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Nvidia’s moat is managing the entire AI ecosystem
“The fact that Nvidia's downstream supply chain and our downstream demand is so large, they're willing to make the investment upstream. And so, if you look at GTC and people are marveled by the scale of GTC, it's the entire universe of AI all in one place. I bring them together so that the downstream could see the upstream, the upstream could see the downstream, and all of them could see all the advances in AI.”
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Agents will exponentially increase software tool usage
“I think the number of agents are going to grow exponentially. The number of tool users are going to grow exponentially. And it's very likely that the number of instances of all these tools are going to skyrocket. Today we're limited by the number of engineers. Tomorrow, those engineers are going to be supported by a bunch of agents. And we're going to be exploring out the design space like you've never seen explored before.”
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Physical infrastructure is the hardest scaling bottleneck
“At some level, the instantaneous demand is greater than the supply upstream and downstream in the world. And it could be at any instance, we could be limited by the number of plumbers, which actually happens. I actually went to the hardest one. Yeah, plumbers and electricians. And the reason for that is because, if we're too far apart, the industry swarms it.”
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Massive purchase commitments ensure long-term supply
“If our next several years is a trillion dollars in scale, we have the supply chain to do it. Without our reach, the velocity of our business, just as there's cash flow, there's supply chain flow, there are turns. Nobody is going to build a supply chain for an architecture if the architecture, the business turns is low. Our ability to sustain the scale is only because our downstream demand is so great.”
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Nvidia views itself as an electron-to-token factory
“The input is electron, the output is tokens. That is in the middle, Nvidia. And our job is to do as much as necessary, as little as possible to enable that transformation to be done at incredible capabilities. Making that token, it's like making one molecule more valuable than another molecule. Making one token more valuable than another. The amount of artistry, engineering, science, invention that goes into making that token valuable, obviously we're watching it happening in real time.”