원문 보기
Welcome in Dan Ives on what's been Nvidia's no good very bad week. Despite an earnings report that wowed the street once again including you personally in the way you covered this company, couldn't throw any stones at this report. Yet, what gives with this bad week for this stock? And what does it mean then for how it might trade in the month ahead?
Yeah, Scott. I mean it it's a stunner the way that this thing's traded here. You know, I I'd expect this is stock that actually be 210 215. But this is if you look from a report perspective, there's no way they could have done better. I mean the 78 billion for next quarter, the 500 billion plus in terms of the pipeline, you know, we see what with Blackwell and Reuben.
I just think in my opinion this is as nervous as I've seen tech investors going back to last April. And we're in always sort of AI goose narrative where good is bad, bad is worse. But I just I think a step back. I look at OpenAI with the funding round, check. You look at the data center revenue from Nvidia, check.
I think software's going to start the bottom here especially after the Anthropic event, Salesforce, ServiceNow and others. So, this is a turbulent period, but we're our thesis is unchanged. I'd say more bullish relative to the overall thesis. Wow, I mean I'll get to software in a minute because the you know, prior few days it looked pretty good.
Some people trying to call a bottom, today not so much. But I'll come back to that. The funding round that you and and Kate Rooney were were just talking about, I think immediately when I see the announcement the fallout for a stock like Microsoft which is not trading well, which hasn't traded well.
What is the fallout? Look, I mean Microsoft I think it's probably the most disconnected stock that that I've seen in the last few years relative to where it's trading. And now obviously the view like Amazon, others catching up. It's no longer just them in terms of that OpenAI relationship as well as what we see on the the center side.
But look, my view is 10% of Azure customers have gone down the AI path. So, when you actually look at this, it's going to be an incremental 25, 30 billion of revenue for Microsoft. It's just right now, this is it's a do not enter zone in terms of the view from the investors. You're seeing them you really head for the elevators in the name.
But, Sky, as I've talked about like this is one of our top picks for the year, multiple years, because of where they play on enterprise, what the Dell was doing. In my view, like OpenAI was essentially the training wheels for now what I think they're going to be able to do themselves. And I think numbers are significantly underestimated.
It's a it's a massive head scratcher that this sub 400. Scratching your head too about Amazon? I mean, the stock barely getting a bump today. It's down more than 9% year-to-date. They seem to be, you know, elbowing their way more heavily towards the front of the line of the arms race. Yeah, look, I mean, Amazon's another one.
Like, if you look at the sum of the parts, you could say it's as most attractive it's been in probably the last four or five years. Jassy, everything he's doing even on the OpenAI investment, you look at what I view it from a data center perspective and acceleration we'll see in the next few years. I just think right now, we are seeing a a situation where all these stocks are getting thrown out.
There's a view, obviously, Anthropic Cloud as we've talked about in terms of the worries that's happening here in terms of the entrenched players. But, but our view is these are the times to look at who are the winners on chips, Nvidia, AMD, Micron. The winners in the hyperscaler side, Microsoft, Amazon, and others.
And then you look at what's happening in software. And I think we're going to look back, as brutal as this week's been, a hard show in terms of the nervousness, these will be the opportunities, given we follow the CapEx spending, and ultimately where the spending is on the enterprise in AI, and that will dictate where these stocks go over the next 12, 18, 24 months.
Comments 0