Amit: All right, hello everybody. Welcome back to another episode of the market close. This is a very special edition of the market close because we got Nvidia earnings and all of us are here. Tanner, Neil, Jose, myself. Very excited to be here. Thank you all for spending your time with us. We've got a lot to talk about. In about 20 minutes, we're going to get Q3 2025 earnings. These are going to be the most important Nvidia earnings ever. We say that every quarter, but this time, I promise we mean it.

Neil: We really need these.

Jose: Until next quarter.

Amit: Until next quarter. So, we got a lot to talk about. Uh Tanner, how you doing?

Tanner: Doing awesome, man. Um really excited about this quarter. Uh I think Jensen will be able to pull it off and that the whole market can rely on him to keep this train going. So, um, yeah, I mean, it always feels like it comes down to Nvidia, and it does, but once again, I think we'll we'll be fine.

Amit: Okay, Jose, uh, you've been holding Nvidia for a pretty long time. How are you feeling going into this?

Jose: Um, pretty good. I mean, I expect a nice beat and a nice guidance. Overall, how the market reacts is a whole different story, but I think at the end of the day, as an Nvidia investor, I'm going to be happy for the long-term opportunity of this company.

Amit: All right. And Neil, I know you're a little bit heavier into AMD versus Nvidia, but how are you feeling for Nvidia here?

Neil: I mean, for Nvidia, I feel pretty good. I think I'm with Jose with this, I think it's an easy I would say a beat. Guidance would be fine as well. I think it's all about the comments of Jensen and on the whole industry and that's what the market is looking for more maybe accelerated demand, more conversations with other companies, extra enterprises, maybe already some signs of oh they're seeing a return on investment. I think that would be great. Um but yeah I think it's a beat. I think they'll easily beat the number.

Amit: Okay, yeah, look, I'm very excited. I got into Nvidia earlier this year after DeepSeek. You three were part of the reason for why I started taking it much more seriously. And now I have a full position that is up about 50% since I entered and I'm excited to see what show Jensen can put on. Uh in my chat, TripleV, thank you for being here. Thank you for the $200 super chat. He did text me today that he bought another 100,000 shares of Nvidia this morning uh at 185.

Jose: True legend. He completed a million shares today officially with this 100,000 share purchase and so he's pretty bullish on Nvidia.

Amit: Um, all right. So, let's get started. Tanner, I'll head it to you. The street is expecting about a $1.25 of EPS and 56 billion of revenue, 61 billion on the whisper or on the guide for Q4. I guess simple question. Do you think Nvidia is going to be able to beat these numbers?

Tanner: Uh, simple answer, yes. It's just a matter of how much. The beats have been tightening and we've sort of, you know, gotten around the 2% surprise on topline. So, I wonder if we're going to stay within that range. Um I haven't done too much deep diving this quarter into really taking my own stance on what I think is going to happen this quarter. I'm more looking forward to the commentary by Jensen rather than just Q3 numbers. I also have a question for Neil and Jose. If you guys think that data center revenue is going to reaccelerate this quarter, year-over-year.

Jose: Well, I think we were just looking at this, right, Neil? I mean revenue growth for this, I don't know the data center itself but the revenue was 55% expected to be up this year and then next the next two quarters it was still expected to be 55% on the year-over-year growth based on what the market was expecting and I do believe we're going to get a little bit better in some of those. Uh, so I mean I think we're still going to continue to see that 55% year-over-year growth for at least the next two quarters at minimum, especially due to the crazy demand that we see with Blackwell right now. And then the crazy half a trillion dollar number we got from Jensen during the GTC DZ. Um so I'm pretty sure that's going to be a question that's going to be asked a lot during the earnings call. Um but just the demand for Reuben and and when it comes out next year and right now for the Black Wall Ultra which just came out I think is going to definitely push some massive growth and we saw capex right overall capex grew dramatically from from all the hyperscalers this this quarter. So um growth still going to be in the 55 percentage overall. I haven't looked at the actual data center. Uh Tanner.

Tanner: Yeah. So last quarter was 56% year-over-year growth. Two quarters ago 73. I mean, you pulled up something right now. How much was the expected 59? So, expecting a reacceleration.

Neil: Yeah. But but do you do you also think that's going to happen? And really just uh you know, where do we actually end out at? Do you think that we can break that $50 billion mark? I mean, with all the positive comments that we got, especially from analysts and well, for Blackwell specifically, wouldn't surprise me cuz it seems like they are past the supply issue that they had previously. Maybe we might not be seeing this already this quarter, but then definitely the next quarter. Could we get 50 billion in just data centers? I mean it's possible would be with an extra billion to the estimates.

Jose: Yeah. And and and I mean the great thing is all of this right doesn't even include any kind of international markets that are disallowed by or prohibited by Nvidia right now. So, if we even hear anything um any updates on if we can finally start shipping to Saudis or or or to China, any little updates there, I mean, could could push this to definitely a 50 billion uh this quarter, but uh by next quarter estimates are 62 billion. I actually expect from the excitement to actually be closer to 64 uh to 65 billion. Uh so, and that's definitely going to be pretty much led by the data center space.

Amit: Agreed. Uh I mean the other reason this is really important is because obviously we've had a 4% draw down in the S&P 500 since the start of November, we've had a variety of different macro things happen today. I mean if you're looking at rate cut probabilities which are very very important to kind of keep the health of this bull market alive. Uh not only did the Bureau of Labor Statistics say we're not going to be getting the October data today. So that was one thing that was really not the best piece of news. Uh but number two, you had the Fed FOMC minutes come out about an hour ago and uh participants, several of them said that they are more concerned about adding to the risk of higher inflation and suggested it's appropriate to keep rates unchanged for the rest of the year. Now, Nvidia, does it need low rates to thrive, but the macro definitely needs low rates? Nvidia is probably going to do their job and put up the numbers. The question is, will the macro uh also do their job in the context of rates coming down to kind of get us to that end of your rally? Do you guys think, Tanner, I'll give it to you first, that even without the rate cuts, Nvidia can put up such a strong number of earnings that it can overcome the expectations of the market to get this end of year rally, particularly because Jensen said there's a $500 billion opportunity at GTC over the next five quarters. Are you expecting that type of a quarter in terms of just the the overall numbers to really get the street to be a bit more excited again?

Tanner: Yeah, I mean, you you you've already said it. I don't think Nvidia is, you know, what's making or breaking their business is 25 basis points of cuts. Like I think Powell even reiterated that, you know, like the the data center play is such a massive total addressable market and there's so there's such a massive opportunity here that a quarter point of uh rates is not going to change Meta's outlook, Google's outlook, Microsoft's outlook or any of the NeoClouds or any of the enterprises that are tapping into those customers. So, um I think for financials and and certain industries that that cut it close on margin, like they really need that quarter point, but you know, we're we're we're talking about 74% gross margins here on Nvidia. If their customers are complaining about the quarter point, we'll drop it a quarter point. Like, you know, what's the complaint here?

Neil: Yeah, the complaint is more on the on those that have debt that does get influenced by higher rates, right? If rates do come down, then you have companies like Core Weave who will pay less interest every quarter, right? And I think that's also why we've seen a lot of weakness on Core Weave. We've seen them in CDS for uh or Core Weave for Oracle. Um the pressure is on those stocks. Again, 25 basis points might not seem a lot, but for for the likes of Core Weave, definitely Oracle, I mean, Oracle is still Oracle, but they they still they don't really have the free cash flow to support all of the all of the projects.

Tanner: Well, I think that if they are going to their customers and their customers are saying, "Hey, we're having a hard time meeting you at your prices." I think the advantage that Nvidia has is such a massive margin on price that they could potentially cut price in order to meet those customers needs. So, um, yeah, we're we're still talking about them taking very advantageous pricing here, 70 plus% margins, and that's just because they have the best TCO versus any of the other chip suppliers. So, I don't know. I don't know if they'll be affected by it at all.

Tanner: Um, in terms of what we'll hear from Jensen, and this is just my opinion, we're already talking about this $500 billion uh expectation of revenue for for from their large customers. What more do we want to hear from them? I think just a reiteration of that comment alone would be um you know some sort of reassurance, but I don't know if necessarily the stock is going to turn around on like just so we're clear, my expectations of Nvidia is good fundamental numbers and them continuing to grow. I'm not necessarily calling for green in the aftermarkets or that the market is going to react positively. We saw this last quarter, great quarter, and then you know the stock sold off and even in the next day I think we were down like 7% or something. But it it doesn't change the the long-term thesis and I think so or Nvidia is going to really benefit on you know the GTC's and the press releases and the uh you know multi-gigawatt deals that they end up signing and talking about over time, not just the quarterly releases of their numbers.

Jose: I have a similar take there to Tanner because I mean we already know a lot of what more can Jensen tell us like he already gave us everything during GTCDC. We already seen kind of all these great updates and and all these announcements of various AI investments. Like what more can he say during earnings to really get us a little bit more excited? I mean, obviously guidance is is is is more than enough if he gives us a great guidance, but outside of that, I don't know. And and hopefully I'm I'm I'm hopefully I'm I'm I'm wrong and he gives us something that that gets us pretty excited after hours. But like Taylor mentioned, for overall, I'm excited for the company's fundamental after hours is pretty much a coin flip.

Amit: Okay, so people are pretty bullish. I just put a poll in my chat. Four options. Nvidia after earnings 180 to 185, 185 to 190, 190 to 200 or below 180. 44% of people are saying 190 to 200. And by the way, the options market, so there's a 7.5% implied move. Uh there are a lot more calls than there are puts, especially in that 190 to 200 range. So I mean, if there is a move, you could tell that the options market is trying to foreshadow a move upwards to 200. Now the options market has been wrong many times in the past but uh I think it is going to be a very very interesting move because again just like Tanner said Nvidia's already given us so much information the whole 500 billion in five quarters is they said that edge ETC and that was kind of the bombshell what more can you say so really I think the question on this call is going to be can they live up to that can they show that they're having the foundation to execute against that mission and this whole GPU argument right the GPU depreciation I'm sure Jensen's going to be asked about that can they clearly say that the GPU depreciation is good for their customers and not stopping their customers from upgrading to the next model which is what's necessary for Nvidia to continue selling chips.

Jose: And one thing I mean I would say with the $500 billion number there's I feel like some confusion um happening uh in Wall Street and online um because some people are saying it's $500 billion for Blackwell and Reuben counting quarter one and quarter two quarter uh come the previous quarters. Now, some people are saying that is just counting the next five quarters. I believe it's actually the prior opposed to the latter. Even though um even if it's the prior, it's still very bullish because it's still much higher than the overall consensus. But I do believe the that's going to be a question that we're going to finally get a confirmation from um from from Jensen and more importantly from from Colette uh which really deals with the numbers there.

Amit: All right, folks. Here we go. It is a Wednesday, November 19th, 4:00 p.m. Nvidia Q3 earnings. Thank you everybody for being here. The stock market is now closed. And now we wait to see hundreds of billions of dollars either go up or down. and for us to either be rich or poor.

Jose: That's basically it. That's basically basically it.

Amit: That's basically it.

Amit: All right. Nvidia 186.52. We should be getting their earnings in about 5 to 7 minutes. Oracle was down about 21% on the day. Tesla up about 68%. S&P actually ended green on the day 662.72. Robinhood nice little day 3.38%. Palantir did get to the 162s 165.42 still ended red for the day. Broadcom was up because of the googs. The googs was up because Gemini 3.0 is very very real. Google hit uh 3003 at one point ended at 293. Broadcom was up about 4 and a.5% on the day. Amazon actually ended green after going red below 220 on the day. SoFi 2672 that was up about 1.82%. Bitcoin and Ethereum and we didn't talk about it but obviously those got hit pretty bad. Bitcoin right there 89,000.5 on the day and Ethereum at 2945. It did get to 2,800 at one point as well.

Amit: Nvidia right here 186.57. All right. So, we should be getting these numbers soon. Uh Tanner, any thoughts on Gemini 3.0 coming out a day before Nvidia earnings and any implications on that you think for the quarter?

Tanner: Um for Nvidia's quarter? I don't think about it too much. Um but it's a great model. I mean I'm very excited for Google stock in general and I I've been calling this for some time that I do think that they have you know by the way guys to these red candles uh Nvidia is not expected to show earnings till 4:20 or so.

Amit: Oh really? It's 20 minutes.

Tanner: Yeah we have time. Okay cool. Yeah. So uh let's focus on Palo Alto and stuff. Well well obviously look at this but um Palo Alto is going to be coming out before that.

Amit: Wait. Other for today.

Tanner: Sorry,

Neil: I said other competition for today.

Tanner: I don't know which CEOs are brave enough to line that up with Nvidia. Watch five people be watching any of the other companies other than Nvidia today. Um, but that being said, uh, Google, I mean, they have they own their own silicon. They own their own data. They have proprietary data through YouTube. They have all the customers, billions of people going to YouTube and and Google Workplace and and Google Search and all these things. I've just it was hard to bet against Google and their advantage in artificial intelligence. And you know, we're we're here to talk about Nvidia, but I think that TPUs are going to do well for uh Google as well. I just think they're extremely well uh positioned right here. But um yeah, you asked me what does Gemini 3 mean for Nvidia? I don't think much. I just think that it shows off that uh you know we're still advancing in these models and people think that you know somewhere we're going to start not being able to hit higher and higher benchmarks. It's not today. We haven't found it.

Amit: Uh Neil, same question to you and then Jose as well. Do you think just the the raw model capacity that Gemini introduced kind of got people to feel a little less scared about the AI bubble narrative that's been going on?

Neil: Um I don't know. I think it's it's interesting and funny how today we are looking at Google and we're saying oh Google is a threat to perplexity to open AI when what was it 12 months ago start of this year it was perplexity chat GPT they're all coming for Google they're going to destroy Google and now look look who's back the return of the king I mean Google is there at the top and again Google's strength is the fact that they are printing cash. So they they can offer so many things for free. It doesn't really matter much. The other companies they cannot the the perplexities the core weaves the core the core weaves the core reefs the chipt they cannot offer things for free. I mean chaptt is they expected to burn god knows how much money for the next couple of years. Sam you cannot ask him how much he's going to generate in revenue because he would want you to sell your shares. But yeah, I I I mean Google again is showing why Google is Google and why I still think that Google should be top two uh biggest comp most valuable companies on the planet right now.

Amit: You know who else thinks that? Warren Buffett.

Neil: 嗯，也许不是他，但伯克希尔·哈撒韦是这么想的。

Amit: Jose，你对整个AI泡沫论有什么新的想法吗？

Jose: 我不知道。我现在对AI太看好了，以至于我甚至不把那些三年GPU折旧率当回事。我的意思是，我不知道。有些事情需要注意，有些公司需要注意，但我关注的那些，比如超大规模云服务商，显然还有英伟达，我对这些不担心。现在说到Gemini，实际上有一件事是英伟达和谷歌合作的。我们知道谷歌不用英伟达的GPU来训练Gemini，但有一个企业市场，由于国家安全原因，有时不喜欢在云上运行东西。他们就喜欢有自己的本地数据中心。英伟达与谷歌有合作关系，你可以购买他们的服务器来运行这些Gemini模型。所以，如果你看到对Gemini的这种兴奋，从长远来看，这可能对英伟达和谷歌共同拥有的那个产品是一个很好的推动力。

财报震撼发布：业绩与指引双双超预期

Amit: 我们是绿色的。189，初步反应是积极的。189.40。这个绿色必须保持住。这次财报季有很多绿色蜡烛图，然后立刻反转。所以，我们得看看它是否能保持住。我们能突破190吗？190已经被突破了。我们盘后上涨了大约3%。它还在继续保持。

Jose: 好的。每股收益是1.30美元，高于预期的1.26美元，营收是570亿美元。两者都超出了3%。

Neil: 营收同比增长了62%。我的意思是，即使是6%，不，我们预期的是55%的同比增长。

Amit: 这不坏。营收同比增长62%，对于这样规模的公司来说。每股收益同比增长60%。我们有指引吗？那才是重要的。英伟达现在是193。市场喜欢它。

Jose: 我终于可以松一口气了。天哪。好了，我们没事了。

Amit: 我几乎忘了，直到你提醒我。太可怕了。

Jose: 是的，我这里脸都红了。我正在找那个指引。

Amit: 我也在看指引。那是关键数字。让我们看看能不能帮你们找到。哇，194，市场喜欢它。

Amit: 市场喜欢它。再说一次，它必须保持住，但它做得很好。这上涨了差不多……

Jose: 还有Core Weave。Core Weave上涨了4.5%。Nebius上涨了4.5%。

Neil: 我跑了5%。所有东西都涨了。大家都涨了。

Amit: 伙计们，这是对的吗？你们看到第四季度指引是650亿美元吗？因为如果这是真的，那就是40亿美元的超预期。

Jose: 我看到的是650亿。我正在确认，但是……

Neil: 是的，我看到的就是这个。我刚打开了650亿的新闻稿。

Amit: 哇，老兄。那是指引上超预期40亿美元。而且你知道他们在第四季度会超过650亿。

Jose: 是的，是的。那是他们的保守数字，这太疯狂了。他们的保守数字仍然几乎等于最乐观的预期。我想最乐观的是美国银行的650亿。所以这太疯狂了。

Neil: 如果我们看到像中国市场这样的市场开放，或者我们说，是的，我们现在可以向中东发货了。我的意思是，即使从那里看，这也是一个轻松的超预期。所以这是保守中的保守。

Amit: 所以指引是637亿到663亿。所以在低端，他们说的是640亿。市场认为会是610亿。也许私下预期是620亿。所以他们再次超出了预期。但在高端，他们指引的是660亿，这意味着如果他们最终达到比如680亿。那将是巨大的超预期。我的意思是，到那时你还能对他们有什么要求呢？

Tanner: 伙计，看看数据中心业务，季度环比就增长了100亿美元。季度环比增长25%，年同比增长66%，这还只是数据中心业务。

Jose: 可能只有我关心这个，但专业可视化业务也季度环比增长了26%，年同比增长了56%，达到了7.6亿美元。我的意思是，现在所有那些工作站都被AI工程师和任何能用上那些漂亮的RTX Pro GPU的人抢购一空了。

Tanner: 虽然是很小的业务线，但看着也很有趣。

Jose: 现金等价物有600亿美元。

Tanner: 哇。

Amit: 他们有充足的现金。黄仁勋说：“Blackwell的销售火爆，云GPU已售罄。计算需求在训练和推理两方面都在加速和复合增长，两者都呈指数级增长。我们已经进入了AI的良性循环。AI生态系统正在快速扩展，有更多的基础模型制造商，更多的AI初创公司，遍布更多行业和更多国家。AI正在无处不在，无所不能。” 营收方面，你可以看到是570亿美元，同比增长62%。毛利率接近74%。运营支出为58亿美元。运营收入为360亿，然后净利润为310亿美元，净利润率高达55%，令人难以置信。第四季度展望为650亿美元。

财报电话会议核心要点

Colette Kress: 谢谢，Toshia。我们又交付了一个出色的季度，营收达到570亿美元，同比增长62%，季度环比增长创纪录地达到100亿美元，即22%。我们的客户继续拥抱三大平台转变，为加速计算、强大的AI模型和代理应用带来了指数级增长。然而，我们仍处于这些将影响我们每个行业工作的转型的早期阶段。我们目前可以看到，从今年年初到2026日历年年底，Blackwell和Reuben的收入将达到五千亿美元。通过执行我们的年度产品节奏，并通过全栈设计扩展我们的性能领先地位，我们相信到本十年末，在每年三到四万亿美元的AI基础设施建设中，英伟达将是卓越的选择。

Jensen Huang: 谢谢，Colette。关于AI泡沫的讨论很多。从我们的角度来看，我们看到的情况非常不同。提醒一下，英伟达与其他任何加速器都不同。我们在AI的每个阶段都表现出色，从预训练、后训练到推理。凭借我们二十年来对CUDA X加速库的投资，我们在科学与工程模拟、计算机图形、结构化数据处理到经典机器学习方面也同样卓越。世界正在同时经历三大平台转变。自摩尔定律诞生以来，这是第一次，英伟达独特地应对着这三大转型。

Jensen Huang: 第一个转型是从CPU通用计算到GPU加速计算。随着摩尔定律放缓，世界在非AI软件上投入了巨额资金，从数据处理到科学和工程模拟，每年代表着数千亿美元的云计算支出。许多这些曾经完全在CPU上运行的应用，现在正迅速转向CUDA GPU。加速计算已经达到了一个引爆点。

Jensen Huang: 其次，AI也达到了一个引爆点，正在改变现有应用，同时催生全新的应用。对于现有应用，生成式AI正在取代经典机器学习，应用于搜索排名、推荐系统、广告定位、点击率预测到内容审核等领域，这些都是超大规模基础设施的基石。Meta的Gem，一个用于广告推荐的基础模型，在大型GPU集群上训练，就是这一转变的例证。在第二季度，Meta报告称，在生成式AI驱动的Gem的推动下，Instagram的广告转化率提高了5%以上，Facebook信息流的转化率提高了3%。向生成式AI转型为超大规模云服务商带来了可观的收入增长。

Jensen Huang: 现在，一股新的浪潮正在兴起。能够推理、规划和使用工具的代理式AI系统，从像Cursor和Quad Code这样的编码助手，到像IDo这样的放射学工具，像Harvey这样的法律助手，以及像特斯拉FSD和Waymo这样的AI司机。这些系统标志着计算的下一个前沿。当今世界增长最快的公司：OpenAI、Anthropic、XAI、谷歌、Cursor、Lovable、Replet、Cognition AI、Open Evidence、A Bridge、特斯拉，都在开创代理式AI。

财报后的市场分析与展望

Amit: 我同意。我认为你关于捍卫整个行业的观点是100%正确的。他提到了OpenAI很多次，还有Anthropic。从核心上讲，这些都是英伟达的主要客户，并且将继续是主要客户，但他必须确保每个人都相信这些公司不是纸牌屋。Meta，他提到了推荐模型很多次。所以这次电话会议与其他会议有些不同，他提到了AI生命周期中许多不同的产品。我的意思是，他总是这样做，但这次我认为他更侧重于“嘿，你可以用AI做这个，你可以用AI做那个，你可以做这个”。特斯拉、FSD、Waymo，提到了很多东西。我认为他这次提到最少的是机器人技术。但所有这些用例，市场必须相信会有巨大的潜力、巨大的机会，以及需要购买大量的芯片来实现这些用例。只要市场相信这一点，并且有了这样的指引，很难说市场不会相信。英伟达的股票应该会表现良好。

Jose: 有一点很酷，你提到Anthropic时提醒了我，他们提到平台获胜的次数增加了。以前人们可能会说，“你知道吗，让我试试这些ASIC芯片吧。让我试试这些其他的参与者。”而他说，“不，情况正在改变，他们在尝试了其他选择之后，又回到了我们的平台。”他提到这将是Anthropic第一次真正建立在英伟达的GPU上。以前，他们使用的是亚马逊的Trainium和谷歌的TPU。这是一个很好的例子，展示了市场上领先的参与者之一说：“是的，你知道吗？这些ASIC很酷，但我需要更多。我需要更多，我需要转向英伟达，因为他们做得更好。”即使不完全跳槽，也要购买另一艘船来驾驭这股浪潮。

Amit: 你们刚才在强调关于AMD的一些事情，我走开了一会儿，没听到关于一些人说的“开火了”的评论。那是什么情况？

Neil: 他基本上是说，我们得到股权，我们不需要在与合作伙伴做交易时放弃股权。

Amit: 我的意思是，这百分之百是真的。他是对的。交易的结构完全相反。英伟达得到了更好的一半。哦，感恩节晚餐上，黄仁勋和苏姿丰……

Tanner: 老兄，想象一下，你知道感恩节和家人在一起因为政治原因会很尴尬。想象一下，一个人全仓AMD，你全仓英伟达。就像……

Amit: 不，他的意思是黄仁勋和苏姿丰是表亲之类的。

Tanner: 不，我知道。但还是很有趣。

Amit: 说到感恩节，我觉得至少在美国，感恩节会容易一些。老兄，知道自己亏了数十万美元还吃火鸡可不是最有趣的事。赚钱了会让火鸡更好吃一点。所以也许黄仁勋为我们拯救了感恩节。

Tanner: 有了黄仁勋，谁还需要圣诞老人？

Amit: 有了黄仁勋，谁还需要圣诞老人？不，但说真的，我的意思是整个盘后市场。他提到了很多名字。给了我们Core Weave的提及。给了我们Nebius的提及，Nebius涨到了103。Core Weave几乎到了81。标普500指数盘后上涨了整整1%。他说所有的新兴云服务商都扮演着重要的角色。Iren回到了50以上。

Tanner: 我不想离题，所以我会尽量简短，但我不知道整个市场是否像依赖英伟达一样依赖于人工智能带来的生产力提升。所以你需要看看主要公司在做什么，比如ChatGPT、Gemini、Meta等等，这应该会决定市场的看涨程度。英伟达是这些模型有多好的次要效应。如果我们看到它们带来了真正的生产力和实际用例，那么就需要购买更多的芯片。所以，从本质上讲，我认为市场关注的不是英伟达，而是人工智能作为我们一生中见过的最高效的资产或新技术突破。所以，除非情况改变，除非Gemini 4没有发布新的基准测试或者类似的事情发生，我将继续极其看好。

Amit: 说得好。感谢大家花时间与我们在一起。我们非常非常感激。每个季度都有人花时间与我们在一起，这对我们意义重大。我们将在2月25日英伟达第四季度财报时再次相聚，然后继续前进。谢谢大家。祝大家晚安。