Power Constraints on Data Centers - The industry acknowledges that power, rather than chips or financing, is a significant bottleneck for data center development [1] - Power challenges involve both overall power availability and the distribution of power to desired data center locations [1] Interconnection and Approval Processes - Data centers face challenges in drawing power from the grid and obtaining necessary approvals for power generation [2] - Securing interconnection permission for large data centers can take approximately five years [2] Project Timelines and Delays - Data center construction projects often experience timeline extensions, deviating from initial estimates of 18 to 36 months [3] - Project delays are likened to the unpredictable boarding process at an airport, where initial expectations are often unmet [3][4]

The only way to figure out if drugs are safe and effective is to try them in living breathing human beings and that is extraordinarily timeconuming and incredibly expensive. I wish for the day when AI is able to fully simulate an accurate human in the computer and we don't need to do clinical trials on real people. How are you actually evaluating opportunities in the US against China competition.Because, you know, if clinical trials are the major choke point and if China seems to be trying to make that proc ...

When we think about the AI race, Jensen Hang obviously the CEO of Nvidia coming out recently and suggesting that China is going to win the AI race. And he talked about the lower cost of energy. He talked about looser regulation. He talked about the fact that there's a bigger developer base.Is that right. Is is China winning. Is China set to win the AI race. >> Well, I think today the US are far ahead of China when it comes to AI.I mean, Nvidia is a good example of that. Of course, everyone in China wants to ...

AI Partnership & Strategy - The company is excited about AI and announced a partnership with OpenAI [1] - The partnership with OpenAI focuses on infusing technology to accelerate innovation and improve efficiency [1] - The company is mindful of safety, privacy, and other important issues when creating AI-infused products [2] Product Development - The company is creating products that leverage and benefit from AI technology [2] - The company is thinking of AI in ways to elevate the play pattern and create more engaging experiences [2] - The company is not focusing on simple applications like an "AI speaking Barbie" [2]

-These companies investing trillions of dollars in CapEx. -Trillions of dollars in the race to build artificial intelligence support systems. -Trillions of dollars of our tech companies investing in building data centers in America. Westin: How far AI will take us and how fast may depend in part on a basic choice about the overall approach to sharing or withholding information, a choice often mentioned in passing, but one that investors may not have identified as key. -I want to see AI everywhere. You know, ...

Executive Orders & Legal Framework - Executive orders are written orders from the President, aiming to implement specific actions [2] - Executive orders are not laws and are subordinate to the Constitution and federal statutes [2][3] - The legality and constitutionality of executive orders are ultimately determined by the judiciary, especially the Supreme Court [3] - Congress can also act if it has the political will to do so [3] Potential Impact & Concerns - The report highlights concerns about the extent to which President Trump has used executive orders to reshape government and society [1] - Trump's executive orders have targeted areas such as law firms doing business with the government, the Department of Education, and requirements to vote in political elections [1] - One executive order challenged a common understanding of the Constitution to end birthright citizenship [1]

AI Development & Competition - The US is currently far ahead of China in AI, exemplified by Nvidia's dominance, with approximately 80% of the most advanced chips being purchased in the US [1] - Major US companies like Google, META, and Microsoft are driving AI development significantly [2] - Europe is currently a consumer of AI technology, lagging behind the US and China in AI ecosystem development [2] - The debate is whether the US or China will win the AI race, but Europe is clearly losing, also evident in the semiconductor sector [3] - Europe's semiconductor consumption is low because companies developing AI chips are not based there [4] - Europe needs to create conditions to attract the AI ecosystem back to the region to catch up [4] - If Europe loses the AI race, it will primarily become a consumer of the technology, with limited knowledge creation within the region [6] Semiconductor Industry & Supply Chain - Shipments of systems to Europe account for only 1-2% of total business, a trend that has persisted for the last ten years, indicating a lack of semiconductor manufacturing build-up in Europe [3] - The interdependencies between China and the US are constantly highlighted, emphasizing the need to ensure open markets [9] - China will not accept being cut off from technology and will strive to advance, given its large population of 14 billion [11] - The West could choose to provide China with older generation technology, such as the fourth or fifth generation, while currently shipping products that are eight generations behind [12] - Products shipped to China are over ten years behind those shipped to Western customers in 2013-2014, slowing down China's technological progress [12] - Frustrating China too much could lead them to develop their own technology and potentially compete in the market [14]

Company Overview - ASML is central to the production of advanced chips used in phones, laptops, and AI, though largely unknown to the public [1] - ASML is the sole manufacturer of lithography machines capable of printing the tiniest circuits on advanced chips [1] - ASML's modern lithography machines are very large, about the size of a double-decker bus [1] Product & Cost - ASML's extreme ultraviolet (EUV) lithography machine, a key product, costs over $300 million [2] - Each EUV machine contains over 100,000 parts [2] Supply Chain - ASML relies on approximately 1,000 suppliers for its machine production [2] - These suppliers provide hundreds of thousands of individual parts [2] Industry Position - Top semiconductor firms like Nvidia, AMD, and Micron design chips [3] - Foundries such as TSMC and Samsung manufacture these chips, primarily in Asia [3] - The most advanced semiconductors rely almost entirely on ASML's EUV machines [4] - The semiconductor industry faces the ongoing challenge of increasing computing power in smaller spaces [4]

because you know these key players. Can you describe some of them in one word. Like if I say to you Sam Orman, what word first comes into your mind.[laughter] >> Oh my god. Um yeah, I I guess courageous >> because >> well, you know, he's obviously sort of growing his data center fleet very very uh aggressively. Um, and I I think he's, you know, he he he may well turn out to be, you know, one of the one of the great entrepreneurs of our generation.>> So, other descriptions, what what word would you use to de ...

I would love to hear kind of your take on where we are on the AI question. Like Stacy and I for months have been sort of debating about the AI bubble and is it useful. How do you see things from from your perch.>> I think you just said it. You just said the AI industry and then you said sell its chips to China. The entire AI industry is Nvidia.That's the money. It's the whole industry. Nobody else is making a dime. >> Is no one else making a dime even with like the chips act and everything.I like Micron and ...