How competitive uh is AMD's AI road map with Nvidia?

I think it's very competitive. Uh the MI 450 uh and the Helios platform is their first real uh shot across the bow with Nvidia's NBL 72 platform. It's their first rack scale, uh and uh architecturally similar platform uh to uh Rubin Vera Rubin uh out of uh Nvidia and so uh this is the first time that we're going to see AMD as a real competitive alternative

uh to Nvidia, similar to the alternative I talked about with Intel to TSMC. and so, uh with AMD, you're not only getting that AI story, but you're also getting their their CPU uh market share gains that they've been making for many years uh since Lisa Su's come on as CEO a decade plus ago, uh they have making steady share gains against AM or against Intel in the CPU market, uh and when servers are relying increasingly on uh CPUs instead of just their dominant leverage to AI GPUs, all of a sudden AMD's uh server market share starts to make a lot of sense to investors.

Now, Nvidia earnings on deck, May 20th. What are you expecting to hear?

Well, I think it's more of the same. I think it'll be a beat and raise by a billion plus dollars on either end. Uh and but unfortunately that's uh probably not terribly new news to Nvidia investors. Uh that's become the norm. Um it's hard for them to deliver significant upside surprise when that has become the status quo for uh for them.

And so, I think they continue to to talk about uh the strength of the ecosystem, the uh the demand for GPUs for training and now the inference and agentic AI driving increasing tokenization and increasing returns on the invested dollar that these uh hyper scalers are making and so it becomes a virtuous circle where they spend the money and they make the money and it uh it all comes back to Nvidia's chips.