RUSH TRANSCRIPT Of people ░░░░░░░░ taking away and there ░░░░░░░░ a lot of bright ░░░░░░░░ within the story The ░░░░░░░░ traders were not particularly ░░░░░░░░ because didn t have ░░░░░░░░ big swings that they ░░░░░░░░ betting on Jason where ░░░░░░░░ cio albion financial group ░░░░░░░░ Robert shine chief investment ░░░░░░░░ and blanking shine wealth ░░░░░░░░ Thank you both for ░░░░░░░░ here Had strong earnings ░░░░░░░░ the record revenue the ░░░░░░░░ for black well and ░░░░░░░░ some buybacks during the ░░░░░░░░ sea cat and calling ░░░░░░░░ even some tail winds ░░░░░░░░ mean certainly controlling the ░░░░░░░░ There need to have ░░░░░░░░ wrong come out on ░░░░░░░░ talk shows later right ░░░░░░░░ their earnings similar your ░░░░░░░░ here jail Call it ░░░░░░░░ a great quarter across ░░░░░░░░ board I mean I ░░░░░░░░ that the big knock ░░░░░░░░ gross margins but in ░░░░░░░░ we know why the ░░░░░░░░ of blackwell a little ░░░░░░░░ costly than getting the ░░░░░░░░ of blackwell So we ░░░░░░░░ those gross margins or ░░░░░░░░ back later and the ░░░░░░░░ so was a bit ░░░░░░░░ a mess Their the ░░░░░░░░ number was for a ░░░░░░░░ billion be they came ░░░░░░░░ about a billion and ░░░░░░░░ half I think that ░░░░░░░░ why we re see ░░░░░░░░ the stock a bit ░░░░░░░░ here around the flat ░░░░░░░░ down my three percent ░░░░░░░░ point but looked a ░░░░░░░░ was good jensen says ░░░░░░░░ demand is extraordinary I ░░░░░░░░ both in the data ░░░░░░░░ were talking about reasoning ░░░░░░░░ having a hundred x ░░░░░░░░ compute been just one ░░░░░░░░ inference That s big ░░░░░░░░ in and of course ░░░░░░░░ have a robotics and ░░░░░░░░ a I by the ░░░░░░░░ no one s talking ░░░░░░░░ but their auto and ░░░░░░░░ segment which essentially the ░░░░░░░░ thing was up So ░░░░░░░░ s a long runway ░░░░░░░░ growth Jensen The saying ░░░░░░░░ with us we re ░░░░░░░░ the early innings and ░░░░░░░░ s how we viewed ░░░░░░░░ well An out if ░░░░░░░░ think this is a ░░░░░░░░ seller home that they ░░░░░░░░ playing people who think ░░░░░░░░ stock is still too ░░░░░░░░ today and nine hundred ░░░░░░░░ 20 six dollars Robert ░░░░░░░░ do you think A ░░░░░░░░ quarter when the fastest ░░░░░░░░ tech companies out there ░░░░░░░░ t of the at ░░░░░░░░ of the day Nobody ░░░░░░░░ gonna win the I ░░░░░░░░ in max having can ░░░░░░░░ afford to lose so ░░░░░░░░ we saw all of ░░░░░░░░ commitment into it and ░░░░░░░░ billion dollars from the ░░░░░░░░ seven That gonna continue ░░░░░░░░ seeing average a Microsoft ░░░░░░░░ Amazon Google still commit ░░░░░░░░ but that that let ░░░░░░░░ be clear the pipeline ░░░░░░░░ blackwell which they re ░░░░░░░░ up oh by the ░░░░░░░░ contribute eleven billion Just ░░░░░░░░ last quarter admit some ░░░░░░░░ chain issues of they ░░░░░░░░ gonna work out They ░░░░░░░░ blackwell ultra the of ░░░░░░░░ So it is I ░░░░░░░░ a one trick pony ░░░░░░░░ and they re gonna ░░░░░░░░ the race their position ░░░░░░░░ their their the leader ░░░░░░░░ the space right now ░░░░░░░░ you know with valuation ░░░░░░░░ brought up Nicole Is ░░░░░░░░ know if you look ░░░░░░░░ the future earnings growth ░░░░░░░░ now even just projected ░░░░░░░░ five I m 20 ░░░░░░░░ for in a video ░░░░░░░░ earnings growth in that ░░░░░░░░ still you know if ░░░░░░░░ look at the sb ░░░░░░░░ hundred they re they ░░░░░░░░ they re double that ░░░░░░░░ so from evaluation standpoint ░░░░░░░░ video still position rather ░░░░░░░░ for future growth Mean ░░░░░░░░ was reading an article ░░░░░░░░ how these are their ░░░░░░░░ like brought com From ░░░░░░░░ ready and to think ░░░░░░░░ s true Own some ░░░░░░░░ those it and why ░░░░░░░░ again we re looking ░░░░░░░░ the growth in the ░░░░░░░░ needed to support a ░░░░░░░░ work work we are ░░░░░░░░ the early innings in ░░░░░░░░ know that there was ░░░░░░░░ concern around deep seek ░░░░░░░░ know this question of ░░░░░░░░ do we need as ░░░░░░░░ compute You know as ░░░░░░░░ thought we did before ░░░░░░░░ 20 Seventh I think ░░░░░░░░ we ve learned in ░░░░░░░░ four weeks is that ░░░░░░░░ answer is emphatically Yes ░░░░░░░░ know as was noted ░░░░░░░░ had the cat backs ░░░░░░░░ of all be mega ░░░░░░░░ tech stocks and that ░░░░░░░░ three hundred 20 five ░░░░░░░░ for this year It ░░░░░░░░ up 30 percent year ░░░░░░░░ year and higher than ░░░░░░░░ street expected I think ░░░░░░░░ yesterday both on the ░░░░░░░░ call all and in ░░░░░░░░ talk shows afterwards stressed ░░░░░░░░ how much compute we ░░░░░░░░ gonna need in that ░░░░░░░░ and all of those ░░░░░░░░ with our spurted at ░░░░░░░░ of amp ethanol all ░░░░░░░░ are benefiting from that ░░░░░░░░ out It s not ░░░░░░░░ last forever but we ░░░░░░░░ the next couple years ░░░░░░░░ really bright or that ░░░░░░░░ investment and as we ░░░░░░░░ about the other names ░░░░░░░░ can benefit any Jansson ░░░░░░░░ noting that deep think ░░░░░░░░ actually a tale land ░░░░░░░░ we started gently are ░░░░░░░░ and more in There ░░░░░░░░ not that much clarity ░░░░░░░░ how many shapes how ░░░░░░░░ masuda really cause Of ░░░░░░░░ just now I m ░░░░░░░░ more You need a ░░░░░░░░ more Robert So what ░░░░░░░░ your investment playing a ░░░░░░░░ Ricky Gervais Broad calm ░░░░░░░░ a few others that ░░░░░░░░ also in the space ░░░░░░░░ gonna wanna look at ░░░░░░░░ diversification play in the ░░░░░░░░ but if you take ░░░░░░░░ video today and how ░░░░░░░░ s trading is actually ░░░░░░░░ not bad it s ░░░░░░░░ in at two hundred ░░░░░░░░ moving average we want ░░░░░░░░ see a close to ░░░░░░░░ to have coffin is ░░░░░░░░ forward on some You ░░░░░░░░ positive momentum growth here ░░░░░░░░ the stock itself constructively ░░░░░░░░ the one 20 six ░░░░░░░░ as a tutor day ░░░░░░░░ average but we believe ░░░░░░░░ see that depending upon ░░░░░░░░ like anything you you ░░░░░░░░ we wake up yesterday ░░░░░░░░ yes we had 10 ░░░░░░░░ as we got today ░░░░░░░░ have another 10 percent ░░░░░░░░ so tariffs is the ░░░░░░░░ and but I think ░░░░░░░░ with that the market ░░░░░░░░ holding in the They ░░░░░░░░ a great earnings results ░░░░░░░░ think the guidance was ░░░░░░░░ little bit weak in ░░░░░░░░ of their margins where ░░░░░░░░ gonna see a trough ░░░░░░░░ that regard but we ░░░░░░░░ see that trough out ░░░░░░░░ in the low seventies ░░░░░░░░ well right now and ░░░░░░░░ back to seventy five ░░░░░░░░ gross margins by mid ░░░░░░░░ twenty five us will ░░░░░░░░ looking at the short ░░░░░░░░ term You know you ░░░░░░░░ got the headlines sort ░░░░░░░░ earnings relief but long ░░░░░░░░ structurally very bush and ░░░░░░░░ If nvidia and salesforce ░░░░░░░░ in the down videos ░░░░░░░░ four percent and fast ░░░░░░░░ down one and a ░░░░░░░░ percent really tracking that ░░░░░░░░ retired,