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and and but then really it would it started like late last week as more started to com out about deep seek but then the weekend was insane it was wise and Josh is Right wise and that's I mean that's I felt like Joe was a week before everyone just pointing out that this might have ramifications for the stock market Dan IES highlights growing concerns about Nvidia following claims by Chinese AI firm deep seek that it can achieve highlevel AI with fewer Nvidia gpus the time ing of these claims raised geopolitical fears about China's AI progress sparking Market panic and investor scrutiny over nvidia's future IES argues that the claims are exaggerated with industry feedback showing no significant reduction in demand for nvidia's Hardware he views this as a sputnick moment driving a competitive AI race between the US and China which could ultimately accelerate Global AI Innovation despite the noise IES believes nvidia's dominance remains intact and deep seeks emergence signals healthy competition rather than a threat this he says highlights the importance of thorough research and a long-term perspective in navigating market trends yeah it was I mean look and and clearly on X there was a lot of questions about it it was starting to sort of build but then it was really squirted gas with the whole sputnick com you know comment and then remember like the Bears right as we always say the bears that are hibernation moode like when things like this happen they're going to come out in droes and that's sort of what happened and then on the weekend especially with the Six Million what does this mean for NVIDIA gpus going into a tech earnings week could they lower cap backs that I mean I probably 50 60 calls this weekend is the timing suspicious in terms of like when this was the the the research paper came out during the two hours that Tik Tok was offline Y and I can't help but think that and I'm not the only person that thinks there's something symbolic in that timing oh yeah and the Chinese love to send signals and you know this was a shot across the bow from Beijing and and that no it continues to be our view it was a shot across bow from Beijing given where we are with Tik Tock bite end and I think also just going into this sort of trying to in terms of tariff negotiations but then also you have big Tech earnings weak nervousness was there across the board and this was kind of like there was gasoline you know sort of hey it has rained in year and this was kind of like a little spark that obviously started off um all right so we're going to get into all this we're going to debunk all the stuff we want to hear about everything that you heard um but I just can't help but notice a lot a lot of people have opinions on this most of them have absolutely no idea what they're talking about I feel like we're in a moment where it almost doesn't matter people just feel really comfortable talking about Enterprise class AI with like literally no um so I noticed that's a really big thing which makes you even more important cuz you actually are talking to the companies that are deploying the technology okay so that's really cool um and then I also notice though a lot of people are straddling the fence right now which we're going to get your take on also once we start the show like a lot of people are like even people in AI are like Sam alman's like yeah we might bump up some releases because of this um now he might privately be saying something else you would know better than I would but the real people in this business are making noises about this like being real so I thought that was I thought that was interesting um but so that's why it's so important that we talk to you Dan can I ask you a question of course thank you so when when you're like looking at these story companies right because a lot of it a story how do you balance the fundamentals of like the whole thing versus like the actual financials yep mixed in with the technology like the actual it's a lot look and we've talked about it here for with you guys a bunch it's like the generational Tech names I think if you just focus on financials and just near term sort of numbers you've missed out on every transformational Tech stock the last 20 years right I mean that that's sort of always been our view I think here it's also why we spend so much time talking to AI regardless where they are in the ecosystem tech companies around the world to understand like what's real what's not you have you need need the Mosaic you need all the tiles like like where everyone stands but I always say like look 3 million air miles later right like part of like how I've done it you can't call these on Metro North in your peter marar vest okay just cuz you can't see it in the spreadsheet so I think many have missed so many of these stories because they're not doing the work they they fear into this whole Black Swan narratives this is it what can happen I feel like when you do the work across the ecosystem okay regardless who you're talking to you feel like you have the confidence to actually to to guide others through times like this cuz I always say like when things are going up and to the right my shitsu a terrier can do that yeah when you're right you're just another person saying just another one this party line when things are tough and you're going through White Knuckle moment in our 25 years that's how we've separated ourselves was this a White Knuckle week this is a why knock a weekend because you shook not at all I mean if I was I'd be wearing like Eddie bow sweatshirt or something not yeah I like it but also well his suit and tie I be imagine i' be I'd be wearing his suit if you have come here with his suit and tie everything it's over no that's the bottom oh that's the bottom imagine I came in here with like a Brooks Brothers bag and all of a sudden I'm like look man valuations and I'm like just talking DCF so that would be pretty negative so wait Wait So when you say this is White Knuckle what what would you put this on a par with in like the last 10 years I would put it on par with from a White Knuckle like being in Tokyo Black Monday and just going through that full so I put probably above that because of the fundamental reasons wait like 1987 in terms in terms of last year when was the when was the the Yen thing that was August no in terms of August oh I was like what so in terms of August being in Tokyo when that happened that was probably like I would put that in like a top five in the last like few years but what about like in the in your world but but I would probably put this along with some of those covid Ms in terms of March 2020 in terms of just navigating investors through I put it in that level of a moment relative to like a fear level that degree of unknown well to that unknown and just to like there's so many investors like institutionally where you never hear from them they're human voicemails when they call you on your cell on a Sunday that's ultimately that's where you sort of earn your value and but we don't just sit there taking sort of deep seek and given our own sort of view of it we talked I probably say like 30 40 within the industry whether it's CIO Co big tech companies AI Engineers we know around the world because for but for me it's trying to understand what's real what's not so it's like 6 million not using Nvidia hard Hardware fictional it's like I said better chance Meine I'm the Sequon superow that's that so so like right away I took that off the G was this a great model a great llm no doubt but the reality is it's similar to our view of you know of AI there's no less gpus that are going to be used because of deep seek you know but you know why a lot of people were panicking not even because the investment implications the geopolitical implications wait a minute China has Ai and somebody like Andre correctly points out forget about how many gpus it is a spotnik moment because spotnik is what forced us to go land something on the moon like you could like so you could say like this might be the most bullish development for AI ever that we now are in a bipolar kind of AI race granted we're probably kicking their asses but up until last week who was competitor in AI the French nobody but but but I also think that the the market has overly discounted and I think you even see in China Tech just the view of China Tech in AI now look us is way ahead of China Tech but it's someone that goes to the region four or five times a year I mean to just say that they're out of it is the wrong move because but it's also it's my view of globally where there's all going physical AI in terms of autonomous in terms of Robotics Jenson be the first one to tell you I might say what 20% of the companies that I met at CES were ultimately China tech companies this is not a bad thing because ultimately whether it's jevans Paradox whever you want to think about it the cheaper that models are whether it's deep seek Dan batnick whatever it may be that's just more and more bullish for use cases software and ultimately the the use cases as they actually play out but for every for anyone actually think that like capex is going to dramatically change they're doing something that we haven't focused on I know Tech comment the last month have had War rooms looking at the model dissecting it and basically the view is like you talked about like it's viewed as a great model but I think internally they viewed this much more like okay we got some competition regardless how they did it that's a good thing they were NE I never felt that this was something where it's like oh my recent claims by China's deep Seek about building Advanced AI models with fewer Nvidia gpus caused Market panic and raised geopolitical concerns some viewed this as a sputnick moment signaling intensified competition in AI however industry experts like Dan IES remained skeptical emphasizing that demand for nvidia's Hardware remains strong and this competition could boost Global AI Innovation rather than hinder it Ives highlights the importance of research to discern reality from hype viewing this as an opportunity for the US to solidify its AI leadership while acknowledging China's progress he remains confident in nvidia's position and sees competition as a driver for technological advancement could this competition redefine the global AI landscape how might geopolitical tensions impact AI innovation
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