Explaining Nvidia's Earnings Call Results... [Stream Recap]

追加: 2026-05-25

[00:00:00]AH, MAN. WHAT THE [ __ ] is good? How y'all doing? Welcome back to the [ __ ] stream, man. What a beautiful day. What a beautiful day, man. Crypto I mean, yeah, it's unbelievable, really. It's it's unbelievable. We had to I don't know how much better our thesis could have played out. Bitcoin does nothing, but doesn't leg down, stays flat. Ideally, it goes up a little bit, but if it doesn't, it doesn't. And the three coins that matter just go up really high. And what's happened? Well, Bitcoin has done nothing, dominance has gone down, and the three coins that matter have gone really high. As I look at a quote on the screen right now, Hyperliquid is 52.8.

[00:00:39]Unbelievable. Second, D-Cash, as I look at the screen, $686.

[00:00:44]I mean, it's I mean, I don't know what to say. Like, I'm I feel good about this one. Yeah, I haven't sold a single coin.

[00:00:52]I was arguing with [ __ ] retards in the chat about why I'm not Everyone was telling me to sell. I'm like, "Guys, this is not a group trade. This is a one-way Telegram channel." And it's working so far. At the same time, we got war over for the 15th time. I almost couldn't believe it. Oil clipping and Bitcoin refusing to leg down. Well, it's not legging up, it is not legging down.

[00:01:14]It's pretty [ __ ] beautiful. We have Nvidia earnings today, which is nuts. We have OpenAI news. We have Bed Bath & Beyond story that broke today, which is a really fun one. We have Coffeezilla investigating Trump trade, which is a fun one. We have ServiceNow as our stock of the day to cover. We have Hyperliquid ETF ripping volume. We have GitHub hack to talk about. We have crypto to talk about. We have Garrett bullish to talk about. We have Korean stocks. We have a new Stanley Druckenmiller clip. We have a million things to talk about. So, on that note, let's get into it. What's good?

[00:01:47]All right, I'm going to start with the bad news. I was just informed today that apparently Monday is supposed to be some is a holiday. Not some sort of holiday.

[00:01:54]It's Memorial Day. My bad. Not some sort of holiday. Monday is a holiday, very important holiday, and I was informed by everybody that my whole like the whole company is taking off. I have no one at the company is is everybody's out. And so everyone was like, "The Red Guy, like why don't you just take a break?" And I'm like, "Take a break? What am I going to [ __ ] What? What am I supposed to do if I don't stream?" Like, "I don't know, like go outside." What I'm like, "What am I supposed to do?" I have a proposal Okay. On what we could do Monday, okay? Which is I don't really want to take a break. And I told I told the the the the team I'm on the call and like, "Guys, everyone's like telling me that they're going to be off." I'm like, "Guys, you know why planes don't crash?"

[00:02:29]And everyone's like, "Uh you know, Tulip King, rocket scientist ass." Like, "Well, the the triple turbine spin with the Nvidia TPUs and the Google GPUs combined with the pilot velocity divided by" And I'm like, "No, Tulip King.

[00:02:43]Malcolm, do you know why?" And he's like, "Uh because they avoid buildings."

[00:02:47]I'm like, "No, dude. D Nap, do you know why planes don't crash?" He's like, "Uh the pilots go to pilot school." I'm like, "No, guys. Planes don't crash because they're going too fast. They're moving too fast. They're flying through the air too fast. Okay? And things in motion stay in motion. And for you to ask me to take off a stream is to ask for this entire operation to come crashing down. And so this is what I'm going to do. This is what I decided I decided I'll leave it up to fate. I'm going to ask somebody on a date for Monday today. Once I get off stream, I'm going to ask somebody on a date.

[00:03:23]If she says yes, I'm not going to stream. If she says no, I'm going to stream.

[00:03:26]That's fair. And maybe if the date goes really well, we'll do like a e-date on stream.

[00:03:32]Okay, I'm leaving it up to God. And that is I could do it as a voice call in the pit.

[00:03:39]Dude, you have way too much confidence in my ability to to to pull this stuff off. All right. Wild day today. The S&P 500 and the coming in at 7432.90 up 1.1% and looking pretty juicy to say the least. We have had the war flood potentially washed away. That's a beautiful looking chart, I must admit.

[00:04:01]If we can get back into new all-time high territory. Oil off a cliff. I nothing better than that. Nothing makes my life feel better, happier, more exciting than cliffing oil. I like to cliff it. Cliff it. Watch up 2.5. The semi index, the socks, is up 4.7% and I am long Micron. I don't really know much about it, but I caught the entry 667 because I figured [ __ ] it.

[00:04:26]It's about time. It's about 20%. Why not take a little stab? Bought the top today, averaged out somewhere in the middle. Looks good. I'll get to that in a little bit. It's the worst coin ever.

[00:04:34]The IGV software ETF is up 1.4%.

[00:04:40]Looks decent. KOSPI down one. Nasdaq 100 up 1.5. The Dow up 1.3 and back above the Pam Bondi 50K level. Shout out Pam Bondi, man. I I don't think she deserves it. That thing is back above her level.

[00:04:53]Shout out to the Shout out to the big bond.

[00:04:56]And the Qs are up 1.6 and printing a pretty beautiful chart. On that note, crypto, big crypto, Bitcoin 77553.

[00:05:07]It's fine. Okay, it's fine. And we need Bitcoin to just be fine. I remain a Bitcoin bull here, but ideally you would like to see Bitcoin print a [ __ ] you candle because everyone is thinking they can outperform it and it would outperform all the garbage alts. Moving on, hyper liquid up next. Just absolutely unbelievable how strong this thing is.

[00:05:30]525 and it is go I mean, it's going for it.

[00:05:35]It has sort of climbed the wall of worry and there's nothing but air in between hyper liquid and its all-time high at 593. Second, Zcash daily chart 671.

[00:05:52]Unbelievable how this has played out as well. Third and last but not least is V, which is printing a unbelievable chart as well. I mean, look at Let's actually look at this on Velo. This is a really good platform, by the way. Velo that's my favorite, it's free. This is the volume chart on VVV. Looks good.

[00:06:07]Like I care about the volume. You just want to You want to see it go for it if it's going to go for it, and it's not insane, but AI, you know, private LLM on Robinhood at like really cheap market cap. It's a pretty good a narrative, low float. This looks insane. ETH is horrid.

[00:06:24]Horrid, horrid, horrid, horrid, horrid, horrid ETH. And Solana is equally horrid. Um I don't really have that much to say about Solana, to be honest. I'm not a huge fan of this herb strategy that they have concocted, but it is what it is. Metals chads, where are my metals chads at? Decent day on silver, but it overall, I think looks pretty weak.

[00:06:44]Silver looks weak, gold decent, and copper with a decent little bounce. That brings us to stretch at 99, which we have to check. They bought 166 Bitcoin.

[00:06:55]That's not going to do it. Uh URA, which has made the list. Bond yields down pretty substantially, which is nice.

[00:07:03]And then last but not least, Monero.

[00:07:05]Monero looks like [ __ ] Um moving on, oil. You get a beau- -tiful dump on oil. Crude down 5%, Brent down 5%.

[00:07:19]This remains, I think, the most difficult asset to trade in all markets.

[00:07:23]If you are directionally, especially long trading this, I don't even know what to tell you. It is like the hardest asset in the world to trade. Um something to say about Chevron, down 3% today. Exxon down 3% today.

[00:07:34]This is interesting. This TLN was Claude's pick of Bloom Energy data uh beta. It's up 10% today. OKLL Energy, daily, let's look. OKLL, what is this?

[00:07:45]Defiance Target Daily Target 2X Long OKLO ETF. This looks terrible. All right, moving on. Palantir 1.4, all defense is red, and then we get over to semis, big AI, AI bottlenecks. Cive looks great. Arm printed a beautiful fractal. If you need somebody to follow on Twitter, I present to you a bear that has banked some bull targets.

[00:08:11]He tweets, "Taking a bear [ __ ] hedge with Arm gets holding above prior highs without retest. 20-day support in bowel is closed under 20-day 200." He tweeted this at $218 for Arm yesterday. Um easy contra, really good account, banked it, plus 15%. I think he TP'd. Sick trade.

[00:08:29]AMD up 8%, Bloom Energy up eight, Intel up seven, and it has broken above the psychological Trump P&L screenshot line, which you love to see. ASML is up six, Marvell up five, Rocket Lab printing a beautiful candle up five, Micron, which thread guy has entered with a little and averaged up quite a few times. This has now become a decent position for me, just trading the chart, trading the juice. Wanted some semis exposure, you gave me a 20% pullback, I took it, and this has become a reasonable trade for me at the moment. Uh earnings, is it out? Is it out? Is it out? Is it out? Is it out? Nvidia, double beat. Now, let's nuke it. Nice, though. The one thing I've observed after following earnings for the first time in my life over the last six months, especially over the last three months, is that it's always priced in, and no one has any idea how to trade it. The funniest ones were Amazon. Remember the Amazon candle? It dips like 10%, and then it just rips back to ATH this in like within an hour, and everyone's like, "What the [ __ ] is going on?" No one has any idea how to trade earnings news. They beat, goes down, they miss, it goes down, and then sometimes it will just go up for no reason. Dig it, priced in, doesn't matter that much, but if you wanted follow through on Nvidia, here we are.

[00:09:39]Oracle up 4%, which is nice. Qualcomm up four. Tesla, my least favorite stock that is heavily shorted by the pit at 425 is up 3% today. Amazon is up a little bit.

[00:09:51]Nvidia, as we now know, is 217 post market. Let's go shorter time frame and you can see nasty red candle. Meta up half a percent on news they're laying off everybody. SanDisk up a percent, down a percent in after Microsoft up up a percent and Cerebrus is the daily loser with minus 4.26% intraday and then down 0.75 after hours.

[00:10:13]Look at TE, I'm told T1 Energy. Wow, what a day. Is this a Leopold stock?

[00:10:18]Wow. Oh, at 2.4 3 billion-dollar market cap. That is a shitco. Okay, moving on. Some consumer and SAS names.

[00:10:30]My list is a mess. We have I ran up 10% today. This thing is moving unbelievable. Check in Nvidia real quick. Look at that. Look at that.

[00:10:39]Retrace it. Look at that.

[00:10:41]Bring it back up. Flip this thing green.

[00:10:44]Eat that thing up. Eat it up. No one knows how to trade earnings. We dump it.

[00:10:48]We don't know what to do. No one has any [ __ ] idea what to do. 150 mil volume on hyper liquid 24 hours. It's crazy.

[00:10:53]Eat that thing up. Eat it up. All right, moving on to some of our consumer names.

[00:10:59]Rivian up six. This thing's terrible.

[00:11:01]The CT native stock. Mara up a little bit. Lulu up five. This is a Michael Bury stock that I've seen a lot of people talking about. Is anyone here in Lulu? Sweet Green. Chris [ __ ] Camillo, who has gone public and talked about Sweet Green on stream. This thing is now up 32% from the moment he came on stream and he showed it. First, by the way. Showed it first to our audience, the pit. Saw it first before his own stream. He talked about it. It is up 33%. Nike, the worst stock ever, is up four. Maybe you get a gap fill here. That would be a nice little trade. DoorDash up four. Roblox, on news of big buybacks, is up again another 3%. Hims is up 3%. Hood up two.

[00:11:48]GME is up two. Snap up 1.

[00:11:52]26. MSTR up one. Circle up 0.5. IBKR, my favorite stock, up 0.4. Coinbase up 1.2.

[00:12:00]Where is the Swatch stock?

[00:12:03]Flat. Flat is now up 12 % from the moment the AP Swatch collab was announced, and Nvidia slurp'd it.

[00:12:11]Yes, sir. Yes, sir. Yes, sir. Slurp'd it entirely. Ate that thing up. No one knows how to trade this [ __ ] Bottom tick to current price, Nvidia is up 4%.

[00:12:21]What a move. What a [ __ ] move on this. Wow, you love to see that.

[00:12:26]Jensen hasn't even spoken yet. That is unbelievable. Um Nvidia's boosting its quarterly cash dividend from 1 cent per share to 25 cents per share. Wow. Wow.

[00:12:39]What's the buyback news? Jensen's like, "Fuck this. I want to go up again."

[00:12:43]Nvidia announces an additional massive share buyback authorization worth 80 billion. All right, let's finish our name. All right, all coins. Cheeto up 31% today. What does bubble boy's tweet mean? Let's take a look.

[00:12:59]Um that Ruben ramp delay is an opening.

[00:13:03]Nvidia corp disappointed investors with the latest sales forecast. I think it concerns about growing competition in AI chip industry. The company said revenue is three months ending in three months ending in July will be 91 billion, which is higher than average analyst estimate of 87 billion, but lower than some projections. Cool. So, higher than some projections, lower than some. Nvidia shares fell about 3% late trading after results released, despite the company's strong position in the market and predictions of continued growth. They're saying they're disappointed. It's crazy, like they had You know, they beat the greatest earnings report ever, and it's like, "Oh, it could be they could have beat it by more." It's It's ridiculous.

[00:13:34]You beat it, and they're like, "Oh, you could have beat it by more." But, okay. Bull boy thinks bullish Intel, I suppose. Wow, look at this [ __ ] There's some war going on the order books. Up to $163 million of volume.

[00:13:45]Let's look at Intel. Bro. Wow. Wow. Wow.

[00:13:48]Wow. Wow. Zcash kind of getting candled right now, up 17 as we know. Lighter looks Is anyone in lighter?

[00:13:55]Interesting, to say the least, is up 10%. Chip is up 10. Jupiter is up eight.

[00:14:01]Grass up seven. Tow up six. XPL up five.

[00:14:06]Mantle five. Near looks decent, up five.

[00:14:09]Uh I basically think everything looks like trash except for the big three.

[00:14:14]Everything looks terrible to me. All right, on chain.

[00:14:17]I can't believe I got to read these tickers out. Buckcoin, nothing. LFI, uh SPX, uh Gia, uh Troll, uh Scam Oatman, uh Banker, huh? Asteroid, somehow, some way, it is still over $100 million.

[00:14:36]Last but not least, we have to check in on PER, the hyper liquid dot, which is nuts. This is nuts. Uh it's up 4.5% today. Um let's look at the compared to hype. Let's see. PER hype, not Yeah, hype's up more today, I think. I think hype is up more. I still feel pretty strongly that I wouldn't touch uh a dot. Under no circumstances would I buy a dot.

[00:15:01]Um this is hyper liquid ETF inflows.

[00:15:04]There's a bunch of outflows. It's not crazy, but it's going up, but it's small relative to hype buybacks. And then, what is this? Hyper liquid ETF's total AUM.

[00:15:13]It's definitely going up, um but small. Small small small. 54 million. Like, it's not anything crazy.

[00:15:20]I mean, they buy this back every day.

[00:15:21]No, they don't buy this pack every day, but it is definitely small relative to what Hyperliquid is doing, but worth monitoring. Quick Nvidia check-in, and then okay, last but not least, we'll go straight to some war updates real quick.

[00:15:34]Is this is Brent oil on the daily? I mean, it's down like 5 6% today on the same headline that we've gotten recycled a hundred times. And then here is crude oil on the day. Checking in on war and oil. These headlines, at this point, what do they even mean?

[00:15:52]The only thing that matters is that they make the market go up or down because they are seemingly a mess. And this this is the one that seemed to move the market today. 5% up in a straight line.

[00:16:03]Possible Washington-Tehran deal nears finalization.

[00:16:07]Work is underway to finalize the text of a Washington-Tehran agreement, according to Al Hadath sources, with negotiations reportedly advancing in earnest. Sources say a final deal could be announced within hours if Pakistan's army chief does not travel to Iran, suggesting key diplomatic steps are nearing completion.

[00:16:27]One thing I will say is for the first time in a while, I think we had a the most amount of ships go through the Strait of Hormuz in a while.

[00:16:35]Activity through the Strait of Hormuz appears to have increased over the last 24 hours, according to visual analysis of automatic identification system AIS.

[00:16:43]Several [snorts] vessels have transited utilizing the Iranian implemented traffic separation scheme with several more in progress.

[00:16:50]I mean, I don't know. It's like what am I even looking at? Straight Honestly, the Strait of Hormuz and the big 26, it's like [ __ ] Singularity is on the horizon, and we're talking about the Strait of Hormuz. Like, come on, bro.

[00:17:01]And there's a follow-up, which is Trump.

[00:17:03]Only question on Iran is do we finish it, or do they sign the document? I remain from the same perspective of broke out a soundboard. [ __ ] I I I remain the same. We fade war until we are absolutely held down and forced not to. You become a panic in and you lose.

[00:17:21]YOU KNOW WHAT? Let's just talk. [ __ ] [ __ ] the video. Let's just talk. Okay, number one. I went on this rant yesterday. If you want some more justification for why you need to hold risky assets, I talked about real estate yesterday and how all of my friends that are 25 years old are somehow real estate agents and it makes no sense because nobody's selling houses. Part of the reason that nobody's selling houses is because houses are so [ __ ] expensive.

[00:17:46]And these are the type of headlines you get where I think to myself, damn, maybe that guy Airman was onto something. $10 million is the new middle class.

[00:17:55]You can't even buy a nice You know, he's like, you can't even buy a nice apartment for $10 million. And everyone's like, [ __ ] this guy. It's kind of a, you know, a rage baby type of statement, but look at this.

[00:18:05]Breaking, Jason Wright, a partner at private equity firm Apex Partners, is selling his Miami Beach home for a hundred and ten million dollars. Wright bought the home for 18.5 million in 2021. A 6X on 20M in 5 years is disgusting. Look at this chart. I mean, these things are just like up only. This is Miami housing index.

[00:18:32]Austin house index. Austin Austin 10 year like look at this. It's so up only.

[00:18:39]Every All assets are up only. And then you like get, you know, get freaky for a moment >> [snorts] >> and you pull up, you know, that that [ __ ] SPX yearly or like 6 months and you look at the way this thing moves and I mean, it's just unbelievable. Chris Camillo is right. And the only way we're really going to make it is investing.

[00:19:00]It's just I don't know. It's outpacing everything. Uh okay, SpaceX Q1 revenue just came out.

[00:19:08]Um 4.7 billion SpaceX Q1 net loss, 4.28 billion. What exactly does that mean?

[00:19:17]Rocket Lab Q1 earnings, 200 million.

[00:19:20]Interesting. Q1 2026, was it losses? I don't even know what this means. Net loss. Net loss of 45 million. Which is an improvement from the 60 million net loss the company posted in the first quarter of 2025. I don't know what we're going to do when SpaceX IPOs. I really don't, guys. This is going to be Well, they're canceling it on Oh, they're canceling it on that news.

[00:19:41]Oh, woah, woah, woah, woah, woah. Let's wait, wait. They're canceling it on that news. Interesting. SpaceX after IPO, Musk will be CEO, CTO, and chairman of the board. Tesla, Tesla, got it. Got to be down. Got to be down. I don't get it if it's not down. I don't get it if it's not down.

[00:19:56]It's got to be down on that, bro. No.

[00:19:58]How? The only rationale here that makes sense is you I mean, they're going to just roll it up, I guess, right? They have to. There's a polymarket for it.

[00:20:07]Merger. They think it's like 16.

[00:20:10]Yeah, 2 trillion. No board control, no revenue.

[00:20:13]It was high at one point. Well, May 15th, that's recently.

[00:20:17]It was recently Yeah, biggest company in the world that also makes no money.

[00:20:20]There's no volume. SpaceX Tesla merger.

[00:20:24]Is there any like news on this? Not really. What does it mean? Elon Musk drops quiet period. What does it mean?

[00:20:30]He's not allowed to comment on a merger.

[00:20:32]What would happen? Like what What happens to Tesla if they merge? All right, also, we have this kind of crazy video. Let's see how much of this we can watch. Leaked audio from a Meta all-hands on April 30th. Zuckerberg told employees the company is using them to train AI models before the mass layoffs hit. His argument, Meta's engineers are smarter than any external workforce. So, having them solve coding tasks internally will make Meta's models better, faster than competitors. The layoffs are expected at Wednesday at 4:00 a.m. Train your replacement, then get walked out. That is the deal. Um so, in other news, I know layoffs are top of mind, but there was also some updates this week around um, and a question around employee device tracking. So Also, if you remember Meta set up that like a mouse tracker and they had some internal company strike where everyone's like, "I'm not [ __ ] doing it." Do you remember this? This is why. They're trying to like train God AI. Can you share more on employee device tracking?

[00:21:28]Um, I think the way that it was announced left folks with some >> So, okay. Let's let's talk about what we're doing.

[00:21:35]You know, like Alex just said, going into what makes these AI models great.

[00:21:39]Right? There's basically a few key ingredients. There's getting the research and the architecture good.

[00:21:43]There's having good infrastructure, which is both the quantity of compute, but like as important if not more is is also just like how efficiently can you use it? How reliable is it? What it like what is the the quality of that? And then the third piece, which is in in some ways I it's hard to say that any of these are more important than the other cuz they're all necessary, is effectively the data and what knowledge it learns.

[00:22:04]So we're in a phase where basically the AI models learn from having real from watching really smart people do things.

[00:22:11]And if you're trying to get it to be able to be able to do certain capabilities, having it be able to observe really smart people doing those things is a is very important. So, there are a few examples of where we're trying to I wonder why everybody's booing at the AI commencement speech. Why why would that be? do this across the company because one one basic insight and hypothesis that we have is that a lot of data generation across the field is done by these like contract companies.

[00:22:35]Um, and then Alex knows a bunch about this because he ran one before coming here, but um, in general, the average intelligence of the people who are at this company is significantly higher than the average set of people that you can get to do tasks if you're working through the contract um, through through these contractors. So, if we're trying to teach the models coding for example, then having people internally um, build tools that or or solve tasks that um, that help teach the model how to code, we think is going to dramatically increase our models coding ability faster than what others in the industry have the capability to do who don't have thousands and thousands of extremely strong engineers. Is the video live?

[00:23:08]With me today from the NVIDIA All right, let's do it. NVIDIA earnings >> All right, Q&A. Here we go.

[00:23:13]>> question comes from Joseph Moore with Morgan Stanley. Your line is open.

[00:23:18]Great. Thank you for letting me ask a question. I I guess I'd like to ask what drove the change in segmentation? What's the philosophy behind giving us the numbers that way? And then can you talk about, you know, any competitive differences between the two segments and and this kind of surprising CPU number that you talked about? How do you see that across the two segments as well?

[00:23:35]Thank you. Yeah, thanks, Joe.

[00:23:38]>> [clears throat] >> First of all, Colette meant to say we're increasing our quarterly dividends from 1 cent to 25 cents. I think that extra 5 cents would mean a lot to the large shareholders. So anyhow, let's see. Joe on on the segmentation and the description of the business. We wanted you to understand our business better.

[00:23:59]AI is very diverse and computing is diverse. They're diverse in several ways. The first thing of course is AI includes languages and depending on the different industries, it could be 3D graphics or manufacturing and industrial robotics. It could be proteins or life sciences. It could be small chemicals or life sciences or material sciences. It could be physics or the the physical sciences.

[00:24:25]>> Listen for 5 10 minutes.

[00:24:26]>> energy sector or of course the sign the science labs, higher education, so and so forth. So AI is diverse. The second thing is the applications are diverse.

[00:24:37]It could be in enterprise. It could be in the energy sector, manufacturing sector and such. Where it runs is diverse. It could be in the, you know, hyperscale cloud. It could be AI natives. These are a whole network of AI natives that are cropping up around the world. Enterprises on prem, industrial in the factories, in the plants. K chat shut up.

[00:25:01]>> to supercomputing centers and uh and the edge. Edge including, of course, uh what's what most people see, self-driving cars, robotics. But a heart large growing network of computers inside manufacturing plants, whether it's a chip plant or packaging or computer plants, all kinds of different types of manufacturing plants. And then, of course, in the future, uh every single base station and every single radio network would become an AI-powered radio network. And so, where it runs.

[00:25:31]And then, lastly, how it's governed.

[00:25:33]You know, it could be operated by a public cloud, but it could also have regular industrial regulatory reasons uh that prevents it from being run in a regulatory cloud. It could be because of confidential computing.

[00:25:47]It could be because of national security reasons. Uh different data centers have to be built differently. Nvidia's quite unique in that Voice is hella calming.

[00:25:56]>> we are the only company that builds all of the technology components.

[00:26:01]We build it in an extreme co-design way, in a complete end-to-end way, and a full-stack way. But then, we, of course, open the platform so that it could be integrated into all the different environments. But some environments just require, an enterprise, for example, require a company who has all of the technologies working together so that they don't have to build it. They would like to buy it and operate it. Nice.

[00:26:25]>> many different different segments of the data center market where Nvidia's total solution, fully integrated solution, still open, uh that way of doing of uh producing or delivering products uh is really, really important. And so, if you look at look at our different segments, the way we broke it out into three large segments. You take all of the words that I just said, Tor cache asking about the dangers of AI in this call. the of it, it would be the hyperscale clouds that would be one large segment and within that segment there's three different ways that we operate. First way is that we help the hyperscale clouds accelerate their data processing and machine learning workloads.

[00:27:05]>> Let's go. We accelerate and support their AI processing inside. We also of course bring a lot of business and video ecosystem business to their public clouds and so that's one segment. The second segment is AI natives enterprise on prems, industrial on prems and that and sovereign AI. That segment is growing incredibly fast because everybody needs AI and we're going to see AI being adopted by every industry, every country, every company. And so everybody wants to build it in a different way.

[00:27:37]>> Nice. And the fact that we provide the entire solution, it makes it much easier, makes it possible at all for people to be able to build these things.

[00:27:45]>> And then of course the robotic edge.

[00:27:48]Nice.

[00:27:48]>> Today yesterday's computing was was largely about personal computing. In the future it's going to be about personal AI.

[00:27:56]And that personal AI, one example of it is the self-driving car. It's a car, it's essentially a personal AI and of course there'll be all kinds of different types of robotic systems including even the base station radio network as I mentioned is going to be essentially a robotic system. And so that's the reason why we broke it all all apart this way. It's the simplest way of understanding our business. Each one of them have different stacks and a lot of ways.

[00:28:20]>> Um they have different operating systems, they operate in a different way.

[00:28:24]>> We go to market very differently in each one of them.

[00:28:27]The easiest go to market of course is the hyperscaler because they're they're only you know Do you know about this SpaceX to pay SpaceX 1.25 billion per month through May 2029? represents a couple of 250,000 companies around the world. That go to market is very complex very diverse. Your understanding of AI has to be extremely diverse and as you know you know, Nvidia has a large the largest suite of acceleration libraries in the world from computational lithography to fluid dynamics to particle physics to molecular dynamics the list goes on. And all of those libraries are essential for us to engage the vertical industries that represents the second and the third category. Okay, so anyways, it's really about the fact that our business has now evolved and grown to such a large scale. It's helpful to segment it so that you have a better understanding of how our business works. All right, so something cool was announced today, which is Andrew Kang, who is kind of a legend in crypto. I'm trying to get him on the stream right now. I'll let you know if we are able to do that. Has come out and announced he is the CEO of Robo Strategy. And I don't know the intricacies of Robo Strategy.

[00:29:35]We're about to look at some of the financials and what they hold. But they basically are one of these like public SPVs, which I I I imagine like okay, if you want to keep every company private super late we're going to need much more of these vehicles to invest in private companies. The terms generally suck, but he holds in Robo Strategy exposure to figure and all of these robotics companies that are really hot in pre-market. So pre-IPO.

[00:30:02]So when I actually started looking into investing in robotics 2 years ago, most VCs I consulted [snorts] with recommended me to not invest in the space. Robotic companies at this time didn't have an easy time raising capital. The industry didn't have a track record. Um the industry did not have a track record of big venture winners and perceived to be challenging for a variety of reasons and was not well understood. But it was clear to me that the rate of acceleration of physical AI development would drastically change the industry.

[00:30:30]I invested 19 million dollars into Figure AI as my first investment. He's probably up so [ __ ] much.

[00:30:39]I believe there It a question of when not if we could imbue machines around the world with physical intelligence. To accomplish this they industry needs a tremendous amount of capital to grow and also an investment from the deeply that deeply understood the needs of robotics and physical AI companies so it could build a platform to better support them.

[00:30:55]It would take hundreds of billions to capitalize the mechanized future.

[00:31:00]Meaning there was a big gap in the market. We decided we wanted to fill it.

[00:31:04]Um, private markets don't have that scale that public markets do.

[00:31:08]It was clear there would be tremendous appetite for public market investors to participate in robotics.

[00:31:14]We founded RoboSrtategy. So 2025 we founded RoboStrategy and a year later we took it public on the NASDAQ.

[00:31:20]Throughout this year we've been we've assembled a great portfolio start leading rounds of some amazing companies and have built the foundation to be ready to scale to the next level after going public.

[00:31:29]Um, a source of our inspiration for our fund structure strategy raised tens of billions from public capital markets to invest in Bitcoin. I believe robotics will be a much bigger industry than Bitcoin.

[00:31:40]And the asset class is orders of magnitudes less accessible.

[00:31:44]We're aiming to raise more and not only become the largest robotics investor globally but also one of the largest venture capital funds in the world.

[00:31:52]VC has traditionally been restricted to a limited group of investors. We are changing the paradigm and bringing it to the rest of the world.

[00:32:00]Be sure to follow RoboStrategy. Job is not finished. So Kang announces he's the CEO and and immediately after this thing has a 16% day. Pretty gnarly. And so this is also the thesis of this Kevin Zoo fellow. So I read the Bot prospectus so you don't have to. This is not a robotics company.

[00:32:24]It's a public wrapper around private robotics exposure, correct? So they basically just own shares of a bunch of these pre-IPO robotics companies that may never IPO. And if robotics becomes the next AI trade the structure gets very interesting. Bot exists because there no clean public robot trades. It turns private robotics exposure into a Robinhood button. Da da da.

[00:32:42]The best holdings are what people can't buy. Um Figure is the one everyone knows. See you brother. Dyna is another one I've heard about.

[00:32:51]Figure is suddenly marketing like a company that wants to be mainstream.

[00:32:55]Da da da. Da da da. Open AI and Tropic SPVs already proved people will pay super premiums for access. This is true.

[00:33:01]Robotics will be the next category that happens. If Figure marks up the entire bot conversation changes overnight. If robotics gets national security and mainstream media momentum, the ticker becomes the product. This is either really smart or really dumb, which is where the best trades live. Okay, they hold Figure, Apptronik, Dyna, Dexmate, Standard Bots, Path Robotics, Coco Robotics. These stupid ass [ __ ] delivery bots. I hate these. GMI, Rack.

[00:33:27]Okay, 17% is 1X Tech. 3.5% is Agility, 3.8% is Figure, 21% is Apptronik. 17.4 is Neura Robotics, Super Science Robotico, and 1.4% is Sanctuary AI. So, the biggest is Apptronik. I don't even like know what this is. Apptronik. Wow, 935 million dollars series A. They've raised almost a billion. My God. Valued at 5.3 billion. Jesus.

[00:33:55]>> Certainly, >> [music] >> I have packed the trail mix for you.

[00:33:57]Hey, can you pack the orange for me? Of course. I am putting the orange >> [music] >> in the lunch bag. Thank you so much. I mean, okay, 10 million dollars, but this thing follows you at that speed for the rest of your life and if it touches you, you die. Take it or no? Let's see. Oh my god, this is live. This is good though, bro. This is Figure. It's live. It's been going for 8 hours. It's been going for 167 consecutive hours, 209,000 packages. Wow, that is crazy. Bro, 167 consecutive hours. Does it have a battery? This thing is impressive. It's so good. This is so nuts. Label down.

[00:34:38]Label down.

[00:34:42]Flip it. Good. Label down.

[00:34:45]Flip it.

[00:34:48]Down. Good. Down. Down. Yeah, make sure.

[00:34:52]Yeah, good. Down. Good. Good. Good.

[00:34:56]Yeah, I mean it's unbelievable. What it did did That is way better than put the Trail Mix put the Trail Mix in the [ __ ] in the [ __ ] back. I would imagine we're going to see a hyper rise of these SPVs. Because no companies go public.

[00:35:10]So, how what is the solve? Well, you build some dot basically. You get some level of allocation. Then you go public and you get some like goat premium. That obviously is going to be hot. I'm surprised there isn't more. But then the counter to that is the pre-IPO perps, if they get big enough, kill that. Cuz why would you buy the SPV when you could just buy like Figure directly? You could buy the one that you want. Why would you buy this bundle of them if there's just one that you want?

[00:35:33]And so, it's a little bit like Where I I would imagine people are down to ape Robo Strategy ridiculous vow because they want what's inside. But then if you could buy what's inside directly, why would you ape Robo Strategy? And then at that point, why would you even stay private? These companies should just go public again.

[00:35:50]Just like becomes a full circle. And so, I don't know. Hyper Liquid maybe like kills these SPVs. I mean, you remember that uh I forget what it's called, but there was that thing that held like Anthropic it was trading at some like ridiculous valuation. People were so desperate to get Anthropic exposure.

[00:36:05]It's kind of an interesting thought. I have a Telegram. I post a lot. I post my trade I don't know. IT'S FUN. BUT DON'T IF YOU COME IN THERE TALKING [ __ ] I'm kicking you out. Shout out to the pit. I'm in there all the day. It's the best way to find me. It's the best way to tap in. I love YOU. I APPRECIATE YOU.

[00:36:17]I'LL SEE YOU TOMORROW. BYE.

[00:36:19]>> [screaming] >> PEACE.