Ben Gilbert: evaluation

Transcript context

…Let’s save that for bull and bear at the end. Great. The second one is that they’ve moved on from becoming a hardware company to truly being a systems company. While Nvidia’s chips are typically ahead, it really doesn’t matter on a chip-to-chip comparison. That is not the playing field. It is all about how well multiple GPUs and multiple racks of GPUs work together as one system, with all the hardware, networking, and software that enables that. They have just entirely changed the vector of competition which lots of companies can learn from. My third one here is this quote that Jensen had again from the same Stratechery interview, which is, “You build a great company by doing things that other people can’t do. You don’t build a company by fighting other people to do things that everyone can do.” I think it’s so salient. It comes out in all these interesting ways, one of which is that Nvidia never dedicated resources to building a CPU until there was a differentiated way and a real reason for them to build their own CPU, which is now. The way that they’re doing it, by the way, is not terribly differentiated. It’s an off-the-shelf ARM architecture that they’re putting some of their own secret sauce on. But it’s not like they’re doing Apple-style M3 creation of a chip from scratch. It’s not the hero product.…

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