises some good followers too this could be a good day overall why the bus a lot going on I can't Li toer I was not counting on being the lead moderator in this space that was not what I was supposed to be doing here so now I have to host this live stream and do this it's definitely more than I was expecting to be doing but we're going to make our way through we'll model our way through com any comments from you guys in the chat would be really helpful so keep any thoughts where do you guys think video is GNA close trading at today when I say close I mean linkage one day let's get over a little bit lower we didn't even get that we got very vague language and nothing about the numbers in the past earnings yes I know the outage happened 10 days before the quarter ended but nothing about the numbers in the previous quarter or their guide indicated that they're taking market share from crowd strike so oh 340 we at 20 minutes until the markets close wild times be fine you seeing the boun from 200 to 270 it's selling around this price I just think that they're either going to take their guide down aggressively like maybe close to 10% and 140 two 140s damn gued for 20% grow next year how do you rate them with with this overhang on dollar amount that they have to settle for their customers and Delta as well as the black eye that's going to take some time to regain the trust of their Enterprises but I really don't think it's going to be thesis breaking type of quarter um because there's still the best emplo product in the market and you're seeing their two competitors not really provide any Clarity or proof that they're actually taking market share from crowdstrike uh and this is going to solve itself in time because everyone has short Minds with uh short lived blimps like this one was I know it impacted a lot of people but it was shortlived and even right now like it's on people's minds when you see it bounce from 200 270 I do think the bottom is in in the stock at 200 but it probably will pull back because it did go up I don't know 25% in a matter of weeks and there is still an overhang on what their future career will be post outage I'll pass back to you but that's my two SS on those both those companies perfect appreciate you as always shy I want to keep this conversation just flowing here because honestly we don't have too too much time before we come out I send over some invites we'll see who ends up popping in I won't lie this panel might end up getting pretty big at some point the these earning spaces tend to be so I might have to move around some people around we'll see sorry in advance but uh let's go over to Kevin next uh I know you talk a lot about a lot of other stuff outside of just Nvidia and Ai and Tech and all that stuff but I know it's a it's a big part of this Market Mar and what's happening today you have any thoughts on these earnings coming coming in here and what you're maybe watching and waiting for here to hear and maybe some areas that you might be kind of intrigued to see how they react to it appreciate you as always for joining in I appreciate you too Evan and you have to move me around at the top of the hour jump I'm just here for the ride too all right so Nvidia everybody's been hearing about the analysis I'll try to take a different view right I mean I think they're going to hit the the earnings expect oh Nick welcome back the out for them welcome back Nick appreciate you for coming back on the spaces is that going to impact uh earnings um or or guidance I mean uh is that can be the case and then the other area too is software we got om just Contin to H homeit try to build Rob lab you Big Game of Thrones guy sols the packages and being able to resell those or make that as an attractive offer for new C4 phal model that's going to be able 84 concurrent that's not the best ratio and I think that's going to be the end game here Hardware as far as margins I'm not worried about margins this quarter I'm not worried about margins even you know four quarters from now well maybe four quarters from now but um we know that margins eventually will I may have a small small small small small small short Nvidia position a company in the history of time has been able to command a space and maintain margins forever right we know that but when you're kind of looking at kind of looking at software and software suite and the backend um usage of their their uh Hardware that's where I think they're going to be able to gain in the long run and and traditionally that's where it actually gains larger margins too so that's going to be what I'm listening for on the conference call um Blackwell could be freaking excited dude uh but from a technical standpoint Nvidia generally does have these intraday sell offs announ any of you guys use XPR it's pretty good some of the people I follow on here are a lot of just good news accounts first I think that's a Fool's ER in order to do that crowd strike I don't believe 140 but we'll see video is my second largest holding I lot of I think the structuring as far as maybe taking the cash adjustment hit in order to cover potential losses and coming out and saying look we we made a uh an aggressive assumption as to 10% of my portfolio loses that we might have to you know pay out in and if they come out and just take a one time charge I think just like a bank would do provision credit losses right those are non-cash items I think that would uh obviously maybe cause a little bit of volatility for this Innings announcement but I think that's the best route for them to go if they have uh um a solid assumption as to how much they may have to uh pay out to um ease the fears and so if they don't go that route which is understandable if they don't have that estimate I think they'll just kind of be bleeding this and it'll be a part of the narrative over the next couple of quarters I don't think investors want to see that uh so I'm kind of looking at that as saying uh that could be like the big bombshell from from crowd strike you're not going to see the major players um I don't think you're going to get a lot of information about major players moving and a couple of other earnings I still think it's a little bit early on in order for any company to provide updated guidance because of that outage but I feel like we would have had a little bit more of a Rosier picture for some of theirs I I just feel like that's uh something that we're going to have to wait for until next quarter and then the commentary around the the outage and the issues how they're fixing it uh what they're doing Channel let's go welcome to the YouTube obviously a juicy thing to hear about on the call Crow you haven't already subscribe I think is under uh the estimates are very very low for them the bar is low and I think they're going to be able to exceed that bar hopefully uh and I think it's going to be all on the expense side and they can show that the expense management initiatives that they've been putting into place and and have been talking about what do sah mean I'm stupid them welcome to the room though Marshall so I actually think that proba could be one of the bigger mover of today I don't think it's GNA I don't think Nvidia is going to move as much as people want it to move uh I I just don't see anything that they can say around 11% so right yeah and market makers have been burned so many times in the past I think they're going to give themselves enough cushion um in order to fend off any type of short squeeze for it um usually so I just posted this chart Nvidia actually has the highest implied volatility move going into an earnings announcement since May of 2022 all right so the market already I mean everybody's looking at it this for over the last couple guide you guys are on Twitter and AR following me Blossom marketers that try to price in at least a one standard range of where price stays within and I feel like they would be the ones that have the edge I might be wrong about that but I think I I don't think Nvidia is going to have a 20% upside move on it might have a move to the upside I don't think it's going to be as aggressive as as with the with these long call buyers or these long call buyers Vince I think we should everyone I want you to put either bull or bear do you think Nvidia ends the day higher or lower okay I gota go on the spaces perfect appreciate you Kevin all right we got about what 13 minutes to the close Nvidia earnings out at 4:20 p.m. Eastern so did you go Sim or no why don't we wait a little bit before we actually get get into the numbers I feel like it'll be better closer like after the close we can do both but sure let's uh I want to get o Omar into it uh always love having his opinion on the spaces and uh Nvidia merry Nvidia earnings day this is kind of our Super Bowl here so uh how are you feeling what are you watching for all that good stuff uh is Nidia going to save my portfolio tonight hey yeah great day really excited bull bear bull bear come on uh Colette have be I think it's two to one I thought it would maybe be more I mean on one hand a lot of people have tried to call this a bubble the sort of trends that you see playing out it really seems that we're just getting started I mean you look at this paper from Deep Mind today where they trained a model to generate the game Doom without actually having the code of the game it just learned to predict every frame you know I think these models are just starting to we're just starting to see what they can do they've become amazingly mainstream you know you go talk to your family and your aunt's using it normal people are using it and they've started to expect it and they've started to expect it for free so the tech Trends underlying nvidia's insane growth over the past few years is very real on the other hand the company has had some challenges just in the last quarter we've heard about some delays and some issues with their Blackwell architecture and I think that new product is really going to be key to the next wave of growth so live stream is hard there's going to probably be a lot of questions from analysts about that how they see Blackwell really ramping up when they can start doing deliveries start recognizing reeven keep letting me know I appreciate you um there are other companies that are chipping away at nvidia's hold over the industry slowly they're charging so much more that it gives a lot of room for others to try and offer competing Solutions but right now it doesn't look like this train is stopping anytime soon the major cloud service providers and companies like Tesla that just announced their building and you know uh posted video of a facility they just built that's 100,000 h100s and h200 powering their full self-driving software from the 35,000 they had before so the cloud service providers your mag 7 companies and even other Enterprises they're buying these things like crazy you on't seen any signs of that really stopping although they're also investing in Alternatives and I I think this company still got a lot of grow welcome welcome there's really going to be questions I think about the timing of the news and how that might I'm now hosting space doing this so a lot going on but but once this new product gets out and they're shipping it you'd expect to see even larger growth than we're seeing now I appreciate the thoughts there Omar and uh we love to have these spaces when you know you guys want to jump into the conversation if it's craziness maybe we go to hands but if just normal we could we could jump in I do want to ask the uh crowd down below I would love to hear what everyone uh thinks Nvidia will open trading at tomorrow so if you guys want to that that purple 24 in the bottom right of your screen the spaces chat throw what you think it will open trading at tomorrow it's currently at 12644 I know G you want to maybe run through some of the numbers the implied move was around 11% I wonder what numbers we should be expecting but yeah down below I'm I'm curious to hear what people think so are you ready for the numbers are you ready to give the numbers that's the real question to be honest I actually wrote them down because I know I would be in YouTube let me know what do you guys think will open trading at tomorrow numbers come out the 420 Top Line estimate of 28.9 which has been moving higher every single week last s weeks it3 okay week by week eps expected to be 65 Cent cross margin a new high of 75.5% dat Center revenue of 25A I kind like where but to be honest no one really cares about these numbers people care about the guidance to be frank the Wall Street expects $ 31.9 billion for q28 1451 of 27.8 144 over here here we go Marin will be slightly lower than this quarter 80 and this put the full year estimates at 161.5 billion and Market expects 272 in EPS portfolio but the name main number to look for is at least $ 34 billion fromia for Q3 cuz maret expects 32 anything below 33 I think the stock sells off even 34 wouldn't be as strong so we need a range between 34 to 36 for theity CRM G I'm going to come back to you and ask some opinions and all that good stuff but here we go I'm gonna I want to keep it going around here we still have a bunch of time numbers come out at 4:20 p.m. Eastern we do also have a couple more earnings Salesforce should be out at right around the Bell crowd strike maybe have some conversations around that one that one should be out at 405 video though we have plenty of time till until it comes out appreciate everyone for coming on the spaces you should uh make sure you're checking out and giving the speakers a follow but monv I wanted to throw it over to you and uh hear any thoughts that you want to add into the conversation we got crowd strike coming in here pretty close to the bell and then Nvidia reporting earnings 420 pm. Eastern how you feeling what numbers will you be watching heading into these earnings so okay let's back up a little bit to you know some of the comments made I I don't have much disagreement with anything levels I'm a little more grounded on on on what I expect last quarter uh during the call Jen specifically called significant where do you calar revenues from 170 open that be crazy I am guessing that is back ended to Q4 which is their small little earnings play go into my competition portfolio I'm not worried about either the Q2 earnings or even Q3 guidance I'm looking at I I think where we are going to see uh anything if at all is going to be in the F year guidance and F year guidance is going to be very interesting look if he was talking about significant black oil revenues this year uh which is his exact words that means there's a big order book there question is do those get postponed or do they get substituted by h100 uh my contention if they get substituted it's going to come at the cost of some margin if it gets postponed it might just be a narrative to play out uh just gets postponed so question really comes down to how far is Black o postponed if it's end of q1 instead of end of Q3 then we have some we have some problem midterm right like the next two quarters three quarters we might have an issue if it's going to be postponed just a quarter meaning you know it comes out in early q1 instead of late Q3 might not have much of an issue that they cannot you spin it thank you for being here appreciate the support that's that's what you really have to watch thanks for subscribing as far as earning incoming I think you know Shai said you know I think probably more like my my opinion late Fifth and the reason is uh we've spent massive amounts of money across the uh here we have crowd Strike should be pretty close to theum wall stre Wall Street expecting at some point pause and take stock they are now just doing a massive land gra that's that's going to slow down at some point in time uh I'm not saying that this will stop I'm just saying that there will be a pass of two three quarters where people try to rightsize their spend and and and and and stabilize their revenues and and and rework their models before they start ordering you know at this pace again whether that's going to whether they're going to conveniently use the delay in Blackwell to do that which is my gut feeling if indeed it's a two quarter delay uh that remains to be seen so so I'm a little more circumspect shortterm uh sorry midterm let's say Q4 and q1 and I'm more bullish about Q3 I'm not worried that much about Q3 there was not there's not much material that's changed for Q3 certainly there's not trying to keep doing my thing and expanding and all that good stuff so these live streams are part of that trying to grow on YouTube and totally just add it to all the stuff I'm do to short a time period uh you know to to see if they've grabbed market share uh at the margin they probably smaller more cost sensitive customers that will go to uh Sentinel one uh large Enterprise customers is not an issue maybe crowd strike will have to give up a little bit of margin for a short period of time when they do renewals uh just to you know just to quieten down any uh um any problems from customers but it's not so much Sentinel one that that Crow Strike should worry about it's it's Microsoft that they should worry about I think Microsoft is pissed and they have to do cand they were they were dragged into this and they're not happy and they're not going to be happy till you know and and I don't put it past them to not use this to you know build up their own my crri Crow strike minimally make it more difficult for them to access the kernel in some sense CRM Crow strike cost basis CRM is not all that much more if you look at if you look at their multiples you know never been able to say that in the history of CRM it's the first time when you know when when it's coming to that I'm excited also has had significant AI Investments for a very long time the Einstein um platform has been there for a long time they have the they have the talent should I keep it on the price or should I keep it on the uh this page doing something at least within their space show the numbers you know off ings to to improve efficiencies and get more out of what they do certainly on the cost side it could help them so there there's a lot you know L expectation on CRM these past few quarters and I think they're going to surprise on the upside anyway I'll stop there perfect appreciate you monati Market is basically closed here closing in less than a minute Market is now closed in earnings 20 minutes away here we go you know it was that last one that I was about to get in that I couldn't get in that would have been the winner shy that was the one you're unmuted you're unmuted it was4 this guy what's happening there rookie mistake stock sniper you got your hand up make it quick we got some earnings coming out these Cloud flare earnings should be out any second now even Salesforce could be out what's up um yeah I just wanted to say a couple things about Nidia when I'm taking a look at the B ta force is dumping sorry 42.3% bull premium 43.9 bare premium it's just about split right down the middle on the video when I take a look at crowd strike I could see 47% flat versus 45.74 go guys buckle up buckle up um just about um even as well when I take a look at CRM um we can see that there is 4926 bull Premium versus 40.9% premium slightly more people are betting on a CRM beat but um I have all the previous reactions open interest and a bunch of other information posted about Nvidia I'm going to go ahead and pass it over because um I know we're about to come out with some crowd strike numbers lot of information on my page and taking a look at a video we can see that we have exceptionally salce report earnings earnings report so Salesforce earnings are out yeah talk about it and go for it I don't even have the numbers I could I mean I see them but like now we also have yeah go for it it's unstructured still nobody has cated it correctly but but uh Revenue 9.33 billion up 8% year-over year uh includes subscription and support revenue of 8.76 within that operating margin of 19.1% uh Gap operating margin 33.7% RPO of 26.5 billion up uh 11% uh operating cash flow of 900 million up 10 % uh 4.3 billion in repurchases and 400 million in dividend payments guidance third quarter revenue of 9.31 to 9.36 billion maintains F Revenue guidance of 37.7 to 38 the rest of it difficult to make we need to see a lot of the expectations too and how compare but the stock is was initially moving lower but it's nice little bounce here at at 269 now nice move on Salesforce yeah this this is my point the expectations are prettyy down also cf2 step down cf4 Ste down and so is the president CRM C is Amer a guidance of did you talk about the guidance already or no um if you have the expectations how it Compares that would be good by the way Nvidia earnings should be out at 420 p.m. Eastern we're waiting for those we're talking about sales force now but yeah talk us through more so update F year non Gap metrics to 19.7 no that's just non Gap non Gap non Gap okay F year Revenue guidance off 37.7 to 38 billion that's up 89% uh before they guided for 10% in the conference car so it's slightly below so Mar expected 10% but they guided 8 to 9% for full year Revenue guidance increase what what was their EPs and revenue can you read that again versus expectations for CRM let me go back on top EPS of 256 Market wanted 235 revenue of 9.33 billion Market wanted to 9.23 subscription revenue of 8.76 billion Market expected 8.7 which is a beat across the board Services was also a beat came in at .26 Market 1 2.21 billion oops Professional Services also a beat it's down 6% year over year they posted 561 million but Market wanted 531 million from them operating income operating margin of 33.7 up from 31.6% year-over year beating estimates of 32% free cash flow missing estimates dos up year by year but Market expected free cash flow of 865 million but they both at 755 million um a little bit but we have crowd strike which should be out in a second here I'm really looking forward to that one you know what I'm looking forward to n you 420 PM Easter Nvidia earnings earnings call 5m Eastern ears 4:20 p.m. Eastern so 16 minutes I just posted the estimates on top again we want revenue of higher than 30 billion uh EPS of and cross crowd strike earnings are out dumping a little quick dumper there for crowd strike uh Revenue it's up now there we go Revenue 963.com [Music] EPS boom operating income 226 million6 all right this is a lot of craz I'm sorry I'm trying to pay attention to the chat as much as I can don't beaten beaten yeah I'm just doing those two we got a couple more earnings that are out we'll see but crowd strike 273 I was just telling the uh the live stream my uh my cost basis on crowd strike is 271 in the money some could say 276 uh Salesforce has given some of its back though if anyone has any thoughts at all that they want to jump in any numbers they're seeing um we could talk just uh just want to remind everyone that if you're togenerate and want to trade nvidia's earnings and you normally trade options there are alternatives that you could still get in in the after hours there's a from crri is a Miss CR strike SE revenue between 3.89 billion to 3.9 Market one to 3.98 to 4.01 so should sell off a bit on that well I pinned up in the nest above I pinned up in the nest above I I took one of those plays I'm here to be the uh the uh the enemy to everyone's uh Nvidia earnings now just to be clear for first of all I am 0 for three on these earnings plays second of all this is in my competition portfolio besides the point but um also I own a lot of Nvidia so I am net very long on this one but I have a little bit of nvdq I don't think Nvidia is going to report bad numbers by any stretch of the imagination but where we're priced I think that it might come in and not impressed like they might might report like really good earnings and they needed like blowout fantastic we'll see it feels like we're setting up for NVIDIA to be down like 3% tomorrow so I'm 0 for three on these earnings plays I think betting around earnings is a terrible way to to do this and I'm kind of proving that all all for you guys by losing money but here's another one to track I I took some nvdq which is the 2x shorts 2x shorts Nvidia which is alsox Strike crowd strike say Q3 EPS of 80 cents to 81 maret wanted 86 almost say that one more time cuz that was actually what we were really focused on but I don't know how much those expectations changed you know I mean it's a big m i could expected EPS of 96 cents for Q3 for the guidance but now crowd strike say expect 80.5 cents shock sell up so the missed on Top Line Guidance the missed on bottom Guidance the missed on MAR guidance but the stock is still up two and half the market kind of knew that was going to happen uh montiff you got your hand up yeah across the board we're seeing pretty underwhelming Q3 guidance and good fer guidance which basically means they most companies are expecting something magical to recover in Q4 that worries me that's not a good thing and remember these guys are reporting very late so so they they are already you know they already have the last of of of the market uh you know they they've seen that already and it's it's in their it's in their commentary so you know expect I'm not I'm not feeling great for Q3 it doesn't look all that good when when companies reporting late or are very cautious on their Q3 guidance doesn't add up what's up everyone what's up what's up is the is the money printer going today for these Nvidia earnings I want to ask a question uh what's Kramer position on Nvidia I need to set my printer I need to see what I can do his dog is literally named Nvidia so he's been long for a while let me let me disconnect my friend be right back I appreciate that Ki I think everyone should give the stream a like too 10 minutes exctly 10 minutes until these Nvidia earnings are out here we go I'm freaking ready almost D Good Vibes only Good Vibes only on crowd strike I need it the street is kind of insane though it's 76 out of five there are 64 people who the name 66 here we go an average is 20% higher inpr and say I don't think crowd strike has Wicked move like they have for the last four quarters I didn't even hear what you said but it sounded like it killed the conversation so stock talk how we doing I don't know if you have any thought on these numbers coming out let's wait for them to come out they're about to come out well give us some thoughts before say something wise the people want to hear stock talk the co-host of the space say something what what numbers will you be watching um I mean look I mean the guy's going to be important I want to know some details about the Blackwell launch I want to know how that's going and when that'll be able to be ramped I want to know um you know if they're going to obviously beat or beat the Cur quarter expectations I think look I think the I think the one difference between this quarter versus some of the last quarters we've been talking about obviously video has been a big event for us for a long time but um is the fact that it's not up a ton quarter over quarter right like in the last three months the stock is up what let me pull up the chart right here last three months the stock is up 13.5% right compared to some of the other quarterly results we've seen for NVIDIA that's a little bit a lower bar um and so you know I think if they give us a little bit of a beat on the forward guide I think that that could lead to some upside here obviously the danger is the potential air pocket in Blackwell that's been something that a lot of analysts have talked about um it's not something that is endangering like the overall AI narrative or endangering the overall uh Nvidia story but it is something that could be a near-term headwind and you know the street TR numbers are not out I'm just getting ready for it I am I am so I am so sorry keep going I thought I was mut after hours you want the honest truth I was talking the live stream and thought I was muted keep going stock talk I'm sorry you're good I was just saying like you know the the Street's been somewhat divided on that topic of if there's going to be an air pocket for Blackwell or not um if there's going be a Topline air pocket because you know the the the whole idea of like the Osborne effect of some of these hyperscalers or five minutes away I'm so excited purchasers of gpus um waiting for Blackwell that was a concern and you know if the the release gets delayed then that air pocket kind of gets forwarded or I should say extended you know potentially another quarter or another couple of months and so that's the main risk I think the main forward risk um that could present itself on these earnings but if it doesn't and you know they they don't show any kind of bull or bear let me know one word bull or bear how we feeling for these Nvidia earnings how do we think we'll do following it where where the stock okay seven minutes away I am getting very excited I may need to rotate some people up here a little bit I am sorry for that we will we will keep it going um anyone else have any kind of final words as we're we're getting up to the final stretch here Shai anything you want to add in we still have about six minutes right what were those affirmed numbers what were the affirmed numbers so say be profitable and Q4 so that's the main thing like I'm going to right now but pretty all right let's look a lot of bulls lot of bulls bull bull bull same person bull bear bull bull bull bullish 75% bull 65% bull q1 is expected to be wa Ian the live stream's not buffering right we're waiting for Q gu the 650 million Market wanted 631 million so pretty good numbers overall but the main thing that stands out is they expect to be profitable on Gap basis like you4 like I said before logical I was reading a lot of notes about n earnings one thing that stood out from me is one analy that all these Max companies other than or all these Mega cap companies they have three ways to dispose Capital right now buy box second is dividend is buying the gpus so you know stood out to me all right guys here we go here we go all right um I don't see logical requesting so we can try and make some space you can keep do doing that I'm sorry people are just going to have to get shifted uh hameid you're joining us up here we got these numbers coming up so we're in like the quick rapid fire mode you got any initial thoughts what you'll be watching for these Nvidia earnings no I just want to see if they uh they hit their numbers and what the market how the markets reacting to it so I'll be watching closely awesome yeah we're going to be live for the the entire numbers coming out then we're going to listen to the earnings call live on here I'll be doing that on earnings Hub shout out to that G is that you unmuted uh that's me HP also just came out HP what what did uh HP do we got a minute or two for that we're waiting we're waiting do guidance of 335 to 3 here numbers we're coming in with Nvidia these aren't the numbers yet we're waiting for it buted excuse no one car expected 1.27 they post said 13.52 so that's a beat what you did you just disconnect did you just connect from headphones two headphones or disconnect from headphones big change I disconnect from headphones this is so much better is this better so much better really beautiful now well it's G so still still subpar but you know it is what it is uh net revenue came in at 13.52 billion Market expected 1.27 uh Victoria secet just came out numbers in line I care about them other people don't so I won't talk about them yeah we're waiting for NVIDIA come on that's it Nvidia oh so here's the question I want to know and I would love for everyone down below to participate and I can look at all this stuff so I will bull or bear that's all I want to know and it's it's Nvidia stock from current levels 125 where is it open trading tomorrow y everyone pull up I'm pinned up in the nest above I'm I think lower I think we finished I think we have a nice little pop maybe but I ultimately think we're down by 3 to 5% would be my thought and down in the spaces chat that purple 88 in the bottom right everyone just write one word bull or bear and that's it I'd be writing bear just saying okay for the people who just came on the spaces Evan has a 2X long position and really I thought he just bought 2x inverse if you want 2x long ticker nvdl if you want 2x short just to be clear and everyone has a 100% record being wrong yes for earning moves that is true and I've if if the stock goes up the prophecy stays true you know like I am 0 for three so far well I'm I'm looking to maybe make it one for four gambling around earnings is is an unprofitable important question though if Evan and and Kramer have opposite views which one do you go with uh I say I'm the newr krer like you know I trust Evan's on in wor more than uh Kar yeah it's got 100% success so far EV inverse we need a reverse Evan then or inverse Evan ticker or something I'm freaking ready guys though this is going to be we got 1 minute left we're up to like 7,000 people in here there's a lot of energy for it and that feels like the total environment the final time the estimates Revenue estimates of 28.9 billion guidance expected of 31.9 billion uh grossin of 75.5% income 18.9 billion and Market expects EPS are 65 cents but everyone knows it's going to be a beat but the thing that matters is the guidance Wall Street expects 31.9 but anything below 34 will I think send the stock lower it's moving higher right now but I don't think this is real I haven't seen any numbers Crossing we have people 7,000 people live just pretty I expected more to be honest fromia but yeah light work it's pumping 128 I'm just watching the stock chart um one minute charts initiated let's see uh any moment now hasn't been released little move lower dumping nope going all over it's on yeah I it's on uh $30 billion of Revenue beating expectations of 28 7 billion and then EPS of nonap 68 68 it's 3.04 actually on Bloomberg for uh Revenue round down all right let's check back on the stock dump it a little bit 123 122 did did DAV a miss that came in 26.3 I felt like that was me 124 okay maret expected 2 billion okay so it's good all right well we're moving back okay y 50 billion buyback fromia 50 billion really oh [ __ ] yeah here we go board of directors approved an additional $50 billion share buyback without expiration 50 bilon is crazy here we go yeah you know Apple did more but whatever we don't we don't talk about it as an apple boy I never bring it up you know uh the guidance is uh not the best what it pin the uh EPs and revenue beat there the numbers exact you need it yeah what's the forward guide here um revenue is expected to be 32.5 billion that seems pretty good any concerns about the uh margins quarter over quarter down 3.3% year overy year up 5% I don't have any of these estimates I'm just looking at okay I have the numbers in front of me in weia uh guidance is $32.5 billion plus minus 2% Market expected 31.9 billion so that's week $50 billion share buyback does the market care about share BuyBacks yeah I think they do like where else do you deploy $50 billion in annual free cash flow like you know like they can't spend it all on R&D you know like there's a limit and they can't do m&a government is up there you know like other companies I told you two options right now m& is really really tough to do big m& right now so what do you do you have three options one you do more buy packs which everyone else is doing second is raise dividends third is buy NV chips but what do you do when your ND you just have two options yeah there's only so many startups you can uh buy when you're talking about $50 billion I wonder how quickly they will deploy this what did it say $7.5 billion they I bought back this past quarter is that what I read uh I can a look at that for you but they they spend not a lot of money even though they had the big authorization before they barely spent any in the last two quarters okay so what it is during the first half of 2025 Nvidia returned 15.4 billion to shareholders both shares repurchase and dividends I would imagine the majority of that is share repurchases the number might be CL totin dividend yeah and they only raised it because of the the stock split made it and I think you can't have a dividend under a scent so they didn't even like want to move it Nvidia moving lower now 23 here guys did did did someone say before this that they're taking a 2X short uh ETF heading into the Nvidia earnings I'm not going to say one for I'm not saying one for four just yet it's way too early but I I was gonna say you Whispers it's a little too early for earnings to call this a win guys whispers are being had that Evan might be going one for four that's like an average MLB player down 4% black production okay black wool is expected to ramp up in Q4 I know a lot of people were you know talking about that before DS came out did that push out then did they push out the expectation for Blackwell if you're there doesn't look like if it's if it's coming late then it's a small delay it's nothing it's just that means six 6% here we go are you your thing today since it's in a competition account would you no I'm not allowed to sell it today I do have to hold for a week we'll see rough times but you know we take the good with the bad $50 billion share buyback all right that's that's pretty big so is there is Apple Apple's still the largest but what's like I know apple is actually like first second third or fourth but is this the second the largest share buyback program that isn't done by Apple I would assume no Google has done a few 50 I've seen 50 from Google 50 for Microsoft I I'm correct uh oh even Facebook Facebook announced a 50 billion too in 2021 when the stock slum if you remember that and we down 8 now all right we are staying on these earnings we're going to be live streaming the earnings call earnings calls are really important uh you don't want to make your full judgments without anything honestly investing gambling around earnings probably isn't the best play is a long-term investor as I personally am despite that one small tiny trade that I took or whatever uh you have plenty of time to react uh and I like to take my time on any decisions I make but uh we're we're going to be waiting for the call that is at 5:00 p.m. Eastern you can be listening with us we're going to keep doing it uh Mr stock talk now that the numbers have come out we got any comments to make yeah I'm looking through them right now I mean um doesn't look like there's any evidence of Blackwell being an issue even even according to these things I'm seeing right now these headlines says they expect to ship several billion dollars of Blackwell in Q4 um on here continued acceleration got time coming back up as customers gear up for Blackwell we've already Shi Blackwell samples uh to our major customers increased shipments anticipated in the second you guys are in the live for the first time make sure you are subscribed to the channel we're going to be we're going to be listening to the earnings called live in here so make sure you're hanging out with us in Stand by in terms of like the narrative here and I'm not any sort of concerns about like an air pocket or anything as far as the actual earnings go I mean pretty good obviously beat on the top and bottom line uh beat on the guide um yes I don't see too much to be concerned about here I it may just be selling off because these aren't as I guess exciting as people are used to in terms of the analyst expectations versus the actual results but I'm seeing Nvidia now down only about 1.7% in the after hour session so it looks like it's recovering a lot of them move that headline that line makes me think that you know whatever the problem was they've managed most of it it's probably a month delay or so at best so again he's going to he's going to call out substantial you know fer black oil Revenue if he does that then there's no issue at all yeah exactly if they're if they're saying that they're going to do several billion in Blackwell and Q4 then that's it's a nothing Burger because that was the entire concern um that they wouldn't get shipments out by Q4 so they're directly saying we will sell several billion dollars worth of Blackwell and Q4 like there's no no more direct way where did they say that do we know where they said that you're look at the f I mean I'm just reading some news sources and reading headlines but I don't know exactly where it is I imagine it's in the earnings release I'm just reading um my uh my news feed I don't even see the earnings release No I see it out on some of the news wirers I just production ramp is scheduled to begin in the fourth quarter and continue into fiscal year 2026 we expect to ship several billion dollars worth of black oil products in Q4 that's what it says explicitly Hopper demand remains strong shipments expected to increase in the second half fiscal year 2025 so um I imagine that street insid making the last 10 years revenue of Nidia according to J gbd it's a 40% Kar like start billion I know every does stuff like this so you're stealing my thunder is that what you're saying I think I beat I beat you to your punch beat you he sounds so like Satisfied by that it's okay I respect it I respect the hustle so tell us more damn can't even explain it Nvidia is one of those companies Nvidia is one of these companies that has a weird kind of earning cycle so technically technically this is their fiscal year um 2020 Q2 they're a full year ahead which is one of the most random things yeah they're in the future so this is this is still Q2 that's reporting and then U they're saying deliveries in Q4 so does that mean q like their version of Q4 I assuming yeah everything will be uh whatever they make it and also I believe their quarter when does their quarter end let me double check because it's not June 30th it is July 28th so interesting Uh Kevin do we have you up here yeah you have any thoughts you want to add into the conversation we always love hearing what Kevin has to say there was a lot of other companies that reported earnings so I don't know if you have any thoughts to add to the mix maybe thoughts on the reaction let me double check back into it we are around 120 right now so it's hanging out around but we're still waiting for this earnings call at 5:00 p.m. Eastern yeah Kevin you have any thoughts yeah no you know everybody kind of really covered it it was really Blackwell I mean I feel like that commentary is kind of high level so maybe we'll get a little bit more clarity on the the the conference call but U it might ease a little bit of fears um only being down U what five bucks um before the conference call itself I think is a win for it uh you know they they tend to actually really overperform when it comes to their commentary uh and I would expect them to do the same here so I wouldn't say this is the end all be all see at some of the other uh you know players mve in the space Dell down obviously AMD down U obviously but uh you know this is a good report and we're just trying to right siize what the what the expectations should be moving forward but um once again I think the conference call is going to be fine I think uh sales force had a nice little uh report um increasing their their guidance when it comes to operating margin and cash flow margin I think that was pretty good crowd strike nothing burger for I can't hear Kevin anymore am I the only one who can't hear Kevin now would make sense does anyone hear me am I talking to no one I talking to everyone I can't hear anyone great job well someone else is uh should be uh running us right now that's super unfortunate I cannot hear anything as you guys can hear you cannot hear anything either all right EV in all right all right all right I think we're good we're good continue on love you all I hear you yeah we can hear you we can hear you that was it that that was all I had uh once again nothing too exciting listening to the conference call are we the conference call in the St yes sir we are going to be listening to the earnie's call live on here I'm going to be streaming it through earnings Hub I'll actually get a link up there if you guys want to listen like directly through where I'm listening but uh yes we will be listening to that live on the spaces today we have any other than the slight gross margin decrease there's really nothing terrible or bad or pull back in this report so far that that I can see so far 3.2% quarter or quarter yeah from from you know coming from 79% to 75% it's not it's not that bad so this this this is expected and it'll probably keep decreasing at a slightly faster Pace every quarter so so I mean looks like they've managed Blackwell uh problems very well at least that's what it looks like from I I still want to hear what Jansen has to say about it because there's going to be a lot of questions around that but but whatever it was they they have figured out most of it if not all of it so it looks like a slight delay but nothing that's that's going to require them to take down full your guidance what are you kind of expecting this earnings call to look like a little bit monv you have any thoughts on some questions they might get you know how how they might answer some of it dude spaces that news uh Story the last one month about you know significant black World delay and all that [ __ ] if we didn't have that there would be no issue right people would be talking about okay let's nitpick this why is your margin down 3% you know other than that it was a nonevent they they everybody expected them to do have done well in the in in the you know looking back for the quarter it was always going to be how much I always long but now you know it's always a short before we got this the qu was all around when how long the black o delay was question is you know if he didn't confirm that that he's solid for for that and he still expects significant black the good thing he was all he said was significant black well Revenue this year now if he's calling out you know certain number of billions then that's a that's a positive that's that's further he'll still be asked for clarification you know what was the problem why why why why was there that news out if he says you know that was just rumor we had a minor issue and we sorted it out in you know in the normal stream of you know release process then this is another thing it'll it'll hi up and just go right back when Market uh sentiment improves but this is a non story there's really nothing bad here awesome mtiv I appreciate apprciate you Shai do we have you up here still yes can you I would love to hear your thoughts on kind of we're getting a little background noise um but uh what you're kind of watching for on this earnings call here that we have coming up at 5:00 p.m. Eastern some of the questions that you might you might think that they might be going and if you were asking a question what you would ask sorry it's saying my mic is on but it's not working um we do hear you oh okay yeah so what I'm looking for specifically is like again the earnings was great but essentially everything was in line uh on their guides so I want some narrative around that because is this a com like a combination of the estimates just increase uh excessively leading up to this Prince or is this a Blackwell issue where they're delaying a three months we do the earning that's the cause of an immediate in line expectations but that Revenue will happen in next year and that's going to be short live this little pullback it's experiencing so that's uh some commentary I'm looking out for and also I do want uh to see if they're going to recognize any Blackwell revenue for this year I know in the previous earnings call they said that there going be significant Q4 um earning that's Cally not be the case anymore so I to see what he's envisioning is it going to be pushed back to q1 next year or is is there still going to be reflected in Q4 and they're playing the conservative side so I think um a lot of commentary on why they're in line guidance why they got it in line and I know it's like crazy to say like their revenue expectations is so like it's still so aggressive and in line is causing it to pull back like six or s% but they've been providing Godly numbers especially on the guides up and uh before their earnings they said like their Q3 guides needs to be above 33 billion and and Ivana mentioned that the buy side was actually expecting 35 billion so this was a big Miss on Q3 revenue and there needs to be some kind of narrative behind why that is well it's so they are going to recognize some black well Revenue um I don't know I I would just say this company's not normal so the Street's GNA have to get and I think mon KN we've had this conversation before and I'll be completely be frank the Street's going to have to get their [ __ ] together and just understand that U there's no way H they're going to be able to maintain the growth level that they've seen over the last last year so I at some point these analysts are also going to have to kind of like become a little bit more realistic and that's just my opinion but uh that's if you think that they're going to continue at the rate that they've been going I I I highly highly doubt that um I don't care any product you know right Market compare sir listen right yeah so I mean if you're a shareholder and you're going into it every quarter thinking that they're going to exceed the link that I'm putting in the chat now is where I listen to the earning 2% surprises to the upside on Top Line guides like pair back those expectations that that's not I don't think that's happen it's be go in make an account it's worth it it's will be in the space too it's just it's tough man I think it was actually a pretty decent report nothing nothing of a banger right to the upside nothing Banger to the downside and you never know conference call it might might bring up something new but I I think it's more bullish than bearish for the for the conference call we're pulling our our way back up here I know some of you were saying um you didn't know where they were mentioning that in the fourth quarter they expect to ship several billions of dollars in blackw Revenue it's in the CFO commentary yeah it took me a little I ended up finding it but we're here here we are here we go video is getting close back up to even Jeff I see we got you joining us up here you're a big supply chain guy I don't know if there's any insights you have and share about what you're seeing with these Nvidia earnings of comments about Blackwell I know a lot of people were looking to that going forward uh Jeff you got any thoughts to add in on Nvidia as we're waiting for this earnings call in 20 minutes yeah sure I I've i' done bu I've procurment business with Nvidia before too as a partner with them in the smartphone space so I do understand transitions well I don't understand the the talk or concern about uh Blackwell guidance doesn't make any sense to me when you have have an existing product line that is you know literally sold out and normally normally existing products start this this trend downwards and companies need these new product in and drive demand all they're doing I'll be back in a minute though is they're taking theost structure down they put volume behind it and people continue these hyperscalers need Hopper they need to plug them in they need to they need they need growth they need it now they're all upping their capex guidance so this transition to Blackwell is going to happen these things this this isn't one chip this is a series of things and there's there's fixes that they can do software there's fixes that they'll tape out at different times customers are still getting their samples so I think there's just a like a lot of misunderstanding about things it's not like it's a widget and it just starts on one day and if it doesn't start on that one day it's a problem and customers aren't going to take the old stuff they're in a unique position where customers will literally take everything that they have right now so I just think this Blackwell thing is just totally misunderstood just like last year in nov November the China situation was totally misunderstood and you know I think this is being misunderstood at this point you know but that's fine that's what makes a market perfect appreciate those thoughts there Jeff as always if anyone wants to jump into the conversation please feel free to to do it appreciate everyone for joining in you guys should make sure you're following the speakers up here I'm trying I'm grinding up to trying to get to to 500,000 followers before the end of this year we'll see if we can do it we need more Nvidia earnings look at G who was a co-host who dropped off put uh put up in the nest above we'll see but um stock talk I want to bring you into the conversation and hear kind of your thoughts and what you're listening for on this earnings call coming up here I kind of thrown at people you know what we maybe expecting the questions to be around how jenton hang might end up talking about this spinning it in the in a different way um and just how you're feeling about uh as as we're heading into the earnings call which we're going to be listening to on here yeah I mean it's going to be pretty much the same answer I gave you earlier when I was talking about the report but um I mean I'll reiterate it I mean I think the thing that matters here is the follow through on Blackwell I think the comments we've already seen in the report uh to me quelled most of those concerns the fact that they're going to be shipping several billion dollars worth of product in uh Q4 of Blackwell I think that that how has the lag been has there been any lag on the spaces let me know has there been any lag comment around the ramp that's important I'll be paying attention to that I think there'll probably be some additional commentary about I think I might have found out how to do this um their next product line and you know potentially uh you know when that might be released or what they're looking at in terms of like an iteration schedule or a refresh schedule you know last quarter Jensen talked about them wanting to refresh every six months to one year um that's a very very aggressive uh iteration cycle and so I think they'll speak to that a little bit as well um they'll probably talk a little bit about the hopper program there's some commentary already that the demand there is still really good um I imagine they'll talk a little bit about uh an their expanding customer base which I imagine is you know happening behind the scenes to allow for this type of uh earnings growth to continue um and so they'll probably talk a little bit about that the expansion of the customer base Beyond hyperscalers and you know these massive customers that we are generally focused on um of into a wider base of customers um so yeah those are kind of couple things I'll be watching for um I expect it to be a good call they've have a good track record of having good calls so I expect it to be a good call um you know the stocks recovered pretty substantially here it was down about 7 8% at the lows in premarket sorry in postmarket and is now down just 3% um so I imagine that call can uh continue to move the stock so we will see what they say but yeah those are kind of the main areas that be focused on Blackwell expanding customer base uh iteration schedule refresh schedule um yeah those are kind of like the main things all right we're we're looking forward to this call 15 minutes here calls normally go for an hour normally there's 15 to 30 minutes of them talking about o Big Lots is considering bankruptcy um normally there's 15 to 30 minutes of like a pre planned speech that they have and then 35 40 minutes of Q&A after generally I I found that the Q&A unless there's a big announcement coming off in the first half of it the Q&A is where you get some big movements now the fact that Nvidia does report their forward guidance already means that maybe you know there there's certain companies that report their forward guidance on the earnings call so maybe we expect a little bit of biger bigger movers there but you know one word or anything like that could be uh could change some stuff but I do see we got a hand up from uh Jeff Jeff you got any thoughts to throw in I just GNA make a quick comment there's this assumption that you know trying to understand the Blackwell situation like there's an assumption that the hyperscalers can wait or any like meaningful size customers can actually wait for Blackwell And Delay purchases I don't think that's the case if you've heard that if you've heard their commentary on these calls the the bigger risk you know I think Pai was quote bigger risk would be under invest multiple have been been quoted saying the bigger risk is underinvestigated compatible so I just I I don't I just think they're going to manage this transition pretty smoothly I think they're going to tell you how they're doing it maybe a little bit more details on the call but I just I I think there's an assumption that people can wait and I think that assumption is is not is misinformed um if whoever's on the stocks on spases account is here you could accept co-host I could bring someone else up would love to Mona you have any thoughts on that kind of talking about Jeff was saying there about that you know they're being kind of a a game clock on this and these companies have to continue to keep up if they don't want to get left behind and there's kind of an urgency on it well look if if if the delays really short I don't think there's going to be any issue you know they they'll just they'll they'll just keep going if it's if it was anything more significant than that question I think it's moved right now if if if if they've managed through this very well and they're already sampling you know this is an nonissue hey I got a question and real quick for M than for Jeff or whoever else can answer it um so we always talk about the hyperscalers but what about like the sovereigns out there that the government that were trying to buy these products do you think that's going to be a huge Tailwind for NVIDIA and who are going to be those buyers or what are we seeing as those buyers right now if no I think they are they are a great market for you know whatever that's a good question capacity they can squeeze out of h100 h200 in the in the press release they called out uh Japan as you know building a ag 200 cluster so you know expect the rest of uh rest of those people to be I I think they're you know far less Cutting Edge sensitive than than than the hyperscalers will be so uh there's going to be plenty of takers for h100 h200 among you know among the second here of buyers which are just starting up right we've Mo most most of the buying so far has primarily been the very large players you know hyperscalers large clouds so you know we've not even seen the beginnings of of demand from the rest of the world and and uh you know Sovereign clouds might be the the first large one to to pick up you know products that that while while others shift to you know the the newer uh the newer generation that is a really interesting question and I'm sorry if I'm talking over someone but that's definitely where you know as you we the question has been asked of like what's next how how much can these companies really spend this you know Sovereign AI theme has has been one that has picked up a little bit more in the last couple of quarters maybe years I I don't know but uh you know Jensen always brings up some different countries and is meeting with some different people so I think that would be actually a very productive question to have uh asked on the earnings call and maybe even would I imagine if they get asked like what are you excited about Kevin I think that's the direction he would end up going and contz continue to go and maybe they're already kind of moving on to the next thing and part that they're excited for but you know a as this Market becomes less Supply constrainted and it maybe starts to balance out a little bit more yeah they're kind of profit margins might go down but I wonder H if we continue to see more and more companies being able to kind of invest and use these video chips and if that's kind of a theme that we have going forward I don't know we'll see I'm sure this High profit High profit margin area is the better spot to be but see if what it can become logical got you up here sorry if you were maybe waiting for a while space a little bit rough today how you doing I don't even hear him ah classic now I can hear you all right let's move some stuff around team so what's happening now logical thesis is talking on spaces and we cannot hear him sometimes spaces just randomly does stuff like this which is very unfortunate the call is live but I don't hear anything any hearing the call start off not quite yet oh cool I so I wasn't able to hear logical there so I didn't know he was going down and coming back up logical testing testing how we doing got you m check mic check yeah can you hear me now yep I got you what's up fantastic yeah man uh interesting interesting day for sure I felt like throughout the day a lot of anxiety in the sense that though we had a red day was pretty low volume overall and um you know Nvidia obviously pretty well telegraphed that they're going to have a huge beat because we've heard and and recently with that Gavin Baker podcast with uh I can't pronounce his last name but Patrick um he you know was talking about how you know the internal messaging at Google was you know we're going to invest even we're going to win this race even if we go bankrupt doing it and so clearly that's all revenue and earnings for NVIDIA and you know for the near term it doesn't seem like that's going to stop especially because they are the leader with the leading product so you know it's that's why that's why I don't bother owning or trading like the most popular names personally because I feel like there's just so much coverage on them right like everyone is paying attention everybody knows every number I mean besides you know obviously last year we had the big surprise in the same quarter where they uh you know raised their guide by 50% which is clearly took everyone uh off guard but you know I think now we're just kind of expecting that they're going to have a um you know a very strong they're going to have very strong results in cycle and so uh pretty well telegraphed you know seeing the stock where it is makes a ton of sense to me OB like in these scenarios it always feels like the option sellers are going to win so that's clear what happened uh crowd strike I see I don't really have much comments on this I'm sure should I discuss it in detail I missed it but um yeah for me I was long affirm so having a great after hours and I think there is clear strength in the rate cut narrative and the rate cut cycle plays so I'm just uh really excited about uh you know them showing those results stock talk I saw you posted the affirm results I retweeted it dude I mean those are some epic numbers just beat EPS beat Revenue raise the revenue guide I mean everything headed towards Gap profitability I mean what more do you want to see from this company I actually averaged up in after hours because I think uh based on those results it's it's posibly time that you know the these things really start breaking out of their downtrend and based on actual news and and fundamentals changes I know I'm not on mute I'm talking I'm I'm really impressed by those results and happy to have like probably you know the name of the day that was probably overlooked cuz Nidia and you know living in theow indid and crri on a day like today 450 concurrent crazy all right we're we're at about 6 minutes into the call I investigated moniv and it does look like um it just has some music going on before so we're chilling still waiting about those six minutes probably till it starts stock talk he called you out on uh some affirm thoughts anything to add I don't want to Dr too much into a firm I imagine there's not too many people out here listening for it but yeah oh damn it's up it's up a little bit fair enough have uh what's up Shy have you guys talked too much about crowd strike or is it more Nvidia uh give me give me the quick thoughts on crowd strike uh [ __ ] huge clearly uh it it uh the fud was absolute just that fud uh I know they might lose some businesses uh new logos over the course of couple years but you really not seeing that in numbers and you didn't see it in San yesterday you didn't see it from palto a week ago they guided down slightly in my opinion they're still they went from 32% growth Top Line to 27% so that's so% is elit their ARR is identical to S ones but guess what s one doesn't have those 32% free capture margins like they c one doesn't qualify for the worldy 40 score but Crow strike still qualifies and vents some at 65 that's their score so it is absolutely nuts their earnings they clearly uh the readr on their guidance it was a lot it was uh was slightly lower it's 2% lower on their consensus that's a huge W because even Iana mentioned like the channel checks that she had it was a 5% uh below consensus and we only got 1.5 and the EPS is the big probably the harburn in this report uh they their guidance was I think it was like 20% lower in their EPs and their full year was 8% lower but I think that's just indicating that they're clearly giving discount um they're giving discounts to new customers or customers that threaten to leave and that's affecting the profitability but I really do think if that's the case this is so short lit because it takes such a long time to get out of crowd strikes products I don't know what Elon was saying that we're now out of crow strike from our system like that it's not the case it doesn't happen in the afternoon like that's just Elon being Elon I'm an Elon Fanboy but that was just ridic delusional to think that you can eliminate CR from his ecosystem that quickly either way uh I think you're seeing that the revenue is essentially in line and those customers who threaten to leave are staying and they're just giving it discount to the new customers which will be short lived and this is proving that this outage just y 2K event is going to be temporary and the long-term thesis is intact on crowd strike the now biggest question is how do you rate crowd strike because I believe that they don't belong with a 20% premium valuation of Paul Alto probably in line but if they can maintain a 27% of your uh Revenue growth and top side and like have a 25% CER for next couple years all right guys I'm going to interrupt that for a minute we going to be listen to the Nvidia earnings call let's lower this for a minute we're going to be listening to the Nvidia earnings call in about 2 minutes on here live on the spaces I'm going to be doing it on earnings Hub just one of things said shout out to that join me in the chat say hello in that earnings Hub chat I'm using that all the time but for the next hour that's what we're going to be listening to if you guys are wondering Jensen Hong coming up sharing his thoughts earnings calls are super important to listen to make sure if you guys enjoy this type of thing and want me to keep doing these live streams do more of them the best way to support that and see them and do all that stuff going forward is to subscribe to the channel we are currently at uh 4 five 78 subscribers I think we can keep going up shout out to that this earnings call is starting in about two minutes here awesome sorry about that M it says he's connecting up here I don't know if he's uh up here or not test the mic check no worries all right we got this Earnest call started in about two minutes here I'm talking over wolf aren't I no you have any hello wolf how are you doing nice all right well I'm going to keep listening to this Nvidia earnings call and I I'll I'll help us get ready with it I guess it's still just music come say hello in the uh earning sub chat or my YouTube chat and uh so far Nvidia is type in type in earning sub do you have to have an account to type in chat you know what uh I assume so yes let's let me pin some stuff up top.com a and then seconds and click on live listen to 202 call and then comment your favorite uh favorite vegetable in the chat yeah we're going to be listening to this earnings call live on here so but this call should be star in any second now I have it up I am listening we got a bunch of people in here um yeah Nvidia currently at 1220 heading into this call couple seconds away from this one if you guys haven't already make sure you are following all of the speakers good afternoon my name is Abby and I will be your conference operator today at this time I would i' like to welcome everyone to nvidia's second quarter earnings call all lines have been placed on mute to prevent any background noise after the speaker's remarks there will be a question and answer session if you would like to ask a question during that time simply press the star key followed by the number one on your telephone keypad if you would like to withdraw your question press star one a second time thank you and Mr Stewart stcker you may begin your conference thank you good afternoon everyone and welcome to nvidia's conference call for the second quarter of fiscal 20125 with me today from Nvidia are Jensen Wong president and chief executive officer and Colette cres Executive Vice President and Chief Financial Officer I would like to remind you that our call is being webcast live on nvidia's invester relations website the webcast will be available for replay until the conference call to disc discuss our financial results for the third quarter of fiscal 2025 the content of today's call is invidious property it cannot be reproduced or transcribed without prior written consent during this call we may make forward-looking statements based on current expectations these are subject to a number of risks significant risks and uncertainties and our actual results May differ materially for discussion of factors that could affect our future Financial results and business please refer to the disclosure in today's earnings release our most recent forms 10K and 10q and the reports that we may file on Form 8K with the Securities and Exchange Commission all our statements are made as of today August 28 2024 based on information currently available to us except as required by law we assume no obligation to update any such statements during this call we will discuss non-gaap Financial measures you can find a Reconciliation of these non-gaap Financial measures to Gap Financial measures in our CFO commentary which is posted on our website let me highlight an upcoming event for the financial Community we will be attending the Goldman Sachs communic copia and Technology conference on September 11th in San Francisco where Jensen will participate in a keynote fireside chat our earnings call to discuss the results of our third quarter of fiscal 2025 is scheduled for Wednesday November 20th 2024 with that let me turn the call over to Colette thanks Stuart Q2 was another record quarter revenue of 30 billion was up 15% sequentially and up 122% year on-year and well above our Outlook of 28 billion starting with data center data center revenue of 26.3 billion was a record up 16% sequentially and up 154% year on-year driven by strong demand for NVIDIA Hopper GPU Computing and our networking platforms compute Revenue grew more than 2.5x networking Revenue grew more than 2x from the last year cloud service providers represented roughly 45% of our data center revenue and more than 50% stem from the consumer internet and Enterprise companies customers continue to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell Key workloads Driving our data center growth include generative AI model training and inferencing video image and Text data pre and postprocessing with Cuda and AI workloads synthetic data generation AI powered recommender systems SQL and Vector database process processing as well next Generation models will require 10 to 20 times more compute to train with significantly more data the trend is expected to continue over the trailing four quarters we estimate that inference drove more than 40% of our data center Revenue csps consumer internet companies and Enterprises benefit from the incredible throughput and efficiency of nvidia's inference platform demand for NVIDIA is coming from Frontier Model makers consumer internet services and tens of thousands of companies and startups building generative AI applications for consumers advertising education Enterprise and health care and Robotics developers desire nvidia's Rich ecosystem and availability in every cloud csp's appr appreciate the broad adoption of Nvidia and are growing their Nvidia capacity given the high demand Nvidia h200 platform began ramping in Q2 shipping to large csp's consumer internet and Enterprise company the Nvidia h200 builds upon the strength of our Hopper architecture and offering over 40% more memory bandwidth compared to the AG 100 our data center Revenue in China grew sequentially in Q2 and a significant contributor to our data center Revenue as a percentage of total data center Revenue it remains below levels seen prior to the imposition of export controls we continue to expect the China Market to be very competitive going forward the latest round of ml perf inference benchmarks highlighted nvidia's inference leader ship with both Nvidia Hopper and Blackwell platforms combining to win gold medals on all tasks for building AI factories and data centers with the envidia mgx modular reference architecture our oems and odm partners are building more than 100 Blackwell based systems designed quickly and coste effectively the Nvidia Blackwell platform brings together multiple GPU CPU dpu Envy Link and Link switch chips systems and the next generation of AI across the cases Industries and countries the Nvidia gb200 NBL 72 system with the fifth generation NV link enables all 72 gpus to act as a single GPU and deliver up to 30 times faster inference for llms workloads and unlocking the ability to run trillion parameter models in real time hoer demand is strong and Blackwell is widely sampling we executed a change to the Blackwell GPU Mass to improve production yields Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal year 26 in Q4 we expect to dip several billion dollars in Blackwell Revenue coer shipments are expected to increase in the second half of fiscal 2025 Hopper Supply and availability have improved demand for Blackwell platforms is well above Supply and we expect this to continue into next year networking Revenue increased 16% sequentially our ethernet for AI Revenue which includes our Spectrum X endtoend ethernet platform doubled sequentially with hundreds of customers adopting our ethernet offerings Spectrum X has broad Market support from OEM and odm partners and is being adopted by csps GPU Cloud providers and Enterprise including xai to connect the large largest GPU compute cluster in the world Spectrum X supercharges ethernet for AI processing and delivers 1.6x the performance of traditional ethernet we plan to launch new Spectrum X products every year to support demand for scaling compute clusters from tens of thousands of dpus today to millions of gpus in the near future Spectrum X is well on track to begin a multi-billion dollar product line within a year our Sovereign AI opportunities continue to expand as countries recognize AI expertise and infrastructure at National imperatives for their society and industries Japan's National Institute of advanced industrial science and technology is building its AI bridging Cloud infrastructure 3.0 supercomputer with Nvidia We Believe Sovereign AI Revenue will reach low double digigit billions this year the Enterprise AI wave is started Enterprises also drove sequential Revenue growth in the quarter we are working with most of the fortune1 100 companies on AI initiatives across Industries and geographies a range of applications are fueling our growth including AI powered chatbots generative Ai co-pilots and agents to build new monetizable business applications and enhance employee productivity amox is using Nvidia generative AI for their smart agent transforming the customer experience and reducing customer service cost by 30% service now is using Nvidia for its now assist offering the fastest growing new product in the company's history sap is using Nvidia to build jeel co-pilots pity is using Nvidia to build their generative AI agent and lower generative AI development costs snowflake serves over three billion queries a day for over 10,000 Enterprise customers is working with Nvidia to build Co pilots and lastly withdrawn is using Nvidia AI Omniverse to reduce endtoend cycle times for their factories by 50% Automotive was a key growth driver for the quarter as every automaker developing autonomous vehicle technology is using aidia in their data centers Automotive will drive multi-billion dollars in Revenue across on-prem and Cloud consumption and will grow as Next gener Generation AV models require significantly more compute Healthcare is also on its way to being a multi-billion Dollar business as AI revolutionizes Medical Imaging surgical robots patient care electronic health record processing and Drug Discovery during the quarter we announced a new Nvidia AI Foundry service to Super supercharge generative AI for the world's Enterprises with meta Lama 3.1 collection of models this marks a watershed moment for Enterprise AI companies for the first time can leverage the capabilities of an open-source Frontier level model to develop customized AI applications to encode their institutional knowledge into an AI flywheel to automate and accelerate their business Accentra is the first to adopt the new service to build custom llama 3.1 models for both its own use and to assist clients seeking to deploy gened AI applications Nvidia Nims accelerate and simplify model deployment companies across Healthcare energy Financial Services Retail transportation and Telecommunications are adopting Nims including aramco Lowe's and Uber at& realized 70% cost savings and eight times latency reduction after moving into Nims for generative Ai call transcription and classification over 150 partners are embedding Nims across every layer of the AI ecosystem we announced Nim agent blueprints a catalog of customizable reference applications that include a full Suite of software for building and deploying Enterprise generative AI applications with Nim agent blueprints Enterprises can refine their AI applications over time creating a datadriven AI flywell the first Nim agent blue prints include workloads for customer service computer aided drug Discovery and Enterprise retrieval augmented generation our system integrators technology solution providers and system Builders are bringing Nvidia Nim agent blueprints to Enterprises Nvidia Nim and Nim agent blueprints are available through the Nvidia AI enterprise software platform which has great momentum we expect our software SAS and support Revenue to approach a $2 billion annual run rate exiting this year with Nvidia AI Enterprise notably contributing to growth moving to gaming and AIP PCS Gaming revenue of 2.88 billion increased 9% sequentially and 16% year onye we saw sequential growth in console notebook and dust help revenue and demand is strong and growing and channel inventory remains healthy every PC with RTX is an aipc RTX PCS can deliver up to 1,300 AI tops and there are now over 200 RTX AI laptops designs from leading PC manufacturers with 600 AI powered applications and games and an installed base of 100 million devices are t is set to revolutionize consumer experiences with generative AI Invidia Ace a suite of generative AI Technologies is available for RTX AI PCS Mega break is the first game to use Nvidia Ace including our small small large small language model minitron 4B optimized on device inference the Nvidia gaming in eco system continues to grow recently added RTX and dlss titles include Indiana Jones and the great circle Dune Awakening and Dragon Age The Veil guard the GeForce now Library continues to expand with total catalog size of over 2,000 titles the most content of any cloud gaming service moving to Prov visualization revenue of 454 million was up 6% sequentially and 20% year on-ear demand is being driven by Ai and graphic use cases including model fine-tuning and Omniverse related workloads automotive and Manufacturing were among the key industry verticals driving growth this corner companies are racing to digital at ties workflows to drive efficiency across their operations the world's largest electronics manufacturer foxcon is using Nvidia Omniverse to power digital twins of the physical plants that produce Nvidia black hole systems and several large Global Enterprises including Mercedes ben Mercedes-Benz signed multi-year contracts for Invidia Omniverse Cloud to build industrial digital twins of factories we announced new Nvidia USD Nims and connectors to open Omniverse to new Industries and enable developers to incorporate generative Ai co-pilots and agents into USD workloads accelerating their ability to build highly accurate Virtual Worlds wpp is implementing usdm microservices in its generative AI enabled content creation pipelines for customers such as the Coca-Cola company moving to automotive and Robotics Revenue was 346 million up 5% sequentially and up 37% year on-year year-on-year growth was driven by the new customer rants in self- thriving platforms and increased demand for AI cockpit Solutions at the consumer at the computer vision and pattern recognition conference Nvidia won the autonomous Grand Challenge in the end to end driving at scale category outperforming more than 400 entries worldwide Boston Dynamics byd Electronics figure intrinsic seens skilled 8i and paradine Robotics are using the Nvidia Isaac robotics platform for autonomous robot arms humanoids and mobile robots now moving to the rest of the p&l Gap gross margins were 75.1% and non-gap gross margins were 75 .7% down sequentially due to a higher mix of new products within Data Center and inventory Provisions for low yielding black raw material sequentially Gap and non-gaap operating expenses were up 12% primarily reflecting higher compensation related costs cash flow from operations was 14.5 billion in Q2 we utilize cash of 7.4 billion toward shareholder returns in the form of share repurchases and cash dividends reflecting the increase in dividend per sh our board of directors recently approved a $50 billion share repurchase authorization to add to our remaining 7.5 billion of authorization at the end of Q2 let me turn the outlook for the third quarter total revenue is expected to be 32.5 billion plus - 2% our third quarter Revenue Outlook incorporates continued growth of our Hopper architecture and sampling of our Blackwell products we expect Blackwell production ramp in Q4 Gap and non-gap growth margins are expected to be 74.4% and 75% respectively plus or minus 50 basis points as our data center mix continues to shift to new products we expect this trend to continue into the fourth quarter fiscal 2025 for the full year we expect gross margins to be in the mid 70% range Gap and non-gaap operating expenses are expected to be approximately 4.3 billion and 3.0 billion respectively full year operating expenses are expected to grow in the mid to Upper 40% range as we work on developing our next generation of products G and non-gaap other income and expenses are expected to be about 350 million including gains and losses from non-affiliated Investments and publicly held Equity Securities Gap and non-gaap tax rates are expected to be 177% plus or minus 1% excluding any discreete items further Financial detail are included in the CFO commentary and other information available on our IR website we are now going to open to call for questions operator would you please help us and pull for questions thank you and at this time I would like to remind everyone in order to ask a question press star and then the number one on your telephone keypad we will pause for just a moment to compile the Q&A roster and as a reminder we ask that you please limit yourself to one question and your first question comes from the line of vivec Arya with Bank of America Securities your line is open uh thanks for taking my question um jenton you mentioned um in the prepared uh comments that there's a change in the Blackwell GPU mask I'm curious are there any other incremental changes in backend packaging or anything else and I think related um you suggested that you could ship several billion dollars of black well in Q4 despite a change in in the design is it because all these issues will be solved by then just help us size what is the overall impact of any changes in in Blackwell timing what that means to your kind of Revenue profile and how our customers reacting to it yeah thanks V uh the change to the mask is complete uh there were no functional changes necessary and so we're sampling uh functional samples of uh Blackwell Grace Blackwell in a variety of system configurations as we speak uh there are something like a hundred different types of Blackwell based systems that are built that were shown at computex and we're enabling uh our ecosystem to start sampling those uh the functionality of Blackwell is as it is and we expect to start production in Q4 and your next question comes from the line of toshia Hari with Goldman Sachs your line is open hi thank you so much for taking the question uh Jensen I had a relatively longer term question uh as you may know there's a pretty heated debate in in the market on you know your customers and customers customers return on investment um and what that means for the sustainability of of capex going forward uh internally at Nvidia like what what are you guys watching you know what's on on your dashboard as you try to gauge customer return and and how that impacts capex uh and then a quick followup maybe for Colette um I think your Sovereign AI number for the full year went up uh maybe a couple billion uh what's driving the improved Outlook and and how should we think about fiscal 26 thank you thanks toshia uh first of all when I said ship production in Q4 I mean shipping out I don't mean starting to ship but I mean I don't mean starting production but shipping out uh on the longer term longer term question let's take a step back and and you've heard me say that we're going through two simultaneous platform transitions at the same time the first one is transitioning from accelerated Computing to from uh general purpose Computing to accelerated Computing and the reason for that is because CPU scaling has been known to be slowing for some time and it is it is slow to a crawl and yet the amount of computing demand continues to grow quite significantly you could maybe even estimate it to be doubling every single year and so if we don't have a new approach Computing inflation would be driving up the cost for every company and it would be driving up the energy consumption of data centers around the world uh in fact you're seeing that and so the answer is accelerated Computing we know that accelerated Computing of course speeds up applications it also enables you to uh do Computing at a much larger scale for example scientific simulations or database processing but what that translates directly to is lower cost and lower energy consumed and uh in fact this week uh we there's a Blog that came out that that talked about a whole bunch of new libraries that we offer and that's really the core of the first platform transition going from general purpose Computing uh to accelerated Computing and it's not it's not unusual to see uh Someone Saved 90% of their Computing cost and and um and the reason for that is of course you just sped up an application 50x uh you would expect the Computing cost to to uh decline quite significantly the second was enabled by accelerated Computing because because we drove down the cost of training large language models or training deep learning so incredibly that it is now possible to have gigantic Scale Models multi-trillion parameter models and train it on pre-train it on just about the world's uh knowledge Corpus and let the model go figure out how to understand uh human represent human language representation and how to codify knowledge into its neuron networks and how to learn reasoning and so so uh which which caused the generative AI Revolution now gener generative AI uh taking a step back about why it is that we went so deeply into it is because it's not just a feature it's not just a capability it's a fundamental new way of doing software instead of human engineered algorithms we now have uh data we tell the AI we tell the model we tell the computer what's the what are the expected answers what are what are our previous observations and then for it to figure out what the algorithm is what's the function it learns a universal you know AI is a bit of a universal function approximator and it learns the function and so you could learn the function of almost anything you know and anything that you have that's predictable anything that has structure anything that um uh uh that you have um previous examples of and so so now here we are with generative AI it's a fundamental new form of computer science it's affecting uh how every layer of computing is done from CPU to GPU from Human engineered algorithms to machine learn algorithms and the type of applications you could now develop and and um uh produce is uh fundamentally uh remarkable and there are several things that are happening in generative AI so the first thing that's happening is the frontier models are uh growing in quite substantial scale and they're still seeing we're still all seeing uh the benefits of scaling and whenever you double the size of a model you also have to more than double the size of the data set to go train it and so the amount of flops necessary in order to create that model U goes up quadratically and and so um it's not unus it's not unexpected to see that the Next Generation models could take 20 you know 10 20 40 times more compute uh than last generation so we have to continue to drive the generational um performance up quite significantly so we can drive down the energy consumed and drive down the cost necessary to do it and so the first one is um uh there are larger Frontier models trained on more modalities and surprisingly there more Frontier Model makers than last year and so you have more on more on more that's that's one of the Dynamics going on in G generative AI the second is although it's below the tip of the iceberg you know what we see are chat GPT um uh image generators uh we see um uh coding uh we use we use uh generative AI for coding quite extensively here at Nvidia now uh we of course have a lot of digital designers and things like that um but those are kind of the tip of the iceberg what's below the iceberg are the largest systems largest Computing systems in the world today which are and you've heard me talk about this in the past which are recommender systems moving from CPUs it's now moving from CPUs to generative AI so recommender systems uh add generation custom ad generation targeting ads at very very large scale and quite hyper targeting uh search and user generated content these are all very large scale applications have now uh evolved to generative AI of course the number of generative AI startups uh is generating tens of billions of dollars of uh Cloud renting uh opportunities for our Cloud Partners uh and uh Sovereign AI you know countries that are now realizing that uh their data is their natural and National resource and they have to use they have to use AI build their own AI infrastructure so that they could uh have their own digital intelligence uh Enterprise AI as Colette mentioned earlier is uh starting and uh you might have seen our announcement uh that uh the world's leading it uh companies are joining us to take the mvidia AI Enterprise platform to the world's Enterprises that the the comp companies that we're talking to uh so many of of them are just so incredibly excited to drive uh more productivity out of their company and then and then General robotics the the big the big um uh transformation last year as we uh are able to now learn uh physical AI from watching video and human demonstration and synthetic data generation from uh reinforcement learning uh from systems like Omniverse uh we are now able to uh work with just about every uh robotics companies now to start thinking about start building um General uh General Robotics and so you could see that there's just so many different directions that generative AI is going and so we're we're actually seeing the the momentum of gener generative AI accelerating and toia to answer your question um regarding us Sovereign Ai and our our goals in terms of growth in terms of Revenue uh certainly is a unique um and growing opportunity uh something that uh surfaced uh with generative Ai and the desires of countries around the world to have their own uh generative AI that would be able to incorporate uh their own language incorporate their own culture incorporate their own data in that in that country uh so more and more um excitement around these U models and what they can be specific for those countries so yes we're see we are seeing some growth opportunity in front of us and your next question comes from the line of Joe Moore with Morgan Stanley your line is open great thank you um Vincent in the fresh release you talked about Blackwell anticipation being incredible um but it seems like Hopper demand is also really strong I mean you're guiding it for a very strong quarter without Blackwell in October so you know how long do you see sort of coexisting strong demand for both and can you talk about the trend transition to Blackwell do you see people intermixing clusters do you think most of the Blackwell activities new clusters just some sense of what that transition looks like yeah thanks Joe the demand for Hopper is really strong and it's true the demand for uh Blackwell is incredible uh there there's a couple reasons for that the first reason is is um if you just look at look at the world's cloud service providers the amount of GPU capacity they have available it's basically none and the reason for that is because they're either being deployed internally for accelerating their own workloads data processing for example now data processing you know we hardly ever talk about it because it's mundane you know it's not it's not very cool because it doesn't generate a picture or you know generate words but almost every single company in the world processes data in the background and and um uh invidious gpus are the only accelerators on on the planet that process and accelerate data SQL data um pandas data data science uh toolkits like pandas and the new one polers uh these are the one most popular data processing Platforms in the world and aside from CPUs which as I've mentioned before really running out of steam uh nvidia's accelerated Computing is is really the only way to to get uh boosting performance out of that and so so that's number one is the primary the number one use case long before generi came along is that the migration of applications one after another uh to accelerated Computing the the second the second is of course rent the rentals they're they're renting uh capacity uh to model makers they're renting it to uh startup companies and a generative AI company uh spends the vast majority of their uh invested Capital uh into to into infrastructure so that they could use an AI to help them create products and and so these companies need it now they they just simply can't afford you know you just raised money you uh they want you to put it to use now uh you have processing that you have to do you can't do it next year you got to do it today and so so there's a there's a fair that's one reason the second reason for Hopper Demand right now is because of the race to the next plateau the first person to the next Plateau um uh gets to be you know gets to introduce a revolutionary level of AI the second person who gets there is incrementally you know better or about the same and so so the ability to systematically and consistently race to the next plateau and be the first one there is how you establish leadership um you know Nvidia is constantly doing that and we show that uh to the world and the gpus we make and the AI factories that we make uh the networking systems that we make um the S so's we create I mean we we want we want to set the pace we want to be consistently the world's best and that's the reason why we drive ourselves so hard um of course we also want to see our dreams come true and and all of the the the capabilities that that we uh imagine in the future and the benefits that we can bring to society we want to see all that come true and and so these model makers are are um are the same they're they're of course they want to be the world's best they want to be the world's first um and and uh although Blackwell will start shipping out in billions of dollars at the end of this year um the the standing up of the capacity is still probably you know weeks and a month or so away and so between now and then is a lot of generative AI Market Dynamic and so everybody is just really in a hurry it's a it's either operational reasons that they need it they need accelerated Computing um they don't want to build any more uh general purpose Computing infrastructure and even Hopper uh you know of course H2 200 state-of-the-art uh Hopper if you have a choice between building CPU infrastructure right now for business or Hopper uh infrastructure for business right now that decisions relatively clear and so uh I think people are just clamoring uh to uh transition the trillion dollars of uh uh established installed infrastructure to a modern infrastructure in Hopper state of the art and your next question comes from the line of Matt Ramsey with TD Cowan your line is open um thank you very much good afternoon everybody um Den I I wanted to kind of circle back to an earlier question about U the debate that investors are having about I don't know the ROI on all of this capex and hopefully this question and the distinction will make some some sense but what I'm what I'm having discussions about is is with like the percentage of folks that you see that are spending all of this money um and looking to sort of push the frontier towards um AGI convergence and as you just said a new plateau and capability um and they're going to spend regardless to get to that level of capability because it opens up so many doors for for um the industry and for their company versus customers that are really really focused today on capex versus Roi I don't know if that distinction makes sense I'm just trying to get a sense of how you're seeing the priorities of people that are putting the dollars in the ground on on this new technology and and what their priorities are and and their time frames are for that investment thanks thanks man the people who are investing in uh Nvidia infrastructure are getting Returns on it right away it's the best Roi uh infrastructure Computing infrastructure investment you can make today and so so one way to think through it you know probably the most the easiest way to think through it is just go back to First principles you have a trillion dollars worth of general purpose computing infrastructure and the question is do you want to build more of that or not and for every billion dollars worth of General CPU based infrastructure uh that you stand up you probably rent it for less than a billion and so um because it's it's commoditized there's already a trillion dollars on the ground what's the point of getting more and so so the the people who are who are clamoring to get this infrastructure won um when they build out Hopper based infrastructure and soon uh Blackwell based infastructure they start saving money that's tremendous return on investment and the reason why they start saving money is because data processing saves money um you know data processing is price just a giant part of it already and so recommender system save money um so on so forth okay and so you start saving money the second thing is everything you stand up uh are going to get rented because so many companies are are being founded to create generative Ai and so your uh your uh uh capacity gets rented right away and the return on investment of that is really good and then the third reason is your own business you know you want to either create the next Frontier yourself or uh your your own internet services uh benefit from a you know a a a Next Generation ad system or next Generation recommender system or next Generation search system uh so for your own Services uh for your own store uh for your own user generated content social media platforms um you know for for for your own Services generative AI uh is also uh a um a fast Roi and so there's a lot of ways you could think through it um but at the core it's because it is the best Computing infrastructure you could put in the ground today the world of general purpose Computing is Shifting to Exel Computing the world of human engineered software is moving to generative AI software um if you were to build infrastructure to modernize your uh your your uh cloud and your data centers uh build it with accelerated Computing and video that's the best way to do it and your next question comes from the line of Timothy arur with UBS your line is open thanks a lot um I had a question on the shape of the revenue growth both near and longer term I know Colette you did um you know increase Opex for the year and if I look at the increase in your purchase commitments and your supply obligations that's also quite bullish on the um uh other hand there's some you know school of thought that not that many customers really seem ready for liquid cooling and I do recognize that some of these racks can be air cooled but Jensen is that something to consider sort of on the shape of how blackw is going to ramp and and then I guess when you look Beyond uh you know next year which is obviously going to be a great year and you look into 26 do you worry about any other you know gating factors like say the power supply chain or uh at some point models start to get smaller I'm just wondering if you can speak to that thanks um I'm going to work backwards I I really appreciate the question Tim uh so remember the world is moving from general purpose Computing to accelerated Computing and and the world builds about a trillion dollars worth of data centers um you know a trillion dollars worth the data centers in a few years will be all accelerated Computing in the past no gpus are in data centers just CPUs in the future every single data center will gpus and the reason for that is very clear because we need to accelerate workloads so that we can continue to be sustainable continue to drive down the cost of computing so that when we do more Computing are we don't experience uh Computing inflation uh second uh we need gpus for uh a new computer model called generative AI that we can all acknowledge uh is going to be quite transformative to the future of computing and so so I think I think um working backwards uh the way to think about that is is the next trillion dollars of the world's infrastructure will clearly be um different than the last trillion and it'll be vastly accelerated um with respect to to uh the shape of our ramp we offer multiple configurations of Blackwell Blackwell comes in either a you know Blackwell classic if you will that uses the hgx form factor that we pioneered uh with uh with VTE and I think it was VTA and so um uh we've been shipping the hgx hgx form factor for some time it is air cooled I the grace Blackwell um is liquid cool however the number of data centers that want to go liquid cooled is is quite significant and the reason for that is because we can uh in a liquid cool data center in any data center power limited data center whatever size data center you choose you could install and deploy anywhere from three to five times the AI throughput compared to the past and so liquid cooling is cheaper liquid cooling uh TCO is better and liquid cooling allows you to have the benefit of this capability we call MV link which allows us to expand it to 72 Grace black wall packages which has essentially 144 gpus and so imagine 144 gpus connected in MV link and that when we're increasingly showing you the benefits of that and the next you know the next click is obviously uh very low latency very high throughput large language model inference and the large MV link domain is going to be a game changer for that and so so I think I think people are uh are very comfortable deploying both and so almost every CSP we're working with are deploying uh some of both and so I uh I'm pretty confident that that we'll ramp it up just just fine uh your your second question out of the third is that looking for forward yet next year is going to be a great year uh we expect to uh grow our data center business uh quite significantly next year uh Blackwell is going to be going to be a a complete uh game changer for the industry and um uh Blackwell is going to carry into into the following year and as I mentioned earlier working backwards from first principles uh remember that Computing is going through two platform transitions at the same time and that's just really really important to keep your head on your your mind focused on which is uh general purpose Computing is Shifting to accelerated Computing and human engineered software is going to transition to generative AI or artificial intelligence learn software okay and your next question comes from the line of Stacy rasken with Bernstein research your line is open hi guys thanks for taking my questions I have two short questions for collect um the first uh several billion dollars of black oil Revenue in Q4 like is that additive you you said you expected Hopper demand to strengthen in the second half does that mean Hopper strengthens Q3 to Q4 as well on top of Blackwell adding several billion dollars and the second question on Gross margins if I have mid mid 70s for the year dep where I want to draw that if I have 75 for the year I'd be something like 71 to 72 for Q4 somewhere in that range is that the kind of exit rate for gross margins that you're expecting and how should we think about the drivers of gross margin Evolution into next year um as Blackwell ramps and I mean hope hopefully I guess the yields and and and the inventory reserves and everything come out yes so Stacey let's first take your uh question um that you had about Hopper and Blackwell uh so we believe our Hopper um will continue to grow into the second half we have many new products uh for Hopper our existing products for Hopper that we believe will start continuing to ramp um in the next uh uh quarters including our Q3 and um those new products moving to Q4 so let's say Hopper there for versus H1 is a growth opportunity for that additionally we have the black well on top of that and the black well starting of um ramping in Q4 so hope that helps you on those two pieces uh your second piece is in terms of on gross margin we provided gross margin uh for our Q3 we provided our gross margin on a non Gap at about uh 75 um we'll work um with all the different uh transitions that we're uh going through but we do believe we can do that 75 and Q3 we provided that we're still on track for the full year also in the mid 70s or approximately the 75 so we're going to see some slight um uh difference possibly in Q4 um again with our Transitions and the different cost structures that we have on our new product introductions however I'm not in the same number that you are um there we don't have exactly guidance um but uh I do believe you're lower than where we are and your next question comes from the line of Ben rit's with melas your line is open yeah hey um thanks a lot for the question question Jensen and Colette um I wanted to ask about the geographies uh there was the tenq that came out and the United States was down sequentially while uh several Asian geographies were up a lot sequentially just wondering what the Dynamics are there um you know and um obviously China did very well you mention it in your remarks what are the puts and takes and then I just wanted to clarify from Stacy's question um if that means the sequential overall Revenue growth rates for the company accelerate in the fourth quarter given all those favorable Revenue Dynamics thanks let me talk about um a bit in terms of our disclosure in terms of the tankq a required disclosure in uh a choice of geographies very challenging sometimes to uh create that uh right disclosure as we have to come up with uh one key piece pieces is terms of we have in terms of who we sell to Andor specifically who we invoice to and so what you're seeing in terms of there is who we invoice that's not necessarily where the product will eventually be um uh and where it may even travel to the End customer these are just moving to our oems our odms and our system integrators for the most part across our product portfolio so what you're seeing there is sometimes just a Swift uh a shift in terms of who they are using uh to complete their full configuration before those things are going into the data center going into notebooks and those pieces of it uh and that shift happens uh from time to time but yes uh our China number there are invoicing to China keep in mind that is incorporating both gaming also data center also Automotive in those uh numbers that we have going back to your statement in regarding gross margin um and um also what seeing in terms of uh what we're looking at for Hopper and Blackwell in terms of Revenue Hopper will continue to grow in the second half um we'll continue to grow from what we are currently seeing during determining that exact mix um in each Q3 and Q4 we don't have here we are not here to guide uh yet in terms of Q4 but we do see right now the demand expectations we do see um the visibility that that will be a growth opportunity in Q4 on top of that we will have our Blackwell architecture and your next question comes from the line of CJ Muse with caner Fitzgerald your line is open yeah good afternoon thank you for taking the question um you've embarked on a remarkable annual product Cadence with with challenges only likely becoming more and more given you know Rising complex complexity and a retical limit Advanced package world so curious you know if you take a step back how does this backdrop alter your thinking around potentially greater vertical integration supply chain Partnerships and and then thinking through consequential impact to your margin Pro profile thank you yeah thanks uh let's see I think the uh the fir well the first the the first answer to your the answer to your first question is that the reason why our velocity is so high is simultaneously because uh the complex of the model is growing and we want to continue to drive its cost down um it's growing so we want to continue to increase its scale and we believe that uh by continuing to scale the AI models that will reach a a level of of extraordinary usefulness and that would it would um open up I I realize the next Industrial Revolution we believe it and and so so we're we're going to drive ourselves uh really hard to do to to continue to uh uh uh go up that scale um we have the ability uh fairly uniquely to integrate uh to design a um uh an AI Factory uh because we have all the parts it's not possible to come up with a new AI Factory every year unless you have all the parts and so we have uh next year we're going to ship a lot more CPUs than we've ever had in the history of our company more gpus of course uh but also MV link switches um uh CX uh dpus connectx dpu for East and West uh Bluefield dpus for north and south and uh data and storage processing uh to um infiniband for supercomputing centers to ethernet which is a brand new product for us which is well on its way to becoming a multi-billion Dollar business uh to to bring AI to ethernet and so the fact that we could build we have we have access to all of this we have one architectural stack as you know um it allows us to introduce new capabilities to the market you know as we complete it otherwise what happens you ship these parts you go find customers to sell it to and then you've got to build somebody's got to build up an AI Factory and the AI Factory has got a mountain of software and so it's not about it's not about who integrates it we love the fact that our supply chain is disintegrated in the sense that we could service um uh you know quanta foxcon HP Dell Lenovo uh super micro uh uh we used to be able to serve as ZT um uh they were recently uh purchased and um uh and so on so forth and so the the number of ecosystem partners that we have gigabyte assus the number of ecosystem partners that we have that allows it allows us to allows them to take our architecture which all works but integrated in a bespoke way into all of the world's cloud service providers Enterprise data centers the scale and reach necessary from our odms and our integrators integr integrator supply chain is vast and gigantic because the world is huge and so that part we don't we don't want to do and we're not good at doing and um uh but we know how to design the AI infrastructure provided the way that customers will like it and lets the ecosystem integrated um well yeah so anyways that's the reason why and your final question comes from the line of Aaron rakers with Wells Fargo your line is open yes thanks for taking the question I wanted to go back into the the Blackwell product cycle one of the questions that that we tend to get asked is is how you see the the rack scale system mix dynamic as as you think about leveraging NV link you think about GB you know nvl 72 and and how that go to market you know dynamic looks you know as far as the the blackw product cycle I guess I put distinctly how do you see that mix of rack scale systems as we start to think about the black W Blackwell cycle playing out yeah thanks the um the rack scale systems as we start to think about black W black wall cycle architect that as a rack but it's sold in the blackwall rack system it's designed and architected as a rack but it's sold in a disag in disaggregated system components we don't sell the whole rack and the reason for that is because everybody's rack's a little different surprisingly you know some some of are ocp standards some of them are not some of them are Enterprise uh and uh the the power limits for everybody could be a little different choice of cdus uh the choice of um uh Power bus bars the the the configuration and integration into people's data centers all different and so so the way we designed it we architected the whole rack the software is going to work perfectly across the whole rack and then we uh provide the system components like for example the uh CPU and GPU compute uh uh board is then integrated into an mgx it's a modular system architecture mgx is is completely ingenious and uh we have mgx odms and integrators and oems all over the planet and so so just about you know any configuration you would like uh where you would like that 3,000lb rack to be uh delivered you know it's got to be close to it's it has to be integrated and assembled close to the data center because it's fairly heavy and so everything from the supply chain from the moment that we ship the GPU CPUs uh the switches the nxs from that point forward the integration is done quite close to the location of the csps and the locations of the the data centers and so you can imagine how many data centers in the world there are and how many Logistics hubs uh We've uh scaled out to with our odm partners and so I think that because we we show it as one rack and because it's always you know rendered that way and and shown that way we we might have left the impression that we're doing the integration our customers hate that we do integration the supply chain hates us doing integration they want to do the integration that's their value added um there's a final design design in if you will you know it's not quite as simple as shimmy into a DAT data center but that design fit in is really complicated and so the install the design fit in the installation the bring up the um uh uh repair uh repair and replace that entire cycle is done all over the world and we have a sprawling network of odm and OEM partners that does this incredibly well so uh integration is not the reason why we're doing uh racks it it's it's the anti-reason of doing it um the way we don't want to be an integrator we want to be a a a technology provider and I will now turn the call back over to Jensen Hong for closing remarks thank you let me make a couple more make a couple of comments that I made earlier again that data center worldwide are in Full Steam to modernize the entire Computing stack with accelerated Computing and generative AI Hopper demand remains strong and the anticipation for black well is incredible let me highlight the top five things the top five things of our company accelerated Computing has reached the Tipping Point CPU scaling slows developers mod must accelerate everything possible accelerated Computing starts with Cuda X libraries new libraries open new markets for NVIDIA we released many new libraries including could accelerated polers pandas and Spark the leading data science and data processing libraries qvs for Vector Pro Vector databases this is incredibly hot right now Ariel and shiona for 5G wireless base station a whole s of a whole world of data centers that we can go into now parir bricks for Gene sequencing and Alpha 2 for protein structure prediction is now C accelerated we are at the beginning of our journey to modernize a trillion dollars worth of data centers from general purpose Computing to accelerated Computing that's number one number two Blackwell is a step function leap over Hopper Blackwell is an AI infrastructure platform not just a GPU also Happ to be in the name of our GPU but it's an AI infrastructure platform as we reveal more of Blackwell and sample systems to our partners and customers the extent of Blackwell's leap becomes clear the Blackwell Vision took nearly five years and seven oneof a-kind chips to realize the gray CPU the Blackwell dual GPU and a Coos package connectx dpu for East West traffic blue field dpu for North north north south and storage traffic mvlink switch for all toall GPU Communications and Quantum and Spectrum X for both infin ban ethernet can support the massive burst traffic of AI Blackwell AI factories are building-sized computers Nvidia designed and optimized the Blackwell platform full stack end to end from chips systems networking even structured cables power and Cooling and mountains of software to make it fast for customers to build AI factories these are very Capital intensive infrastructures customers want to deploy it as soon as they get their hands on the equipment and deliver the best performance and TCO Blackwell provides three to five times more AI throughput in a power limited data center than Hopper the third is MV link this is a very big deal with its all to all GPU switch is gamechanging the Blackwell system lets us connect 144 gpus in 72 gb200 packages into one mvlink domain with an aggregate aggregate MV link bandwidth of 259 terabytes per second in one rack just put that in perspective that's about 10 times higher than Hopper 259 terabytes per second kind of make sense because you need to boost the training of multi-trillion parameter models on trillions of tokens and so that natural amount of data needs to be moved around from GPU to GPU for inference MV length is vital for low lanc high throughput large language model token generation we now have three networking platforms MV link for GPU scale up Quantum infiniband for supercomputing and dedicated AI factories and Spectrum X for AI on ethernet ands networking footprint is much bigger than before generative AI momentum is accelerating generative AI Frontier Model makers are racing to scale to the next AI Plateau to increase model safety and IQ we're also scaling to understand more modalities from text images and video to 3D physics chemistry and biology chatbots coding AIS and image generators are growing fast but it's just the tip of the iceberg internet services are deploying generative AI for large scale recommenders add targeting and search systems AI startups are consuming tens of billions of dollars yearly of csp's cloud capacity and countries are recognizing the importance of AI and investing in Sovereign AI infrastructure and Nvidia Ai and Nvidia Omniverse is opening up up the next era of AI General Robotics and now the Enterprise AI wave has started and were poised to help companies transform their businesses the Nvidia AI Enterprise platform consists of Nemo Nims Nim agent Blueprints and AI Foundry that our ecosystem Partners the world leading it companies used to help customer C companies customize AI models and build bespoke AI applications Enterprises can then Deploy on Nvidia AI Enterprise runtime and at $4,500 per GPU per year Nvidia AI Enterprise is an exceptional value for deploying AI anywhere and for nvidia's software Tam can be significant as the Cuda compatible GPU install base grows from Millions to tens of Millions and as Colette mentioned Nvidia software will exit the year at a $2 billion run rate thank you all for joining us today and ladies and gentlemen this concludes today's call and we thank you for your participation you may now disconnect all right we have now disconnected so Nvidia did move lower during that call it was some interesting comments and normally on these spaces uh we we tend to have our better conversations when we kind of dig in the next day or something but does anyone have any thoughts mon how you feeling about the call that we just listened to there yeah uh well I do have to listen a lot more but there were some very significant highlights um one you know u i I have to listen to The Numbers I'm not sure I heard it right but uh but but but the buyers of h100 has gone far beyond the the hyers scalers that we keep talking about the 20 customers that everybody keeps talking about he did mention Enterprise are buying substantial amount of of of their data center volume is going to you know not just close service providers but but but Enterprises and others too two uh I'm just giving you highlights of what notes I took down um last quarter specifically in answer to a question they said that uh for this year the uh uh the uh the revenue from uh from Sovereign Cloud would be high single digit billions just now he said it's going to be or she said it's going to be uh low double digit billion so that's a 50% increase there so let's say 3 four five billion more from from um Sovereign Cloud uh sales so so that's that's a big deal right that's that's a fantastic jump in one quarter uh the other thing uh just just to highlight I'm going to try to you know let others talk here is throughout his comments and his answers to question was interpers this idea of the ecosystem play the you know the the the the the level of solution that they have is so complete that there's just nobody even close by basically all that an integrator has to do is just put it together almost everything in that rack that's 3,000 is coming from Nvidia itself they put it together and ship it only because it's once you put it together it's too massive ship long distance he said their odums are right next to the cult service providers for this reason so but that's not the point the point was and he went at length on how the the blackw is designed almost the entire box is all Nvidia Technologies is all built by Nidia and pieces that is getting lost in in in in the noise is they literally control every part of this chain they they they own the whole thing so this is I mean whether it's Intel or AMD or aago with their networking Intel with with their CPU AMD with CPU but but whole host of other products that go in there they're taking business away from from um you know every semi out there to some extent or the other this is uh you know a single box full solution that that that is well integrated with the software that controls the whole thing and this is just they're just kicking everybody else out of the mix unless you go to Great pains to put it together for saving a little bit and and and with the demand that's out there there's going to be very few people that do that that that's that's what I took out of it but uh but there's a lot more I'll I'll take more notes and get back tomorrow yeah we have plenty of time to continue this conversation going forward uh Shai do we have you here do you have any thoughts I don't hear shy I don't personally hear shy but I'm sure he's talking he is go ahead you shy spaces well I guess this is a good time to say I appreciate all of you guys for hanging out with me on this live stream if you guys are not already subscribed to the Channel Make sure you do hit that subscribe button trying to do more of this stuff maybe make some YouTube videos I don't know just make more content going forward and you know subscribing to the channel would be great we're trying to hit the 4,000 watch hour Target to get uh monetized on here have 2173 I think we might be even boosting up after that one but this one says 400 so pretty good stream appreciate each and every single one of you guys for joining in I'm down to keep it going for a little bit longer we'll see I know he's talking Justin W's talking on Bloomberg at 6:30 and we'll see how long the this ends up going normally it ends up ending pretty quickly after but I want to ask about AMD ask ask Shai after this is done for him to move down so that we can end up talking about it but uh so I can hear him but Nvidia hanging out around 117 still have 57 of you in here no I think we might end up I think we we might end up ending this thing in a little bit but I appreciate all of you guys for coming in anyone still in the chat anyone's still here say hello say put put anything in the chat right now we it still says we have 53 people in here let me yeah 398.36 [Music] right the margin is well you know if if it is 75 that means it's the question was whether it's going to be 71 72% margin for for the second half and the CFO clarified no it's not the case we have a product mixed we have new product release all those things move the margin around so their base expectation is 75 for the year but they do expect to beat that so in so many words she said that so I don't think it's the margin in fact what I think it is is this delay in Blackwell probably impacted four weeks of Revenue five weeks of revenue between the end of Q3 and beginning of Q4 and I think that pushed out the guidance from a little bit from Q3 into Q4 I think that's what's confusing this street yeah but but she said that it's going to be mid 70s uh for the full year so you know guys we're going to end it here I appreciate you every single one of you guys make sure you are subscribed to the channel NAD I hope you enjoyed your first earnings call A lot of times they have better sound quality great stuff go on on them and they're really important but yeah I hope you guys all have a great day great week um if you enjoy if wherever you came from Instagram or Twitter let me know send me a DM your thoughts on the stream how the quality was if it's something that you'd want to listen to what I can be doing better even if it's something with the spaces volume or whatever but I appreciate each SLE one of you guys I hope you guys are subscribed to the channel and and hang out with me uh again one of these streams maybe I'll I'll start doing them more often again you know obviously I've been doing them for pretty pretty major events but um Nvidia drone pow speaking some Big Stuff video is around 11715 trying to come back up 11 a little bit 11750 uh so appreciate each and every single one of you guys for joining in on the spaces this live stream let's figure out talked about uh closing this out