Ben Gilbert: evaluation

Transcript context

…“Annual spend on data centers to update and add to that CapEx is $250 billion a year. Nvidia has certainly the most cohesive, fulsome, and coherent platform to be the future of what those data centers are going to look like for a large amount of compute workloads.” This is a very different story than like, oh, we’re going to get 1% of this $100 trillion of industry out there. Whenever someone paints a picture, you say, okay, what do I have to believe? The thing you have to believe is there is real user value being created by these AI workloads and the applications that they are creating. There’s pretty good evidence. ChatGPT made it so OpenAI is rumored to be doing over a billion dollar run rate now, maybe multiple single digit billions, and still growing meaningfully. That is the shining example. Again, that’s the Netscape Navigator here of this whole boom. But the bet, especially with all these Fortune 500s, is that there are going to be GPT-like experiences in everyone’s private applications in a zillion other public interfaces. Jensen frames it as in the future every application will have a GPT front end. It will be a way that you decide that you want to interact with computers that is more natural. I don’t think he means like versus clicking buttons. I think he means everyone can become a programmer, but the programming language is English. When you’re like, well why is everyone spending all of this money, it is that the world’s executives with the purchasing power to go write a $10 billion check last quarter to Nvidia for all this stuff, wholeheartedly believes from the data they’ve seen so far that this technology is going to change the world enough for them to make these huge bets. The thing that we don’t know yet is, is that true? Is the GPT-like experiences going to be an enduring thing for the far future, or not? There’s pretty good evidence so far that people like this stuff, and that it’s quite useful in transforming the way that everyone lives their lives and goes about day to day, does their jobs, goes through school, and on and on and on. But that is the thing you have to believe. We have a lot to talk about with regard to that in analysis.…

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