CNBC & Bloomberg On NVIDIA Stock, Micron Stock, SK Hynix Stock - NVDA Update

Nvidia says it's full steam ahead on its latest chip designs. Accelerated computing systems based on the new Vera Rubin platform have been delivered to major AI companies and are about to start running workloads. Bloomberg's reporting the Vera Rubin rollout has been under scrutiny by both investors and analysts. For more, Bloomberg's Ian King joins us fresh off a trip to Invidia HQ in Santa Clara. And um you've been speaking to one of the key leaders there about the actual state of play Ruben. What is it? >> Ian Book, who's basically the head of their data center business, uh, dragged us all into Jensen's office and we all got a a walk through of where they are basically. And really what they were keen to do was to kind of slay the the dragon, this kind of lingering myth that there is somehow a problem with the roll out. They said, you know, we're going to go faster. Everything's working. They even took us to a secret location and showed us a rack of servers that's already actually in use, up and running. >> Ah, a rack of servers. This is a representation of MV72. 72 Reuben GPUs. Obviously, this is not life-sized. Uh, it wouldn't fit on set with you and I. There was a key takeaway from the real version of this that it's in full production. you know that I think Jensen's been quizzed about that quite a lot recently, but that is pretty definitive answer to what the market's been questioning, >> right? There was a report out there saying that they had some actual materials issues that it wouldn't be ready. And what they did was say, "Look, uh, it's here. Here it is. Guess what? What used to take hours for a human to put together and a human who would make mistakes, now we've designed it so it can be put together by a robot." >> Great pictures, by the way, that you took on your trip down to Nvidia HQ. >> Yeah. with the iPhone. Um, and they said, "Look, when we drop one of these things off at at the dock at a data center, in the past, you know, it would take a long time to get it up and running. Now we're talking tens of minutes to have it from the loading dock to being up and running. So really what they're pushing the idea is we're going faster to try and catch us." >> But let's begin with the rebound in semis today, up 5.5% now, though still down about 13% from their June highs amid a raft of cheaper AI models and cheaper Chinese component makers. Our next guest says all of these worries are misplaced. The market is listening to these words right now. Vec Aria, senior semi analyst at BFA Securities. It's great to have you here, VC. This trade is showing it still has plenty of juice, plenty of life left in it. And why do you think that this area has been too quickly taken out to the woodshed? >> Sure. Hi, Kelly. Um, I think tech has always been deflationary, right? Whether we look at uh the PC era, whether we look at internet, whether we look at smartphones, uh whether we look at uh cloud computing. So technology has always been deflationary that's because there are a number of global forces that come together to drive the most efficient uh infrastructure. And I think what we are seeing right now is there was a lot of focus on uh the frontier model developers in the US and now you see the Chinese model developers uh come to the front and I think that competition can only be a very good thing uh for the enabling infrastructure uh layer. Uh so I think the fundamentals are very strong uh the demand environment is very strong. Supply is very well stabilized but we just came from a quarter where the semiconductor index ran up over 80%. So I think a little bit of a breather was probably to be uh expected. >> Okay. But you say the bigger concern a lot of people have which is here come cheaper competitors whether they're from China or the one we'll talk about later in the show. Here come cheaper CXMT and these other component makers which may be you know lowerc cost producers. And we've all seen this playbook before. You know when the lowerc cost producer comes into the market it tends to set the price and displace the other. So why shouldn't holders of Micron and Western Digital and SanDisk and all of these names be a little bit worried about that? >> Sure. So let's separate uh the places where the competition is happening. the uh uh large language model layer. That's where you are seeing the competition between OpenAI, Anthropic um right all the new Chinese open- source models and by the way there are number of open-source openweight models that are available in the US uh also including one from uh Nvidia that place is certainly getting very uh competitive but we think it actually democratizes the availability of uh that large language uh model and uh the layer but where you have real entry barriers where you have the larger competitive modes is in the semiconductor layer, right? You mentioned uh CXMT. CXMT does not produce any high bandwidth memory or any of the advanced uh NAN memory that is required uh for the AI layer. So, I think the CXMT competition that is going to come that is al only going to help alleviate the shortages that are in the low-end consumer part of the market, right? They will go after the PC market, they will go after the phone market that are not being served right now because all the capacity is moving to AI. So we don't think that competition means much start there but why wouldn't they work up the food chain in other words once you have a tow hold in this I'm not saying this is easy but obviously there's a pattern here you establish a tow hold in the market then you ultimately climb up whether it's them or one of these other competitors going after the most lucrative area >> sure uh look anything can be done it's a matter of uh time and cost uh building a new fab once you have the technology takes uh between 2 to 3 years and costs 10 to$15 billion so even Even if they had the technology today by the time they put it into practice and implementation is 3 years from now right so anything can be done and by the way it's not that uh the existing suppliers right Micron Samsung and others they're not just sitting still every year they come out with new technology and that new technology is implemented and co-designed with computing with networking so these things are not happening in isolation where somebody comes out with a cool chip and then suddenly right competitors swoop in no you have a very uh strong sense of integrated core design activity that is going on at all the times with uh between the memory companies the networking companies and the Nvidia AMDs and broadcasts of the world and putting that entire ecosystem together I think is going to be very hard for China doesn't mean they can't innovate in specific subsets of that market they absolutely can but I think to put it all together along with all the software and developer ecosystem I think that's a very very long time uh from now >> two more quick questions for you just kind of the first on this great line that you have where you say as we've seen more open source competition again from whichever place you say open does not mean free do you think people are kind of conflating those two things yeah I think we have seen in the past uh competition come from China in other parts of uh technology um right in EVs uh we have seen that in um you know other parts of the solar industry as an example and I think people are looking at those past examples and they're saying well if they were able to compete very effectively in those areas you know why can't a cheaper model essentially be a tip of that iceberg and essentially uh forecast you know cheaper competition to come from China but I think these are apples and oranges competing in AI requires as I mentioned co-design in 10 different things right you don't just come out with one thing at a time even look at competition within the US right a competition between an Nvidia and AMD and Broadcom and Marll and others right there is a reason why Nvidia is managing to keep 70 80% of the economics of the market because it is hard for anyone else uh to come in and duplicate Nvidia success along every one of those um you know dimensions. So for China who is by the way restricted from buying the most advanced software design tools to design their chips who is restricted from buying the most advanced semiconductor equipment. So even if they could design the chip where are they going to manufacture it right and then even if they do all that there are restrictions in terms of how their models are going to be adopted by leading enterprises. So that's why I think it's it's it's going to be a long-term um you know tail risk uh to this uh industry. To me the real uh thing to watch out for is not competition from China. I think that that's a lot of um you know a kind of media clickbait type of stuff. I think the real thing to watch out for is that are the US cloud players are they still able to invest in their infrastructure even with this rising cost of memory and compute and networking. To me that is the most important question competition coming from China. whatever Google says on Wednesday, whatever everybody says in their earnings reports, as long as they're continuing, you you want to see that number still go up or at least stay, is it good enough to stay steady or do you want to see it still go up? >> Uh, 100%. I I I think we have to hear directly from them uh uh that uh the benefit of their investment in this technology is resulting in token uh growth is resulting in token demand that is going to far outpace the amount of cost that they have to put in, right? that they are able to generate ROIs. Think about what happened in the last earnings call. Yes, their capex all went up a lot, but we also saw record uh success in search, in e-commerce, uh in uh social uh engagements. I think that's what we need to see that the benefits of all uh this technology layer are acrewing by way of faster growth. I think that is the only thing that matters to investing in AI and and semiconductors. >> Absolutely. and you're kind of getting into this area and Jim Kramer was tweeting about this earlier today saying you know he he thinks and there's a huge debate about this as you know he's on the side of we must not let our companies use these Chinese models to save a few bucks this is vital national security how this divi how would you say this debate ranks in terms of overall semi demand do we need bulcanized markets to continue to drive strong growth for all of these components or is it okay for you if we end up you know which I'd love to ask what you think you know you don't have to answer that on which side we should come down on but how are you gaming this out >> sure look my view is Kelly probably biased because I cover the enabling uh layer and for the enabling layer competition between customers is great right nobody wants to see you know just one or two customers um right having 80 or 90% of the economics of the structure right uh so I I I think my view is probably bias from that uh perspective. Of course, from a national security and other perspective, right? A certain business model might make sense. And by the way, we do see that uh restrictive uh environment when it comes to uh you know selling uh China whether it is semicap equipment right whether it is advanced memory right and so I think there are barriers in other markets um right uh at all. So to have some barriers in these markets um right is not going to be welcomed but I do think would be understood by uh the industry. But I think the the the bigger picture again is that the end uh end state um right the what we are optimizing for is not the best model. What we are optimizing for is the most reliable and scalable infrastructure that lowers the cost per token and expands adoption. I think that that is the end state that I think the technology industry is going for. >> Hey my travel trust largest positions are Apple and Nvidia for heaven's sake. Sure, these haven't kept up with SanDisk or Western Digital lately, but they are unique, excellent companies that are making fortunes. Apple's stock is advanced. Nvidia stock stuck for the moment. Some of that's because it doesn't sell enough in China. I think it's because Nvidia's clients are so anxious to both praise it and work against it. And the media loves to report it whenever a customer tries to design their own chips away from Nvidia. But it's really cheap. And arguably, Nvidia, I think it's the best run company in the world. Like I always say, you should own Apple and Nvidia, not trade them. I think Apple's brand will allow it to pass the higher cost of memory on to telco carriers while they also get the benefit of alpha alphabet's AI spending. Nvidia, my position on this one's become controversial. I wanted Nvidia to be the chip of choice for China so that the Chinese would write on our tech. That was a controversial position. It wouldn't be used by the Chinese military because they don't want to to be dependent on American chipmaker anyway. But once Nvidia started to run against a brick wall in China, I didn't want more American companies to give away trade secrets to the Chinese in order to be able to get cheaper AI. Hey, why don't you go look at the case Micron brought in 2017 against a Chinese entity that stole so much micro intellectual property. The case became a criminal investigation by the Justice Department, one that the Chinese company plead guilty to. I'm not making this stuff up. I respect Nvidia so much and won't listen a reason, but not if national security is at stake by allowing China to have secret access to so much data from so many of our different companies. I don't think that's smart. So here's my advice. If you want to go own a memory chipmaker, I like Micron. If you want GPUs, to me that's AMD or Nvidia. If you want CPUs, that's Intel racks called Dell Optics. Make it corny. We always forget that when you get a big pop in semis, that's a good time to reposition. But I need you to recognize that as much as I like Micron or Nvidia or Apple, consider how you're doing in software say right not that well also consider if you bought Micron at 1,200 at its high now it's at 970. How about if you bought Western Digital 799 548 when you look at it like that these stocks are down so much that if you bought them on borrowed money well you're not watching the show you're gone. I don't know what you're looking at. I don't know maybe the uh the I don't know what you're looking at. That's up to you. Okay. So be aware that as someone who has worked in margin, that's right, worked in margin at Goldman Sachs. Do you know I've taken someone's keys after a big blowout in technology, send me what you have, they give me the keys. As a hedge fund manager, I moved into a tech brokerage house office after it was cleaned out because it couldn't meet its margin requirements. I've seen so many people never ever come back here because of 330 doss that got blown out in 2000. So I mean, what do you think? I I know where my ankle I just had here. But this is just I'm trying to get better. I got a big wedding this weekend with my uh son, my stepson. Just trying to do a good job. You know, what can you do? Anyway, the bottom line, every one of the people who were uh in these margin situations, do you know that they're rich and brilliant before they became poor and stupid, that's where I'm coming from. And not only do I not apologize for my stance, I know I'll lose you as a viewer and a club member sometime in the next year if I don't make you take the need for diversification more seriously. All right, I hope you're all doing well today and staying calm in this market. Today was a positive day throughout much of the market. We saw some red action in some software names, but it was a solid green day for many tech hardware stocks, especially for Micron, as we got multiple pieces of positive memory news, which I'm going to cover in a moment. Today Nvidia shared that Vera Rubin backed by 300 partners globally is ramping up worldwide. Initial systems are already at Coreweave, Google Cloud, Microsoft, Azure and Oracle. Coreweave said that on Deep Seek our one inference Vera Rubin produced 10 times more tokens per second per megawatt versus its GB 200 NBL72 configuration. Google Cloud is already running its Vera Rubin powered A5X systems for ineffable intelligence. Deep info reported that the Vera CPU supported as many as 1.6 times more concurrent agents and up to 2.2x 2x faster agent orchestration. And in a separate technical blog post today, Nvidia shared some details about the Reuben GPU. Reuben has 336 billion transistors, 288 GB of HBM4 and 22 tabytes per second of memory bandwidth. So Reuben has the same 288 GB on package capacity as Blackwell Ultra, but nearly 2.8 times the HBM bandwidth thanks mainly to the upgrade from HBM3e to HBM4. As a reminder, Micron said on their most recent earnings call that they've shipped over $1 billion in HBM4 revenue. Also on Tuesday, we got multiple pieces of positive memory news. So, let's cover some of those. First, memory was an important topic on GM's earnings call Tuesday morning. As a reminder, Micron recently announced that GM is one of the 16 customers that they've signed a strategic customer agreement with, and that was brought up on GM's earnings call. GMCO spoke about the company's strong relationship with Micron and Samsung, saying, quote, "We've got a good relationship with both suppliers, and we're going to continue to work with them and align on next generation memory technology so we can have jointly developed technology roadmaps that I think will enable us to not only enable future product innovation, but also performance improvements as we go forward." Notice that she's talking about long-term multi-year collaboration on new memory technology and jointly developed road maps. As I've said in recent videos, Micron's seas are not the same as the LTAs of past memory cycles. They are fundamentally different. The LTAs of past memory cycles were not contractual purchase obligations. They were essentially flexible supply forecasts that were often renegotiated depending on what was happening in a market with memory spot prices. But now, Micron strategic customer agreements are take or pay, meaning that customers either take the agreed upon supply or they bear the financial consequences for not taking it. These are multi-year contractual purchase obligations with floor pricing and supply locked in. And most of the SCAs extend through the end of 2030. Now, going back to the comments from GM CEO, she is talking about collaborating with Micron and Samsung on next generation technologies. When we're talking about memory demand and trying to figure out how long the memory makers pricing power will last, we need to remember that we're not just talking about generic off-the-shelf memory products. Now, we're talking about next generation technologies that are co-developed to meet customers specific needs and use cases. This is similar to Nvidia's approach with the big three memory makers. Nvidia doesn't ask them what they have for sale. Instead, Nvidia approaches them and tells them what they're trying to build, and the memory makers collaborate with Nvidia to co-develop new technologies. That's very important to remember when we're having the commodity debate and wondering how long the memory makers pricing power will last. We're not just talking about genera general purpose memory. That said, AI demand is pulling production capacity away from conventional memory, which is leading to higher prices for those products as well. On that topic, we got some other positive news from memory makers today after a report indicated that Samsung and SKH Heinix are allocating additional or flexible DRAM capacity to server DDR5 and other conventional DRAM while preserving HBM volumes already committed under customer agreements. So, this does not indicate that they're reducing their HBM production, but it does indicate that their incremental capacity may favor DDR5 rather than HBM. That would mean that the conventional server memory shortage is becoming sufficiently profitable to compete internally for wafers. In other words, due to the shortage, margins on some server DDR5 products have apparently been pushed higher close to HBM levels. That is good news for the memory makers. Speaking of Samsung and SKH Highix, on Tuesday, new data from the Korea Customs Service indicated that South Korea exports in the first 20 days of July were up more than 50% year-over-year, and semiconductor exports were up more than 180% year-over-year. That's an important reason for the positive action we saw in memory stocks on Tuesday. But there's more. In addition to exports being notably higher, export unit value was multiples higher than it was one year ago. The increase in export unit value appears to have been driven by price and mix, not by greater volumes. In other words, memory prices were notably higher in the first 20 days of July. That piece of news is a big reason for the positive action we saw in memory stocks on Tuesday. In other news, we learned a Nikk report on Tuesday saying that TSMC is set to raise prices in 2027 on both advanced and mature processes by 5 to 10% depending on customer and product. According to multiple sources, this is not a surprise. It's another indication that demand is strong. Nvidia has plenty of pricing power to maintain their gross margins even if there is a price increase. Looking ahead, we have Hypers scale earnings starting this week with Alphabet earnings scheduled for Wednesday, July 22nd. Meta and Microsoft both report earnings on July 29th and Amazon is scheduled to report earnings on July 30th. Overall, I'm expecting strong capex guidance and commentary from each of the major four hypers scale companies. Let's briefly cover each of them ahead of earnings. As for Meta, I'm expecting them to announce strong capex guidance. I know there was a bunch of hoopla on July 1st after Bloomberg reported that Meta was developing plans for cloud business. Some days after that report, Zuckerberg clarified that they do not have excess compute. It's just that some of the deals are very attractive and Meta could charge a premium if they rented out a portion of their capacity given the constraints throughout the industry. Meta also recently announced they are expanding their Hyperion data center in Louisiana from 2 gawatts up to 5 gawatt. Last earning season, Meta CFO said that they continue to underestimate their compute needs even as they've been ramping capacity significantly. Plus, Meta Super Intelligence Labs just recently launched Muse Image, Muse Video, Muse 1.1, and a new model API. Meta is not dropping out of the AI race anytime soon, and I expect their capex guidance to be strong. As for Alphabet, I think they're also likely to report strong capex guidance. Last earning season, Alphabet CEO said that they're computed and would have had higher cloud revenue if they had more supply to meet demand. Also, Alphabet CFO said on the earnings call, quote, "We expect our 2027 capex to significantly increase compared to 2026." As for Amazon, I'm also expecting strong commentary and guidance regarding capex. Amazon CEO Andy Jasse spoke at length last earning season about Amazon having very high confidence that they will monetize the capacity they're bringing online. As a reminder, AWS is monetizing new capacity as soon as it comes online. Last earning season, Jasse said, quote, "The faster AWS grows, the more short-term capex will spend." And then on July 1st, AWS raised GPU rental prices by 20%. And they made that decision based on supply and demand. In other words, demand is very strong and outpacing available supply. As Jasse said last earning season, the faster AWS grows, the more they will spend on capex. AWS is clearly growing and so I expect strong capex guidance from Amazon. Now, let's talk about Microsoft because I think this is the most interesting of the four this earning season. I want to remind you of a few things. First, Microsoft will be reporting results for the end of their fiscal year. And so, they're likely to provide commentary on the earnings call regarding capex over the next 12 months. This is going to be a very important earnings call for the entire AI ecosystem. As a reminder, last earnings call, Microsoft guided fiscal Q4 capex at $40 billion. They also told us that for calendar 2026, they expect to spend $190 billion. Again, that's for the calendar year. And so, calendar 2026 would include the third and fourth quarters of fiscal 2026, as well as the first two quarters of fiscal 2027. And so if Q3 capex was 31.9 billion and let's just assume Q4 is$40 billion as Microsoft guided that leaves $118.1 billion that Microsoft intends to spend in just the first two quarters of fiscal 2027. That would be an average of roughly $59 billion per quarter, much higher than their capex so far. What's the reason for that increase? There are two reasons. First, Microsoft is investing heavily in additional capacity for their cloud business. And secondly, Microsoft stated earlier this year that they want to have their own state-of-the-art models inhouse by 2027. and they're going to need a lot of capacity to do it. As I said repeatedly ahead of Microsoft's last earnings report, I thought their capex guidance was going to be notably higher than what many market participants were expecting. That turned out to be correct. Now, I'll be completely honest. I don't know what they're going to say on the earnings call regarding capex over the next 12 months for fiscal 2027. If I had to guess, given the fact that they need additional capacity to compete on cloud, they need to have enough capacity to train their own state-of-the-art models and also what we're seeing in rising component costs, especially in memory, I think we're likely to get strong next quarter capex guidance. But I just want you to know that market participants main focus as it relates to capex is what Microsoft will say about capex over the next 12 months in fiscal 2027. That is what will likely have an impact on the stocks of companies like Nvidia, Micron, SKH, the Neoclouds and many others. There's some important nuance in Microsoft's AI strategy. And so we need to listen in to the earnings call to get a better understanding of what's going on. If I could only listen to one earnings call from the four major hypers scale companies this earning season, I would choose Microsoft's. What they say about capex over the next 12 months will likely determine how tech hardware stocks trade the next day. Overall, I'm expecting all four of the major hypers scale companies to report strong capex guidance and important commentary regarding AI monetization this earning season. I don't know what's going to happen in the short term, but from a long-term perspective, I am very confident that Nvidia will be worth much more in future years than it is today. When Jensen was on the Lex Freedman podcast not that long ago, he was very seriously raising the possibility of Nvidia becoming a $3 trillion revenue company in the near future. If that happens in the coming years, then it is very plausible that Nvidia could one day be worth tens of trillions of dollars in market cap. That might sound crazy, but that's what Jensen is implying when he raises the possibility of Nvidia becoming a $3 trillion revenue company. I guess the question at that point is what multiple the street will be willing to give Nvidia. I don't know the answer to that question, but I truly do think that Nvidia will be worth much more in future years than it is today based purely on the fundamental growth of the business. Based on everything I'm seeing, the world is still compute constrained and I expect that to continue at least through the first half of calendar 2028. In a computed environment, developers will use whatever viable compute they can get their hands on. Today, there are no GPUs that are sitting dark due to a lack of demand like there was fiber sitting dark due to a lack of demand at the height of the.com bubble. Back then, companies were laying fiber in the hopes that use cases and demand would eventually show up. Today, we are seeing the complete opposite. As I've said many times, when market participants compare this AI revolution to the dotcom bubble, they ignore the fact that the internet is already here this time. This means that mass adoption of the technology and new use case development at scale are immediately possible. We don't have to wait years for it to show up. It's already here. The world is compute constrained, which means there is not enough supply to satisfy demand. New capacity is utilized as soon as it comes online. The hyperscalers are monetizing capacity as soon as it comes online. Each of the hyperscalers spoke about being supply constrained on their most recent earnings calls. Alphabet CEO specifically said that they are compute constrained and would have higher cloud revenues if they had more supply. Additionally, many of the clouds are building out into contracted demand. They're not blindly building in the hopes that demand will eventually show up. No, they are building out because they have signed contracts and in some cases significant prepayments from their paying customers. This AI revolution is fundamentally different from the dotcom bubble and 2026 will be a pivotal year for the AI industry. Thanks to the rapid adoption of Agentic AI and the proliferation of Agentic systems in the world's leading enterprises, the leading AI labs revenues are surging right now. Aentic coding and the implementation of Agentic systems in large enterprises are new use cases that are increasing inference demand significantly that subsequently is increasing compute demand. The rapid adoption of Agenic AI is why we're seeing an inflection in inference demand. It's why we're seeing the leading AI labs revenue surge. I wish both Anthropic and Open AAI were public so the public could see the ramp in their revenues. Anthropic ARR has surpassed 47 billion, up from $9 billion just at the end of 2025. Open AAI is growing rapidly as well. I think the leading labs surging revenues may be the initial proof point that grabs market participants attention and causes them to realize that there will be a clear ROI on AI infrastructure. I think the leading labs surging revenues will also help assure investors of the longevity of Nvidia's growth since these labs revenues are directly tied to compute. If they had more compute, they would have greater revenues. It really is that simple. Demand is not the problem. The problem is a lack of supply to meet the demand. As I've said previously, I expect the world to be compute constrained at least through the first half of 2028, possibly longer. And so regardless of what happens in the short term, it's important for long-term investors to remain focused on the fundamentals, maintain a long-term perspective, and remember that we are only in the early stages of aic systems being adopted at scale. This will increase compute demand significantly. And after that, the next surge in compute demand will likely be fueled by physical AI. We're no longer talking about digital agents performing digital tasks. With physical AI, we're talking about physical AI agents performing physical tasks in the real world. NVIDIA CFO has called physical AI, quote, a multi-trillion dollar opportunity. and the next leg of growth for Nvidia. This industry will fundamentally transform society and Nvidia has positioned themselves to benefit massively. Nvidia sells the hardware for the data centers where the models are trained. They offer omniverse where the models are taught and tested. And Nvidia also sells the hardware that allows ondevice real-time inference through Nvidia AGX allowing robots to have intelligent interactions with the real world even when they are not connected to a data center. Notice that Nvidia is taking a holistic platform approach to physical AI and they're embedding themselves as the underlying foundation supporting all of it. Over 2 million developers are already building on the Nvidia robotic stack and this is not getting enough attention. As for production ramps, Blackwell Ultra has ramped quickly and remains in high demand. Reuben is on track to launch in 2026. Then we're expecting Nvidia Gro 3 LPX in the second half of 2026. Later on, we're expecting the launch of Reuben Ultra in 2027 and Fineman after that in 2028. We have a clear data center product roadmap stretching into 2028 and Jensen believes that AI infrastructure spinning will reach 3 to4 trillion annually by the end of the decade. That means Jensen is expecting growing AI demand and an expanding total addressable market underpinning all of this. I don't think we are anywhere near any type of bubble bursting type of event. With all of this in mind, I seriously think that Nvidia still has plenty of runway ahead of it. And I think this company will be worth substantially more in future years than it is today. At least that's my view of the situation. Quick note before I wrap up. All of the compilations on this channel are edited by Finn Vid with original structure and commentary. Occasionally the same edits appear elsewhere on YouTube. If you're looking for the original version, it's always here on this channel. Thanks for watching, Finnvid. I appreciate your support. Remember to stay calm in this market. Remember to maintain a long-term perspective and do not make any hasty or irrational decisions. With all of that being said, I hope you all have a great rest of the day. And I'm curious to hear your thoughts about Nvidia in the comments below. Please leave a like on this video so more people will see it. And while you're down there, please consider subscribing. It's free and you can always change your mind. Thanks for watching and hopefully I'll see you in the next