The Biggest NVIDIA Opportunity Has Nothing to Do With GPUs

Something huge is about to happen and the market is holding its breath. And even though it happens every three months, it always feels like a negative result could stop the AI bull run right in its tracks. This week, Nvidia will report earnings and look to build on a record session just the previous quarter. But will the price actually go up? And if not, what would it take for a $5 trillion company to actually go to the next level? What's up everybody? It's LGDA here and welcome to Milk Road Stocks, the daily stock show that didn't even know what Nvidia was until co and I still somehow have personally never owned it. But maybe that's going to change. Today's August 25th, recording on August 24th. Our lead AI researcher, Vincent, is with us today, a bit earlier in the week than usual, but we had to rush this episode out before Nvidia reports. Mainly because it's important to take a sober look at this company, its other lines of business, and just how central it is to the AI stack. Plus, we'll discuss what it would take to topple Nvidia and if the hyperscalers making their own chips is actually a threat. And if you want to see Vincent's calls, similar to his 200% run on companies like Bloom Energy, this is your last chance to get into Milkroad Pro before the price goes up 60% tonight at midnight Eastern. The link is below. A reminder that our podcast today is free and that it wouldn't be possible without our partners at Saber. Money, the stable coins payment platform built for Asia. Keep an air out for more information about them later in the show. Vincent, we rarely talk about the biggest companies in the world. Well, we talk about them a lot, but rarely do we do deep dives. always we've always been looking for kind of some bottleneck opportunities, but it sounds like what you're going to tell us about today is that Nvidia might be one of the best opportunities in the market right now. >> Yeah, I guess let's uh cover the king of them all. Uh it's funny that we're into so many episodes and we we actually never talked about Nvidia, but yeah, I mean, if you look at the stock price, then you probably know why the last two years have been tough for investors. Um, and today I'm going to give you the argument on why I think Nvidia is a great buy at these levels. One, because I think there's one part of the story where if just earnings keep compounding, then the stock will ultimately uh pick up and follow those earnings. And then more importantly, beyond the black wells, beyond the GPUs, uh there is upside uh which is which is coming from other levers which is not priced into my opinion. And uh yeah, just before earnings on Wednesday, I think it's a it's a great time to to cover Nvidia here. >> So let's get right into the first slide. I feel like you're going to lead by telling us a little bit about their price action and their their kind of EPS. >> Yeah. So again, as I said, the last two years been tough as an Nvidia investor. What you need to understand is and what the core message of this chart is, is that the fundamentals of the company have massively outpaced the stock. um because yes the the stock is up about 67% over the time frame I have on the chart but those that that that full year to kind of or or that full return over those two years basically came out of one single threemonth rally in 2025. outside of that window, the stock has basically gone gone sideways or nowhere, right? But as the stock has been going sideways, EPS in the same time period roughly tripled. Um, and this is telling you that the business just kept compounding and and and and the forward PE fell from roughly 47 to 2020 or 22x, right? So it's super it's actually super cheap and um yeah I think it's important as an investor to understand why that is what kind of the core fears of investors are at the moment and there are three core I think investor fears that that that hinder the stock from going up and we will cover those but then I will also talk about what Nvidia is doing because Nvidia understands those fears and they're actively or proactively uh targeting them with with certain measures and and we're covering that as well. >> That that that I guess would you call that a a correction to go from for a PE to go from 47 to 22? Like isn't that kind of healthy for that to happen? >> Yeah. So I mean stockwise it's definitely healthy. >> Yeah. >> The problem is we are in an AI investor market where people have other opportunities, right? We have Micron, we have Bloom Energy now since a week everybody's talking about Bitcoin and Ethereum all of a sudden again, right? And then the question is if you're sitting in Nvidia, should you rotate out of your Nvidia position? Because in the end, you do not care about the the PE or the earnings per share. You care about share price going up, right? Um so yes it matters to the to to the valuation but uh yeah I think all of the Nvidia investors these day have have in mind should I rotate out of the position what is happening to the stock and and what I rarely see out there is kind of the the framing of Nvidia around those investor fears and that's why I'm covering it. I guess what we're going to talk about today too, Vincent, is like what where what is the thesis for Nvidia from here, right? Is like I feel like that's kind of like the focus of this. You're giving us kind of the snapshot, but then I think what we want to know is like what you know what are the reasons to be bullish on it to continue. Um and I'll let you I feel like you're going to tell us a bit a little bit about the bare case first, but I'll let you kind of take it from there. >> Yeah. So, so basically how I framed the story is again what are the investor fears? What is Nvidia doing about that? And then what are the incremental opportunities on top that the market is is is is not pricing in yet. Right? We have that kind of more towards the end. But um yeah, if if you if you Exactly. That's that's the right slide to kind of kick off what >> what the problems are today with the stocks and right the multiple is not >> or has not been going up with with or the stock price has not been going up with with with kind of how the the earnings per share grew. Right. So first or the overall takeaway maybe let's start there is people or the market is not questioning whether Nvidia has short-term earnings power right that's pretty clear what the market is questioning is their kind of long-term earnings power and that's basically coming from three core reasons the first is really the competition that Nvidia has from other merchants like AMD but then mainly from the AS6 from the chips that the hyperscalers are producing right uh Google has their TPUs Amazon has the tranium chips right and there as you can see on the chart they're taking market share of of of GPUs right that's the first issue the second is because of that higher competition people are worrying about Nvidia's gross margin which is kind of kind of settle at 75% at the moment but with increasing peer years and and and and them having better chips, investors are fearing that Nvidia is not able to kind of hold that gross margin, right? Um yeah and and uh then finally and I think this is probably the strongest argument especially for people on X uh which is on top of mind is the whole circularity uh kind of argument right so that people are saying Nvidia has to fund its own customers because it's buying shares of the customers and then they're using that money to buy the GPUs and and and it's that circle right and what they're basically fearing or those investor raising that argument are fearing is that if Nvidia were to stop providing money to their customers then the the ROI the return of invest from those investment is too small so those customers could not buy enough GPUs for for Nvidia to grow earnings right yeah so so you have kind of market share down you have pricing power down you have weaker end demand and and and those three things are kind of what investor is are fearing at the moment. >> Guys, I hate to alarm you, but this is your last chance. Tonight at midnight Eastern, the price of Milk Road Pro goes up 60%. You can get it for just $25 a month or 250 per year forever. And along with it, get access to more calls like Nebius, Bloom, AMD, and even Micron. Check the link below and get in now. Do you think do you think it's a bigger risk? Like what's a bigger risk? Like them losing the market share or them charging less? like what what is the which of those is the actual kind of bigger threat in your opinion? >> Both both combined, right? It's like a spiral. Yeah. But yeah, exactly. It is kind of a spiral, right? Because if they were to lose market share to to AS6, >> that would mean that there's more flexibility, more supply in the market. And this could probably also or that also means that demand for Nvidia chips is falling. and they could gain that back by reducing the price, right? So, it's kind of interconnected with each other. Uh, but for the broader AI trade, both but like for the broader AI trade, the margin topic would be really bad. For Nvidia itself, the the stock itself, both would be really bad. So, I'm looking for both um that they that they hold market share, but it's pretty obvious and it's also priced in that market share will go down for them. It's just a question of how much will it go down, right? you can see it on the chart. Will it go more than the numbers on the chart or less? Um, and then margins matter as well of course. >> So, you think that the reason like Nvidia uh price has basically stalled is not I mean even back kind of like your last slide, it's kind of like a maturing of the stock a little bit, but also the all of these kind of question marks are still weighing and the market hasn't figured out which of these is real. And the problem is >> exactly and if you take them together all of those three points then the underlying issue is that the long-term ter terminal value of Nvidia but also you could argue broader other AI infra companies like memory etc is really tough to measure and determine uh because the AI buildout has so many risks associated with it. It's it's really it's not clear to investors because of several reasons how much data centers we're going to build, how much compute we really need. And that's why they they're worried that Nvidia will not be able to sell as many chips in the future and not at the margins that they currently have. And that's why they're pricing the terminal value down and that's why the stock is down. That's the underlying uh kind of yeah teases or reason why why the stock is not performing based on those four reasons on three reasons on on on the slide. >> Are these other hyperscalers like they actually be able to make their own chips like is that is that real? >> Yeah, it's it's 100% real. Google Google has TPUs, Amazon has tranium. Uh then there's the Maya chip of Microsoft. Uh there's the there's the Jalapeno chip of open AAI. Uh they are doing that. Why are they doing that? They're doing that to to to remove dependency from Nvidia, right? To to make sure they have enough chip allocation to their plans. But then also the A6 the so the custom chips from the hyperscalers, right? It's called AS6. they are more or they're specified they're specified to the workload uh for Google for instance versus uh Nvidia GPUs are kind of you know more broader general chips that are that you can use for for various use cases right and that has implications on the cost per token and and and and the customer tokconomics or economics in the end um and that's why they're doing it so it's 100% real yeah maybe one more point and Google announced that they will start selling the TPUs on the market because uh they they see a bigger revenue opportunity uh selling those chips versus using them internally. >> So So and maybe explain to us again Vincent just to kind of circle back on it like what is Nvidia's advantage here over ASIC? Is it just speed? >> Yeah. So the there are many opportunity or or the other way around. Nvidia is understanding that those are the investors fears that I was uh just describing, right? Those those three issues are the reasons why the stock is held back and Nvidia is targeting each of them with uh yeah kind of different stuff they're doing, right? And the first the fear I kind of raised uh was was the custom silicon, right? the the the A6 and there what they're doing basically is they're increasing the velocity in their road map. So what that means is that every new year Nvidia is coming out and bringing out a better chip right we had Grace Blackwells now the Reubins are chips are coming out then we had the wearer rubins then we have famemen so so there's an annual cadence in terms of upgrading those chipus but then also broader the networking the w the whole architecture together um and A6 in comparison take around 18 to 36 months from design to production right so Nvidia has a speed advantage antage and and and and importantly what that does is creating a structural advantage for Nvidia because by the time a competitor is bringing out a new generation they're already thinking far ahead um and and and providing a better chip to the market. So the customers are so they make sure the customers are always incentivized to buy Nvidia because they bring out the better chip. >> I guess so I guess that makes sense. Yeah. and and you know and for anybody who's kind of I guess keen to learn a little bit more about their racks and kind of like that next generation this is another huge factor for Nvidia as well Vincent and and you know last week and it led us to talk about energy and bloom energy and um some of the bottlenecks there is that that architecture upgrade is coming soon as well it's coming at the end of this year those racks are going online right so that is something that naturally is probably going to factor into maybe their earnings or maybe their price soon but maybe hasn't isn't there yet, but that that is kind of their their advantage is that they kind of move they kind of push the market forward single-handedly in some cases. >> Yeah. What Nvidia is doing is they're you can imagine them like sitting in the middle of everything of of of the entire AI buildout and everything that is happening is happening around them and they are kind of the orchestration layer in the middle. they have transparency into all the the downstream and up upstream supply chain. They're partnering with every company involved in in in the space. So that's why they understand the demands of the market that well and that also enables them to to to in the end build and and or design better chips, right? And that's a core mode of them as well which should not be forgotten. Is there a world where the hyperscalers are are like making and using a lot of their own chips and Nvidia is still winning? Like isn't there is isn't this just solving the huge bottleneck anyways, Vincent? Like isn't there enough space for everybody or is that or is or is that impossible because Nvidia would have to lower prices like you were saying? >> No, there is definitely a world where we need all chips and we are already in that world, right? uh the the A6 chips are being used, Nvidia chips are being used, AMD chips are being used um and in the end we do not have enough compute or enough chips, right? So all of them win. The question for Nvidia is if the market share of their competitors are increasing or the other way around, Nvidia's market share is declining, how can they make sure that they still are winning in that world? And this is where the whole argument of Nvidia developing not only the the chip itself but the broader architecture comes in right and and one product there is the the Nfin NV link fusion product uh that we have on the slide here it's basically lets others like Google like Amazon uh that that use their own chip let the that chip plug into the Nvidia's broader rack architecture broader uh system architecture. Uh and what this means is that even though the customers are use or the the yeah the customers but also the the peers at the same time, right, are using their own chips still using Nvidia technology, right? Amazon for instance did that with the tranium 4 chip. Um and and and and this is showing you that Nvidia can still provide additional value on top of the GPUs even though uh we we're going into a world with more uh competition for them, right? Um so you can still kind of monetize the whole networking and system that is built around the GPU itself that you need to run a data center, right? And this is another core argument on how they're defending market share and and and and defending their revenue wallet share in the end. >> Does this change how we should see ASIC then? >> I mean ASIC is a really important part to the story, right? If you if you think about it as a as a Google investor, uh specifically Google because they came out now and saying that we can produce that many TPUs that we use the vast majority for our Google cloud business and there they basically increase the the economics behind the Google cloud business because they can produce specialized TPU chips. But then the incremental part uh or or the incremental usage of the chips we can sell to the market right we're basically selling chips to the market for others to use in their data center. So they're not making the revenue off of of out of the cloud but actually from the sale of of the chip. I think it's it's it's bullish for them of course. I don't think it's directly bearish for Nvidia because of the argument that you were making earlier that the the pie is getting bigger and there is space for all of them. Um, but obviously the market is discounting that today because the pie getting bigger argument is clear if you're convinced in the broader AI buildout like I am. But if you're an investor who is not maybe not fully convinced in the into the AI buildout, you you see that as a as a real threat to Nvidia, right? And that's why you you probably would not buy the chip and that's why the the multiple is is is compressed. >> What happens? Let's say this, you know, let's say they coexist, right, at mass scale. Does it still not eat into Nvidia's margins though? Like is that or is that what's already being priced in right like with the with with the I guess their their price to earnings kind of changing is that even though the earnings have gone up the price hasn't moved. Does that is that basically the market getting ready for their margins to go down and even though the earnings have gone up? >> No, I don't think the market is ready for Nvidia margins go down. If Nvidia margins go below 75% I think the stock has a real issue here and Nvidia is understanding them and that is bringing us back to this annual cadence of new chips right um because this is how they defend their margin each year coming out with a new chip architecture that is at the moment if you if you compare the Blackwell chips now to the Reuben chips chips they're between two to 10x more um efficient. So the output or the token output per watt is between 2 to 10x more efficient. And what this means is you're decreasing the total cost of running a data center for your customers. And this is defending the premium pricing because even though as an Nvidia you're charging higher hardware price so higher prices for the GPUs per year, your customer from the better performance of your chips has a lower total landed costs. Right? This is how Nvidia can defend its uh its pricing and is is is winning against the A6 PU or not losing against the A6 PU in terms of margin. You know, one thing we've talked about a lot on this show is that crypto is quickly becoming a huge part of the global payments infrastructure. And nowhere is that more obvious than in Asia. But if you're actually running a remittance company or a payment business, you know that the hard part isn't moving the stable coins. It's dealing with local banking partners, compliance, liquidity, and all of the operational headaches that come with sending money into places like India and Southeast Asia. That's why today's partner is Saber. They give payment companies stable coinpowered infrastructure to collect and make payouts across Asia without having to build all of that complexity themselves. They've already processed more than $3 billion in transactions across 40 different countries. So, this isn't just a concept. These guys are actually doing this for real. If you're building payment infrastructure or expanding into Asia, make sure you check out saber.money. >> What metric would you watch most closely outside of outside of that margin that would indicate that that's not true? Or I guess is this what we've just recaped? Is that is that basically the whole presentation is that it's like that's what you it's market share is mainly what you have to see or just general production from the ASIC side? No, I mean for this specific earnings in the end I have I have three four things that I have three core things that I'm uh I'm looking for that I want to see and I think they hold true for for the broader story. Uh yes that's market share but it's generally how much data center revenue they're making. So is the broader is the broader built out compounding and this is tying back to is copex increasing because obviously a copex increase is directly flowing into Nvidia revenue because you need to understand if you build a data center today so around 1 gawatt is about 50 billion and 35 out of those 50 billion is flowing into the GPUs right so if capex increases and we're building more data centers we're building more gawatt then Nvidia is making more revenues. And then the question becomes if the copex increases, how much of the capex increase is flowing to Nvidia versus how much of the capex increase is flowing to the A6 is flowing to an AMD, etc. Right. And this is kind of the more nuanced view on I think is is covering the the part of the story we're at. >> Right. Of course. Yeah. And then that's and I mean now you're kind of getting to like the bigger picture that we've talked about so many times on the show and on the rollup as well is like does will the customer spending justify the cost in the end right? >> Yeah. Yeah. I think this is the biggest worry. So now we had number one and number two and this is fear number three which is the whole circularity financing. Right. This is the biggest fear that that is in the market for me personally. I don't care about it because as long as this circle is bringing in additional economic value then the circle is healthy and will keep going on. However, the market will not care about this and this is I think the only part that Nvidia by itself cannot really solve because in the end we just need the ROI of the AI capex and what this means is that um cloud revenue is growing and this translates into the the frontier models and the open-source models being used and adapt adopted more and that means a and and for them to being adopted that means AI need to create real value in the industry um in our personal lives and this is the ultimate driver of this whole cir circular financing argument because once we're getting enough return enough cash flows from those uh AI investments then the whole then Nvidia can stop financing its customers because they make enough revenue themsel us to buy the GPUs, right? This is where we eventually need to get to. Um, and and this is also one of the core reasons uh or or there will be a really strong kind of bullish argument for for Nvidia, but it will not come the day where this is set. This is the process over ties and and probably takes a couple of more quarters until it's proven. So, by the time people are listening to this, we're going to be I mean, we're we'll put this out the day before earnings as well, so you know, people have time to digest this. Um, Vincent, but for these earnings and then naturally for the next couple of years, like what what needs to happen for the stock to continue to compound from here, you know, and again, you just made a lot of great bare cases and and raised a lot of good questions. We're also talking about a company that is worth $5 trillion and that that's never even existed until a couple years ago, right? So, it's something where I think that that's the huge disbelief for a lot for a lot of the market, especially us, you know, on the retail side. How how does this possibly keep going up? Um, but I feel like you're going to tell us there's a lot of reasons why it could. >> Yeah. So, stock going up depends on two core pillars, right? And and and and the first one is is on the slide. Nvidia does not need another kind of rerating, right? Um, we do not need to increase multiples again from from from 20 to to to 40 again, right? Is ballpark. What we need to see is earnings keep compounding longer than investors expect so that the stock over time can follow these earnings. Right? This is a really kind of bor boring argument, right? It's basically earnings per share if earnings per share can keep compounding like it did over the last couple of quarters between 30 to 40% over a longer time than what in investors uh expect then the stock can follow this story, right? And even though we're sticking at the same multiple of let's say 24 times uh fiscal year 20 27 revenue then the stock price would go up materially. That's a pretty simple thesis. You just need to believe that Nvidia can keep sell the volume they're they're seeing and and keep increasing the earnings per share by 30 to 40%. And the stock would go up naturally with that. That's that's that's kind of the really yeah simple simple teases behind Nvidia because Nvidia is such a a big compounding company uh at at at this moment in time. Then I think what's much more interesting for investors right is how can Nvidia again increase its multiple how can Nvidia surprise to the upside materially from kind of a a revenue perspective margins going to be tough I think 75% will probably be the ceiling and also Nvidia guided for that but there's some there I I think there three core drivers on how they could kind of surprise to the upset in terms of revenue right exactly Um and I think that's on the next slide. It's on page eight. So first is that what what what Jensen has been saying is I have transparency for accumulated revenue of 1 trillion across the Blackwell uh and Reuben's. But what what what he's also saying is that the the most credible kind of near-term upside is coming from gaining more share at the frontier model companies, right? selling more chips to an open AI or or entropic, right? Um and so if they could increase their volare there, then this is how they can surprise. And this is what they did in the past, right? Each quarter they came out and said, "Okay, we sell we sold them more chips, we sold them more chips." So this is pretty likely, but this needs to keep happening, right? And this is again something that investors are still not not uh kind of modeling in. And this and then the second thing is which could surprise and this is really something new or a new market that opened up for them with the with the wearer chips is the whole CPU market, right? You have the GPUs which is kind of for the whole training part. Then you have the CPUs which is basically the whole interference part to to to to keep agents basically running, right? And with the with for the first time Nvidia is entering that market with their wearer uh CPUs and um uh Chanc of Nvidia already told us that he's seeing or that he's expecting around 20 billion um of of that revenue, right? But in a in a TM there could be around 200 billion. This is a massive market that they can tap in. But they have strong peers there specifically from from AMD which is leading the which is leading the kind of inference CPU market. So that's number two. And then number three this is something completely new that I think most of the invest Nvidia investors do not have on their kind of agenda. It's the whole LPX which is a new kind of chip. It's a ultra fast chips that you use for agents to get really fast answers and uh kind of the broader storage market. And actually today there were there were some news around it because Nvidia posted or leaked some images of how that LPX chip or rack looks like. And so this is another kind of product innovation that could help then increase revenue beyond this one trillion opportunity of Blackwell and Rubin GPUs, right? And uh yeah, this is where I where I see the upside. This is where I'm uh looking for on on in or this is what I'm I'm looking for proof in in in their numbers in the earnings report. And uh yeah, I think this is how the the the the stock can materially perform better than it did over the last two years. Do you think you'll get that proof tomorrow or like this week in the in the earnings >> or should we not wait for it like this earnings next earnings the even the you know Q1 maybe like is that should we just wait for it for then? >> Yeah. So I I I definitely expect another mic drop Nvidia earnings quarter because >> kind of the the the data points we got between the last earnings uh report to this one were really really bullish and there is a lot of transparency. So I expect the earnings to be really good. The question is how the stock will perform from here. Uh that I'm really unsure. My gut tells me flat to down. Uh but we will see. In terms of the earnings, I think most important is the broader revenue number. So Q2 should be between 94 to 95 billion and then guidance for Q3 should be between 107 to 109 billion. This would really prove that demands from the broader AI buildout remain strong with Reubin and then moving into 2027 with the new chip architecture given that they're achieving this at a gross margin of 75%. Because this would then once again prove that they can keep their kind of premium economics in a world of ASIC chips and and and and a lot of competitors. And then the ultimate kicker I think which could really surprise to the upside is this whole is everything beyond the GPUs. It's the CPUs, it's the networking architecture, right? It's the uh the the LPX maybe. I think that's really early. We're not going to see that in this quarter. But if everything outside of the GPUs could be around 17 billion or above kind of 20% of overall data center revenue, then I think the stock could surprise to the upside because this is something that I don't think many investors have in their models yet. And uh yeah, these are kind of the core three things I'm looking for uh in in this earnings report. If it does surprise to the upside is that will that you think that that would have a healthy effect on the rest of the market as well because we're kind of you're not looking too great today. We're recording this on Monday. It's not it's not the best outlook right now, but this things change. It's very we're in a very volatile period. >> Yeah, it's it's super funny because every quarter it's the same argument. It's every every quarter it's the same. Nvidia needs to rescue the party. I don't I don't know why that is but every time we're saying okay Nvidia needs to come out with a lights out quarter otherwise we we're going to see issues in in the broader AI buildout and I mean it's understandable because again I I I describe them as being that orchestrator in the center and if kind of the center is not healthy anymore or struggling with something then it questions everything that sits around it right and it's exactly that for Nvidia but Jensen is understanding them he's usually doing a really really good job of framing the the earnings and and and and and he's also understanding those investors fears that was kind of guiding me through through this presentation and he will proactively address them and um yeah so so so a good earnings is essential for the broader AI buildout and the broader AI trade for sure. Is the market pulling back today for fears of bad earnings? Like because it's it's so seismic when this happens, right? And it and even and we've also seen weird things happen where it's like their earnings are amazing and the stock goes up 10% and then the next and then two days later the whole market's down 10%. You know, >> yeah, it's the sentiment these days and the volatility in those infrastructs is really something that we're used to in the crypto markets, but not in kind of the broader equity space, right? I think a lot has to do with sentiment. Nothing really in my opinion changed materially that is kind of putting the broad AI infiltrate in in in jeopardy. Right? Again, Nvidia needs to come out and prove that once again with the data, but I fully expect it. I think a lot of has to do with crypto going up and a lot of retail investors taking some chips of the AI infra table and putting into the crypto markets. Right? I think this re this is really a healthy argument these days, right? In the past we could say it's not moving that fast or the volume is not there but these days the sentiment can flip on a coin. Um I mean remember when sit situational awareness two weeks went down memory stocks Bloom Energy went down 20% or so in a day and then two days later it comes out that the whole stock portfolio was bought and then we're up >> I think for Bloom 30% in a day >> and and this is the market we're in and I think investors need to get used to that volatility to survive such a market. >> Okay. Well, I mean that's we'll brace ourselves. We'll talk about it tomorrow again on the rollup as well, uh, which will also come out before the earnings hit. But I think this has been very enlightening. I think that, you know, I think you're right in in in researching this for us as well, Vincent, is that this is something we don't really talk about enough, right? Even though it's every earning season, everybody holds their breath for what's going to come out for Nvidia. Um, and you know, as the market leader or even kind of like the center of the market, uh, on the AI side, I think it's really important to just understand, you know, what the what the bear and bull case is, right? All right. So, I think you've done a great job of that today. So, I appreciate it. And again, if you guys want to see what um how Vincent is expressing these views and whether he will make changes based on these earnings this week, we don't know what's going to come. Uh you got to sign up for Milk Road Pro. I think you guys will be listening to this. I think when we still have uh a discount or not even a discount when when the price is about to go up. Okay, the price is going up Tuesday at midnight Eastern. Uh it's going up 60%. So, those last chance to lock in uh that price 25 bucks a month forever. you can lock it in forever because after that it's going to be 40 bucks a month which is a lot more. So make sure you lock it in and check out what Vincent has otherwise. Vincent, good to see you, man. Uh thank you for the deep dive um on Nvidia. >> Thank you LG. Thanks for listening to Milk Road. If you enjoyed the show, make sure you like and subscribe. And if you're struggling to find winners in the market, that's exactly what Milkroad Pro is built for. Our analysts have called some of the biggest winners early and Pro lets you see what they're buying next, every trade they make, and the research behind every position. Check out Milkroad Pro at the link below. Everything you hear on Milkroad is forformational purposes only. These are our personal opinions, not financial advice, and we may own some of the investments we talk about. Always do your own research and make the decisions that are right for you. See you next time.