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um that clearly spooked the market. Um I know you don't think we're in an AI bubble, but how do you reconcile that with the reality versus expectations dynamics of what forms a stock price where Nvidia's price action suggests that expectations may now be ahead of reality? Yeah, I think well a couple of points there and you'll notice that we did buy on that setback and you're right, it's not a huge position.
It's about 1 and a.5%. Um, and one of the reasons for that, we're watching the price action. That's that's true. But I also think there was a crypto AI relationship here. the kinds of investors interested in crypto are also interested in AI. Uh and you know there there was a sell-off and you're going to have uh some investors, speculators certainly uh following the momentum.
Uh and that's all they're doing you know and they'll ask questions later. Uh in terms of the Nvidia report it was spectacular. was a reaceleration in topline growth was an increase in margins. Uh but we do see other signs of competition emerging out there. Uh and you know the hyperscalers their cloud strategies probably do not have 75% gross margins.
Uh and they're buying from Nvidia and now Nvidia is telegraphing our margins are higher than our customers. So that that might be um uh unsettling to them and and pushing them to pursue a strategy involving AMD or involving Google's TPUs um or uh involving Amazon's Tranium or Inferentia. Given my perspective on the AI revolution, I disagree that Oracle is a loss in terms of technology.
The US is ahead of China for the first time in 30 years. Yes, there are some white knuckles, but the truth is that you have 3 to4 trillion dollars that will be spent over the next few years. That's what I believe is happening here. Oracle will have a significant impact on that. Oracle's balance sheet looks very different from the other hyperscalers, right?
It's not an alphabet. It's not a meta, and it's not Amazon when it comes to its cash levels and cash flow. So, there's reason to be at least a little bit more dubious or suspicious of Oracle. If you go back a year, the New York City cab driver is bearish on Google AI is going to destroy the model. It's going to be broken up in a completely different area now that everyone is extremely bullish.
No, but when Open AI calls, you answer the phone. And if you look at how that growth will appear over the next few years, you won't see it in the next quarter or two. However, their RPO is four or 500 billion, of which OpenAI clearly has 300 billion. However, it seems to me that we are going through one of those times when everything is seen through a glass half empty lens.
I understand and in fact, I believe it's beneficial for the tech industry as a whole. However, since we are still in the early stages of this AI buildout, I believe that tech stocks will continue to soar into next year. Just 3% of US companies are pursuing AI. And while I see on the highly concentrated side, I believe it's spreading.
For example, I see authentication, which is similar to what we see with orbs in terms of authentication on that side of the area. You look at cyber security crowd strike and you see PAL. You look at other names that are participating and I believe it spreads those second, third, and fourth derivatives that we're going to see come to pass across tech.
Before I end this Oracle narrative, it was claimed by the Financial Times that Blue Owl would not support the $10 billion agreement for Oracle's next data center. What are your thoughts on this reporting for you? What does it mean? Look, I believe my chances of playing in the NFL this weekend are higher than the likelihood that this data center won't be built out.
I'm not referring to the substance of the negotiations, but in my opinion, there are times like these that are similar to liberation days and deep-se moments, much like when the US and China are worried. Let's talk a little bit about Amazon's talks with Open AI about allowing Open AI to use its tranium chips and investing at least $10 billion in Open AI.
I understand that the bears will sort of control the day, especially when it comes to companies like Oracle, but don't panic just yet. I think Oracle is compelling name to own given the riskreward ratio. Discuss Amazon's involvement in the entire AI rollout. Yes, Jasse is an AWS man after all. Therefore, if you consider our current position in this weapons race, Microsoft and Nell are unquestionably at the top.
When you consider all of Google's accomplishments, particularly in the area of cloud computing, you can see that there's been a significant improvement. I got to leap in the deep end of the pool you do with open AI. But given their cloud clients and AWS competition, there's a major opportunity for Amazon on the data center side.
In light of the fact that we are only in the third inning of this AI revolution, I believe that to some extent, Amazon wants to be more associated with the diversion that we are currently seeing with stocks that are connected to open AI that are negative. In the end, Amazon wants to work with a partner like Open AI to truly develop.
However, rather than standard CPU phase competition from the tranium chips, you see, in my opinion, there's just one godfather of artificial intelligence today. He's dressed in a Jensen black leather jacket. Currently, the demand for Nvidia chips is 12 times greater than the supply. However, the reason AMD the reason other participants will be present and Google in terms of their work on the chip, they will participate in that game.
That is an investment for the long run. When Apple wages on semiconductors that will eventually displace Intel, it is no different. 5, 6, or 7 years passed. However, these are long-term participants in the ongoing weapons race. The AI revolution is 8 to 10 years old, and we are in the third year, year three of a revolution that will last 8 to 10 years.
There will be obstacles in the road. What do you think poses a greatest threat to your optimism about this encouraging story? Energy, energy, energy. The large you see. I'm not concerned with things like the buildout of the Oracle data center. Use cases are not a concern of mine, nor am I concerned with capital.
As someone who has witnessed it directly through international travel, I believe that this is a fourth industrial revolution. It's not bubbled. AI is undergoing revolution. Energy is the largest problem in the United States. 3% of US businesses have adopted AI. The clock kind of strikes midnight when you reach 20%.
Therefore, my perspective, it is still a major problem. For this reason, I believe nuclear remains a solution. And in my opinion, the US is currently ahead of China in terms of technology, but China is ahead in terms of energy. Does a worry about energy constraints and restrictions manifest itself in 2026?
If so, how does it manifest itself? I believe it's me. This, in my opinion, is a significant turning point. You must totally support government in terms of administration. From a nuclear standpoint, a great deal of innovation will be required. Look at solar grids and such. That might fill in some holes and be somewhat helpful, but there are now more data centers under construction than operational data centers.
The solution will be nuclear. And it really boils down to what private companies are available and how to truly get out. What's new? In my opinion, energy is the biggest limitation in the United States. And it is the biggest thing that may be the aha moment. The largest limitation is energy. So in the field of AI technology, is there someone in particular who you believe may have gone too far?
If so, you can take a step back for the time being. I mean, it seems like a Tesla is getting close to a record high. Look, I've spoken to Tesla and I believe that this year will be a golden one for the company with a 2 trillion eventually $3 trillion bull market because in my opinion, the field of AI autonomous robotics is just getting started.
In my opinion, investors are currently underestimating the size and scope of this AI revolution. But Musk, the CEO during the war, and I believe you're seeing investors understand what the future will look like from Elon and Tesla, look, are there ones that could get over their skis from a stock perspective?
As we previously said, the AI party began around 900 p.m. It is currently 10:30 p.m. The party ends at 4:00 in the morning. Okay, the party starts at 10:30 p.m. and ends at 4:00 a.m. Look, I'll take both side once more. Apart from that crucial clarification, D, why isn't Nvidia on your list of tech names to own next year?
Yes, notice that it's still even though AI30 is still seen as a leading tech brand. In my opinion, the five that stand out are truly about how to play the AI revolution on a hyperscaler and how to play it on consumer. In the case of Apple, how can it be played on business names like Palanteer Crowd?
Cyber B. In my opinion, there is only one godfather of AI much like Nvidia. We'll see Jensen at CES next week. But the derivatives are just getting started, which is why we're so optimistic about the Ishin Pack. Dan, you're in the Hall of Fame, no matter the color. Yet, Oscar Postry recently sent me an email stating that he believes the color to be a McLaren.
Papaya. Huh? That's it. Having said that, what exactly is Palunteer? What are the required revenues in your perspective? They will generate $6.5 billion in revenue the next year to support a half trillion valuation. Yes. Look, we've discussed it a lot. And I mean to me that in the end it's a commercial enterprise that in my opinion has a potential to reach 23 billion.
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