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let's bring in Dan Ives Global head of Technology research at wed Bush Dan you've been listening to the Press uh the president's press conference and I'm I'm wondering as an analyst who covers a lot of these names at what point do you start actually modeling in do you wait until their contracts or do you acknowledge that there is some sort of expectation and and therefore you get excited along alongside you know we saw the stock re react uh in the late afternoon yeah look mois I think this is it's something you're going to have to start the model in I mean not just for names like Oracle but especially when it comes to any of these sort of data center Innovation plays the palente teers Microsoft and others and and I think now it's a question of the multiplier fact how quick this is going to happen but we're seeing this off through a fast start and everything we're seeing in the Beltway this is going to be just really really positive for more of the data center players for Microsoft for Amazon for Google and of course for Oracle hey Dan it's Dan um you know when you think about some of these numbers being thrown around there's no specifics here you know Microsoft gave a capex guidance I want to say a few weeks ago they kind of guided to maybe $80 billion in the next year or so 40 of that was going to be overseas don't you get to a point where you can only build so much data center infrastructure here in the US especially for these big multinationals who has to serve other places around the world and the last part of this question is and what about power consumption like some point there's only so much data centers you can build in the near term because you are power constrained yeah D I mean you you hit on a great point because the reality is we could talk about these capex numbers but it's about you need the ultimate the grid you need the energy and we could talk about nuclear and other names like aquo and you know and others but if you look on the data center side I mean there's essentially going to be more data centers under construction than actual data centers but now how quickly that gets built and especially when it we'll see in earnings but from micros for Amazon for Google the capex is there but now it's about monetizing and how quick that's that's what the Street's going to be focused on for the next two three four quarters Dan it's Tim so let's do that then so let's act like today didn't happen as you were looking at the universe of getting exposure to AI across you know a number of different let's call it just ancillary Industries but or or straight at a broadcom or straight at you know some part of the the the Legacy players we know about where are you coming into today before this news look Tim I think you're you're looking at not just broadcom but what I believe is sort of the second third derivatives I think this is bullish for software I think when you look at names like salesforce.com of course names like paler and others because as the data centers get built it's skating where the Puck's going who where are the use cases that's really what the key is going to be over the call it next 2 three four quarters I think it's really this is bullish for software CU data as they get built out the use cases are going to be software driven Dan Ives goes all in on Nvidia as something Monumental is underway a revelation that promises to reshape the very fabric of technological advancements as we know it president Donald Trump alongside Tech Giants Oracle soft bank group and open AI has unveiled an audacious $500 billion Venture named Stargate this initiative aims not only to bolster AI capabilities but to construct colossal data centers that stand as Modern Marvels of engineering yet this is just the tip of the iceberg welcome back everyone to invest ocracy the use cases aren't clear right now I mean are we going to be at a point where we have the data centers in place but the use cases that part of the equation hasn't exactly caught up yeah I think right now that's actually it's starting to catch I I think we saw with beny off in Salesforce we've seen it with service now Palante tier and and now the use cases are really going to start to explode because these companies when you talk about all the AI cap backs it's about the multiplier for every dollar spent on an Nvidia chip we whe there's an $8 to $10 multiplier across the rest of tech that's bullish for all these data center players bullish for software and that's going to really be the focus going into earning season in terms of playing out these sort of next derivatives of AI yeah Dan I went sort of AI Jason I looked at Dell and I'm like you know what on the margins it's got to be good for that stock especially given the fact that it has sold off significantly since that huge move we saw I think it was the fall of last year yeah I think Dell has gotten overly hit I think when you think about ones that are going to play of course it's Oracle but names like Dell You could argue names like Cisco and others are going to be beneficiaries here because what you're seeing over the last 24 hours from Trump I mean it's a green light from an innovation perspective and that's not just going to be some of the data center play it's all the US Tech players I mean everyone's going to try to get in on this you know massive spending wave this is just the beginning and I think clearly will be a beneficiary there as the news reverberates globally the scale of the Stargate project becomes even more staggering with construction already underway on 10 massive data centers in Texas each rivaling seven NFL fields in size the plan doesn't just stop there oracles Ellison asserts that the project scope will expand significantly with facilities mushrooming Beyond abalene while the specifics remain somewhat nebulous what certain is the grandiosity and the transformative potential of this Venture soft masayoshi Sun envisions a future where Stargate imminently Taps into an initial $100 million scaling rapidly to an eye-watering $500 billion investment by the culmination of Trump's term our next guest was at that event the CES in Las Vegas and he describes it more like a rock concert as uh than a tech CEO speech Dan Ives as web for Securities analyst of course joins us now as a Buy on Nvidia price targets 200 good morning Dan um let's talk Robotics and autonomous technology you say in your talking points or your review of the speech that alone represents another trillion dollars of incremental Market opportunity that Nvidia can now tap into over the coming years how do you get to that number and how do you derive the value you are for invid from it yeah I mean look to me I think Jensen laid out the Strategic vision for the coming years when we look at robotics autonomous I mean I believe ultimately those are going to be some of the biggest use cases of and I think what you saw from Nvidia last night is they're they're not just sort of going to be a provider they're going to play a huge role in this sort of vision obviously Tesla on the autonomous side continues to be front and center I think this is the next step I think this is a a snapshot of the future and you you look at it incrementally you go out the next few years I think streets underestimating growth by 25 30% which is why I think not just 4 trillion you could be looking at 5 trillion Mark Capal underestimating growth by 30% what so what is it that is it is it robotics what's being underestimated so to speak in terms of the growth for this company I think one it's Blackwell just overall from a from a demand perspect we think 15 to1 demand to supply in terms of what we see I think when you look at Robotics and autonomous given the market opportunity that that could ultimately be 15 20% of what I've view is disruptive technology I mean that could be an incremental 20 25% s just to the Top Line over the next call 2 3 years I think that that to me was the sort of watershed moment last night it's genten laying out Nvidia it's not just about blackw chips the new oil gold it's about where this is all going and we believe autonomous and Robotics that's a huge part of the fourth Industrial Revolution right uh so what is the chat GPT moment robotics look like then Dan what does that mean I think physical AI I mean we've talked about from robot tax today in in October I think we're going to be looking next 2 three years robotics is not just going to be from CES it's going to be real and I think it's something that's going to play out in factories it's going to play out in consumers and households and I think a year from now we start to go more advanced prototypes to something that's going to become a reality and I think that's that's the key here is that we are still in the early days of the AI Revolution and there's only really one player I mean it's in it's nidia's World everyone else is paying rent that was a flex the muscles moment from The Godfather last night what about what I was just talking about Dan Which is higher yields and the fact that all those stocks are down today I I know you're excited about the fundamentals and The Innovation here but doesn't make you question valuations when we are seeing a rate move like this on some of those ideas no and that that's the push and pull and I get it but but my view SAR is that we have two trillion of AI capb backs next three years and and even when you look at Tech look at Microsoft just going to 80 you know from 44 basically doubling their capb backs you you look at numbers you could say valuation but I think it goes back to I think earnings and ultimately Topline growth for Tech is being massively underestimated to next year or two and that's where the growth is this this revolution is not going to be stopped in a 10 20 bit move on on the 10 with the AI realm's voracious appetite for power Trump's suggestion of on-site electricity generation underscores the forward-thinking approach of this initiative moreover Nvidia known for pioneering AI processing chips is positioned to play a critical role as Stargate esteemed technology partner this relationship whether a partnership or a premium supplier Dynamic foreshadows substantial Revenue influx for NVIDIA as its gpus become foundational to Stargates opll right let's start off uh you're going to actually give us the word of the day today what is it and why fire because I think this is a tech Market that's going to be on fire not just for the going into the end of the year this week but what I believe right now this AI Revolution it's hitting its next phase and I think this is just still the start of a fourth Industrial Revolution all right still the start but you say it's 9:00 it's got to be 9:30 no I and I've said I actually said it now it's 9:30 to 10 p.m.
in the AI party that goes to 4: a.m. all right so you have a number of upgrades in the space specifically in the software space when it comes to AI uh one of them is snowflake the other one's actually elastic we've been fortunate enough to have the CE on the show kind of a broad uh based play they do Cloud they do security as well why these two names look I think and we've talk about here on the show now the second derivative the software piece of AI is here I think in 2025 that's going to be the key you look at elastic snowflake names like mongod DB they're the ones now that file names like paler in terms of the software the use cases I believe the the software AI age is now here 2025 that's going to be front and center that's why we upgrade those names all right so both of those names have recently had earnings actually we're going to show the charts big jump snowflakes up over 25% since earnings elastics up over 20% sense earnings what's going to push them even higher I mean they've had big spikes post earnings what else is going to happen that's going to be another Catalyst that's just the appetizer in terms of where I believe these stocks are going because now the consumption model what's happening across Enterprise AI obviously it starts with Goda vad Jensen Nvidia but now you look at the consumption piece these LM models what you're going to start to see I believe earnings and overall growth is being underestimated potentially by 15 20% over the next few years that's why you look at names like s Fleek elastic mango it all starts obviously messy of AI pound tier but this software phase is here and it's just the beginning all right so how does the the idea of bond yields play a part of this I want to ask you uh probably back in 2022 we were talking a lot about bond yields we're talking about the stronger Dollar in fact right now the Dollar's even higher than it was back in June of 2022 when Microsoft worn when Salesforce worn how do those things play a factor in this Tech trade well look on on currency curly that that's been you know that could be a headwind I think the difference now is that a lot of that's factoring into guidance and we got to see if that continues in terms of dollar strength but but we're in a much different situation today relative to I think what we're seeing from a demand perspective that tightening environment that that really actually was a big hurdle in terms of software we're seeing the opposite of it because of where this AI Revolution plays so I think even on even though you could have some currency headwinds it is not getting in in the the way of what I believe believe is we're going to be talking about NASDAQ 20,000 and I believe in the next 2 years NASDAQ 25,000 is something that we'll be talking about the Stargate project represents a dramatic leap into the AI driven future and with Nvidia being at the core as a technological lynchpin the time seems right for investors to take notice of this Synergy nvidia's Market stance is primed for substantial uplift writing the momentum of what promises to be the grandest AI infrastructure Endeavor known to date one can't help but Ponder however how far will this take the Nvidia stock and are we ready for it
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