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journal with a piece looking at whether or not deep seek sort of uncovers nidia's liabilities well look I think that there's a perception that that more is less uh more chips uh more people who know how to use them more out of China means less for NVIDIA uh Invidia been quiet Jim Kramer discussed growing concerns about invidious dominance in AI chips as competition intensifies particularly from deep- seek and Chinese advancements competitors are finding ways to achieve similar results with cheaper more efficient Alternatives raising doubts about invidious Monopoly and pricing power despite these challenges major players like meta Microsoft and Amazon continue investing heavily in invidious Advanced chips affirming their belief in its long-term relevance to AI Innovation however shifts in the industry such as open- Source models and new efficiencies could reshape demand and create uncertainty about nvidia's future Kramer noted that nvidia's next steps whether asserting its leadership or adap in to competition will heavily influence its valuation while optimistic about its role in the AI Revolution he acknowledged the rapid changes in the market might affect demand and pricing uh what they may have advised people you can look at the CES uh post interiew not good enough I think people uh have decided that we had a rebound but the reality is is that the orders will decline uh by the way therefore the power will decline because people are figuring out how to use more with less and David that's the negative thesis that's the big negative thesis course we've been talking about it since Monday well yeah I'm just kind of going it over with people okay but as asmf does not say good things it says bad things cuz what it says is look there's a lot of equipment being used the more equipment they use again we have more is less so the whole world is kind of coalescing upon the idea that Nvidia is not as special as we thought and that's what I'm trying to figure out what do that result Jim because we've all been having conversations these last few days with as many people who make decisions about what to buy and sell in terms of this area and the one thing I've heard is maybe it's the oute maybe the multiple simply comes down because there is more uncertainty in the name look I we watched I'm not I watched Brad gers yesterday I mean there's a sense that the multiple has become very low so it's actually one of the lowest Brad's undeterred by the way he's a b believer in the overall growth not being in any way impacted you know I if don't accelerated compute is the present and it's the future yes it is and I would tell you they still have a tremendous lead uh is China an existential threat to them what China says is that maybe you should pause but I want to come back and say something that I think uh that people uh should remember if Larry Ellison and Mark Zuckerberg and presumably Elon Musk were all buying the highest end ships did they not have knowledge about what was going on China I think that's fanciful I think that men us not I think they knew I I agree with you and by the way I mean there were the the way this news played out is puzzling to some because there were plenty of people who were aware of deep seeks um uh not just its aspirations but but its accomplishments previously with the previously released models and so they had to have been been aware of this and so you when you look at um Zuckerberg spending 60 to 65 billion the announcement L just on Friday you look at the Stargate announcement from last week uh and Andor nadela affirming 80 billion and everybody else they had a know Jim and they were undeterred at this point but everybody's looking everywhere for signs right even owing Corning which which provides fiber into Data Centers I think was a positive read this morning people are always looking for affirmation right I think that we're all kind of used to the greatness of Jen song in Nvidia I mean Carl the most ative thing that people are hanging their hat on is that all these customers were mesmerized by President Trump and felt that they have to order now that's almost conspiratorial I think that they have more in mind than just doing chat GPT in an advanced way if that's the case then these uh companies in China they have figured out how to do the lower end I think J would say well that's terrific what we're on is a very different plane we've left that behind we're not about asking them about why they bring have a good quarter is Starbucks be coming back did T-Mobile take share that's the already uh in the industrial revolution the that's the cotton gin I mean he's talking about making the sewing machine and I think that people don't realize that he is a Visionary and he is well ahead of everything we're talking about so you don't think there's downside to at least the margins I do think that there will be and I think that's why you're seeing some compression but until someone actually has a better chip uh an actual better chip and there we have to see Amazon Amazon's going your report Amazon is the one that is really rival I was surprised Advanced Micro actually went down because people feel Hey listen if this stuff is so easy let's put it on AMD but I think that a lot of that you can start using AMD chips cuz you don't need the all the computer power the highest gpus from Nvidia but I don't know I would love to see Lisa Su talk about it you we're in quiet perod for everybody you can't get you can't get the stuff that you get certainly plenty of questions about it on all the calls that are yet to come right whether it's meta Microsoft uh and on from there it is the theme of the moment because like some people saw it coming and yet they still ordered that would be the Zuckerberg case maybe the musk piece and then other people just said oh my what am I in I'm going to go buy a double short Nvidia and then there are other people who think it's a hand cream well there's another way to view it which is that the Deep seeks accomplishments and by the way Alibaba today as well I know this model people again were aware of this this is something we've been told some time ago but they uh you know released a new upgraded AI model that they say surpasses deep seeks V3 um all of it though could point to sort of that exponential change that we fail to appreciate sometimes CU it sometimes just can't quite rattle around the lot in some people's brains in terms of how quickly things can move it was only a couple of months ago we were worrying that these models were running out of things to train on that they were not progressing as quickly no talking about scaling walls anymore no no more and in fact you're suddenly seeing these efficiencies that have been added these techniques that are different open source so available to all and it does bring up the idea that there could be even more change more quickly I mean even more compute power potentially me right but the more is less means that maybe the Monopoly rent that people feel that Nvidia was charging is gone uh there's also the frankly we saw we had G yesterday the idea that maybe that did we this whole concept of more power is ridiculous I had Rusty Brazil on he's my guy rbn uh energy who was saying are you kidding me I mean you really think that all these plants are going to be built I'm waiting to see I think the test would be uh is is three m not going to be reopened that would be one that I I need to hear and secondarily I need to hear that there are any order pullback and I have not heard that yet but that's not not necessarily what people are going to announce that they listen I've decided if this thing only needs one1 of the power one1 of the compute well I'm going to cut my orders by 910 I've not heard that yet but this thing is a steamroll um the majority of the models are American models but here we see now the Chinese also coming in with a not only an aggressive competitive model but one that's cheaper and lower cost so it just gives everybody the motivation to keep going and going faster well I mean what that says to me is that Nvidia has to come out and either say democratization is terrific but we're really on another plane doing different things or Nvidia can can say you know what we got to work harder because the other guys have something we don't if he says the latter then the multiple will shrink if he says the former then the multiple could grow and we would be gain hard haven't heard from Jensen yet at least not publicly the earnings are not for a little while um jeevan's Paradox though people still want to talk about it I know well you I'm an expert by the way now in the 1865 Economist in Great Britain when you said that the first time I thought about it I was thinking maybe he's thinking that that Deon energy is going to get a take over but that is widely thought said jevin some of his friends called him yevan some called him Levon but I went with jevin you look at the declines for example in Nvidia and broadcom micron's down a ton again uh being uh this week I should say both those stocks are down uh double digit percentage points is that this is only going to lead to more consumption yeah more chips not less yeah um but as an Nidia shareholder as that stock was up quite nicely yesterday giving half of it back again today that's where the real questions still lie and it relates exactly to what Steve was talking about with Microsoft and what we talked about with meta any suggestion whatsoever about a reassessment of spend you're going to look right at that stock and see the impact yeah and I think for me you know one of the things as as I've kind of reviewing the news with deep seek over the weekend you know obviously costs are undeniable the cost to build out this this large langual model that they did was obviously far cheaper um than than what the cost of to buy an Nvidia chip but the other thing that I think is somewhat debatable is performance right what is the real the real performance only Enterprise and only consumers can make that determine a nation so for me as it as it looks as I Look to Nvidia and I Look to Nvidia earnings towards you know several weeks from now um yes I mean all belts have led back to Nvidia and now this is a complete reset we've heard from from other players asml obviously as as an example talking about this is only going to Spur demand we'll see we'll see I do think it's going to be a reset but I I do think they had the most important ships at play for this AI Revolution um but it is somewhat of a reset and I think that's good Nvidia a leader in AI chip Innovation is facing growing competition from cost-efficient Models like deep seeks and advancements from Chinese Tech Giant while its high-end chips remain essential for major players like meta and Microsoft industry trends like open-source Innovations and greater efficiency challenge its dominance and pricing power invidious response and upcoming earnings will be key in determining its future role in the AI landscape as competitors deliver cheaper alternatives and efficiency improves Nvidia faces pressure to affirm its leadership or adapt the market eagerly awaits how Nvidia will navigate these shifts and maintain its relevance in a rapidly changing industry can Nvidia sustain its leadership in AI Hardware amid Rising competition how might open-source advancements reshape the demand for premium AI chip
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