Canada has more falling water than anywhere else on the earth. The opportunity to develop the cheapest power on Earth is mind-boggling. There is cheap power in lots of places, but in order for countries that wish to and don't have the natural resources of Finland that has geothermal or Iceland that has geothermal or Canada that has falling water, nuclear is a very reasonable and cost-effective strategy, especially over a several decade You. ...

Manufacturing & Regulation - Samsung's Texas fab design was altered due to a local fire ordinance [1] - US government efforts to deploy billions of dollars in Texas were delayed [1] - A local fire ordinance caused an 8-10 month setback and redesign of the fab [1] Challenges & Solutions - The industry faces challenges related to regulatory compliance and construction delays [1] - Collective effort is needed to address these challenges [1]

Productivity Gains - Modest productivity gains are expected if AI is used similarly to existing tools like Google [1] - Massive productivity gains are anticipated if organizations fundamentally reorganize around AI [1] - Using AI to replace existing processes will not result in significant productivity improvements [1]

We have fundamental limitations in AI expertise. We're not making enough AI practitioners. We're not making enough data scientists who understand data pipelines.Our universities aren't minting enough. Our challenges in the US with immigration don't help that. We have historically sucked the best and the brightest first on J1s to come to our schools and H1s to stay.And if that is not our policy, we need to make them. Right. If the government decides that that that is not the way they want to build a workforc ...

Every day I go to battle with Goliath. Every day, every dollar we sell is a dollar that if we didn't work at it, if we didn't think, if we didn't invent, if we weren't 10 times better, would default to Nvidia. And before I competed with Nvidia, I competed with Cisco 15 years.every dollar that we sold there. ...

Things are moving at a rate that 6 8 12 months out everybody's unsure. It's so fast. It's so big.There is unbelievable demand and nobody knows where it will go in the future. The question of depreciation is how much faster are future generations than the current generation. That's the actual question on depreciation.People often say we don't have enough power in the US. This is strictly wrong. We have plenty of power.It's in the wrong places. Risk comes in financial markets where people fundamentally undere ...

Market Trends & Demand - The AI market is experiencing unbelievable demand, but future direction remains uncertain [1] - Customers are requesting between 5 million and 40 million queries per second, highlighting demand uncertainty [1] - The announcements of deals should be considered as options on the future due to the unknown environment [1] - The growth rate of inference is exponential, driven by more users, increased frequency of use, and more complex tasks [6] Financial & Investment - A \$1 billion raise was completed at the highest valuation with premier investors like Fidelity [1] - The funding will be used to expand manufacturing, add new data centers, and pursue big ideas in AI [1] - Nvidia's investment of \$100 billion into OpenAI is difficult to analyze beyond Nvidia trying to secure a portion of OpenAI's demand [2] - The company's revenue is concentrated in the UAE, accounting for 75-80% of revenues in the first half of 2024, due to large orders consuming manufacturing capacity [11] Technology & Infrastructure - The industry is seeing performance improvements of around 2-25x per meaningful generation move in chips [5] - The company chose wafer scale to overcome the limitations of SRAMM by using a huge amount of silicon area [5] - There is a shortage of data center capacity, despite significant investment commitments [8] - Building data centers is not for everyone, and the best can build them for \$8 million per megawatt [9] Competition & Strategy - Large companies tend to use their balance sheet more and technology less as they worry about growth [2] - Nvidia's high margins (potentially 78% or higher) are driving interest in building alternative solutions [10] - The company believes that sovereignty, combined with fast hardware, makes Mistral's product compelling [10] Challenges & Bottlenecks - There are fundamental limitations in AI expertise, with not enough AI practitioners and data scientists being produced [8] - TSMC's ability to build fabs quickly enough is limited, impacting chip supply [8] - Power infrastructure and permitting processes at the local level can interfere with projects and set them back [10]

Risk Aversion - The United States exhibits a higher degree of risk aversion compared to Europe [1] - The United States is particularly averse to mistakes of commission, where actions lead to errors [1] - Europe is more willing to accept the risk of omission, where inaction leads to errors [2] Economic Context - In a high-growth economy, the cost of missing opportunities (omission) outweighs the cost of making mistakes (commission) [2] Competitive Strategy - Europe seeks to compete through legislation [2]

You said you don't do free trials. Why not. With the free trials, you bring free trialists, which is a very weak signal.You want to bring payers, people who have high willingness to pay. And this is how you want to optimize your algorithms. Okay, I get you totally, but I'm really put off either like enter app pay.And I'm like, well, it's not an app. We do web on boardings. Uh, how much of net new subscribers is web on boardings.Like let's say 80% will be coming through web in all our companies apart from fl ...

At the very beginning, you need to nail your core use case and build the growth machine around the core use case. Then you start the optimization phase and those small optimizations, they're going to compound and you need to make it really at speed. At some point when you feel that you nailed that core use case, you need to build defensibility and defensibility cannot build through those small moves.You really need to make a mode of defensibility. Built a great product with clearly defined broad need that c ...