英伟达财报提振AI乐观情绪，资本开支扩张引关注

It's the most important company in the world. Reporting numbers this week. Mhm. Videos on Wednesday Nvidia video Nvidia and video. I like how you described Nvidia earnings earlier as the macro event of the week. Because micro is now macro. That's how big this company spending has gotten to. So one thing that we're paying attention to is CapEx uh kind of trajectory. Uh, I'm not just talking about Nvidia, I'm talking about the whole AI complex.

It emphasized that we are still in the AI CapEx inflation stage. It's good for chip names. It is it is good for the overall AI theme. For now, it's kind of at the core of everything. It's been making a lot of money out of the whole AI theme, but it's also funding a lot of the AI theme now. So the fact that it's still got good numbers is important. They've also addressed directly head on a lot of the major concerns. So I mentioned memory.

They also addressed circular financing. They addressed the open weight model growth and those two things that Jensen, you know, took on face fund. He said those are both very positive developments. He wished he had invested even more. I think the biggest risk to Nvidia here is cash call, which is that the it becomes a victim of its own success in the sense that investors get very, very excited about the anthropic IPO and sell some Nvidia to fund it.

Spread levels of these hyperscalers are slightly ahead of what normal corporates pay, and that entices investors to buy them. The real interesting question will be there would be and a further increase in issuance volume in 27 and 28, in line with obviously, Nvidia's message around that big supply. This is going to be a huge capital need in many ways over generations. This is a shift which needs infrastructure of a significant scale.

Historically, this was a US versus China story, but actually the whole world is having to adapt. And we're seeing this I kind of dynamic change. Operating models change the way in which businesses allocate capital. And I think it's a very much now a global opportunity. We're moving into the stage of the I infrastructure cycle, where the first stage was really funded by cash flow from operations, primarily from the hyperscalers.

Now the capital markets are taking over. That is going to take a much more significant role in this. And so having the best technology really, really matter.