1 00:00:00,020 --> 00:00:05,040 Ejaaz: 30 days ago, President Trump went on camera and said the following sentence, go out and buy Dell. 2 00:00:05,280 --> 00:00:10,040 Ejaaz: Since then, Dell stock has surged 80% following two back-to-back blowout earnings, 3 00:00:10,360 --> 00:00:13,320 Ejaaz: giving them the biggest tech comeback in history. 4 00:00:13,580 --> 00:00:16,900 Ejaaz: Their stock is up 240% this year alone. 5 00:00:17,120 --> 00:00:22,720 Ejaaz: Now, Dell is probably the most boring written off tech middle aged company that I can think of. 6 00:00:22,820 --> 00:00:26,780 Ejaaz: They were the guys that sold my school's IT department server racks back in the day. 7 00:00:26,920 --> 00:00:30,860 Ejaaz: But a person that goes by the name of Jensen Huang saw something different. 8 00:00:31,260 --> 00:00:35,400 Ejaaz: Dell sells servers and data center racks that are ideal for training and inferencing 9 00:00:35,400 --> 00:00:38,580 Ejaaz: data models, specifically the GPUs that he sells. 10 00:00:38,720 --> 00:00:42,620 Ejaaz: Now, the smart money is showing that AI is flowing down from the chip makers 11 00:00:42,620 --> 00:00:45,900 Ejaaz: to the guys that actually put the chips together and run them. 12 00:00:46,000 --> 00:00:47,260 Ejaaz: That's what Dell is doing right now. 13 00:00:47,540 --> 00:00:52,360 Ejaaz: And in my opinion, Dell's put on a masterclass of how to pivot from a regular 14 00:00:52,360 --> 00:00:54,080 Ejaaz: company to an AI company. 15 00:00:54,420 --> 00:00:58,060 Josh: The Dell story is incredible. EJ, do you have any idea how old Dell is? 16 00:00:58,340 --> 00:00:59,460 Ejaaz: No, very old. 17 00:00:59,640 --> 00:01:04,660 Josh: 40 years old. They IPO'd back in 1988. And what's most interesting, 18 00:01:04,840 --> 00:01:07,300 Josh: and I find, and the only reason why Dell is probably sitting in this position 19 00:01:07,300 --> 00:01:11,980 Josh: is because of the founder who has been with them since the beginning of time, Michael Dell. 20 00:01:12,220 --> 00:01:17,220 Josh: And he's really done an unbelievable job in moving this company through all 21 00:01:17,220 --> 00:01:19,660 Josh: of the phases that have existed over the last 40 years. 22 00:01:19,720 --> 00:01:22,800 Josh: When you think about 40 years ago, we didn't even have consumer laptops, 23 00:01:23,100 --> 00:01:25,120 Josh: consumer computers. We didn't even have the internet. 24 00:01:25,560 --> 00:01:28,880 Josh: So Dell has been around longer than just about anything. Michael Dell has navigated 25 00:01:28,880 --> 00:01:29,920 Josh: through all of these transitions. 26 00:01:30,200 --> 00:01:34,060 Josh: And this most recent transition to AI, he has done so again successfully. 27 00:01:34,620 --> 00:01:38,540 Josh: Dell has not had the easiest route. In fact, if you switch the chart to all 28 00:01:38,540 --> 00:01:40,220 Josh: on this thing that we're looking at here. 29 00:01:40,780 --> 00:01:45,360 Josh: You'll see in 2013, they actually disappeared off of the stock market entirely. 30 00:01:45,860 --> 00:01:50,340 Josh: Michael Dell took the company private at a $24.4 billion valuation. 31 00:01:50,880 --> 00:01:54,340 Josh: Fast forward to today, clearly that is different. Clearly they've figured out 32 00:01:54,340 --> 00:01:55,480 Josh: something new and novel. 33 00:01:55,640 --> 00:01:58,300 Josh: And that's, I think, what a lot about what we're going to be covering on this 34 00:01:58,300 --> 00:02:03,020 Josh: episode is the transition that was made most recently, the pivot into becoming 35 00:02:03,020 --> 00:02:05,900 Josh: one of the major arms dealers in the AI race. 36 00:02:06,120 --> 00:02:10,280 Josh: So who would have thought that this really old school company could turn itself 37 00:02:10,280 --> 00:02:12,580 Josh: into a cutting edge, leading edge company. 38 00:02:12,740 --> 00:02:15,820 Josh: And gosh, there are people who've been holding the stock for decades who are 39 00:02:15,820 --> 00:02:18,540 Josh: very happy about what's going on. But let's get into what's going on, EJazz. 40 00:02:18,780 --> 00:02:22,000 Josh: It's clear that Dell's kind of becoming the picks and shovels company. 41 00:02:22,140 --> 00:02:24,180 Josh: They sit one layer down from NVIDIA. 42 00:02:24,360 --> 00:02:27,320 Josh: What is their role in this large picture? I mean, two weeks ago, 43 00:02:27,380 --> 00:02:29,220 Josh: we had that episode where we talked about the AI stack. 44 00:02:29,520 --> 00:02:32,660 Josh: We talked about where each company sits. Where does Dell sit in this picture? 45 00:02:33,060 --> 00:02:37,700 Ejaaz: Before I do that, what's hilarious is you asked me to toggle to all, 46 00:02:37,840 --> 00:02:43,160 Ejaaz: but we can't go back prior to 2013 because they technically went off the public market. 47 00:02:44,020 --> 00:02:48,260 Ejaaz: Yeah, they delisted. So they delisted. They went for, I think it was like $24 billion. 48 00:02:48,680 --> 00:02:52,040 Ejaaz: And then they were kind of like in stealth mode for a bunch of years and then 49 00:02:52,040 --> 00:02:55,040 Ejaaz: came back in an IPO in 2018, I believe. 50 00:02:55,200 --> 00:02:57,720 Ejaaz: And that's the stock market that we're seeing or the stock chart that we're 51 00:02:57,720 --> 00:03:02,220 Ejaaz: seeing right now. But to answer your question specifically, everyone knows that 52 00:03:02,220 --> 00:03:03,960 Ejaaz: in a gold rush, what is the line? 53 00:03:04,310 --> 00:03:08,130 Ejaaz: You've got to be the one that's selling the shovel specifically. 54 00:03:08,390 --> 00:03:11,630 Ejaaz: And that's what NVIDIA became for the entire AI boom. 55 00:03:12,050 --> 00:03:16,890 Ejaaz: AI models went kind of viral. Everyone was using ChatGPT, and smart investors 56 00:03:16,890 --> 00:03:20,370 Ejaaz: thought to place their money in the chip maker, the GPU maker. 57 00:03:20,570 --> 00:03:25,070 Ejaaz: Now, what is playing out with Dell specifically is someone has to be the one 58 00:03:25,070 --> 00:03:29,690 Ejaaz: that assembles the shovels together into kind of like a working mind, 59 00:03:29,830 --> 00:03:31,290 Ejaaz: right? Into like a working product. 60 00:03:31,570 --> 00:03:35,430 Ejaaz: And that's what Dell does. they don't make the GPUs, but they make the racks, 61 00:03:35,790 --> 00:03:37,410 Ejaaz: The cooling systems, and they 62 00:03:37,410 --> 00:03:40,810 Ejaaz: help integrate all of NVIDIA's GPUs to actually make them functioning. 63 00:03:40,950 --> 00:03:43,550 Ejaaz: There was a story that we covered, I think it was like a few months ago, 64 00:03:43,730 --> 00:03:49,270 Ejaaz: where Microsoft had purchased, I think, $300 to $500 billion worth of GPUs that 65 00:03:49,270 --> 00:03:53,210 Ejaaz: were sitting in warehouses collecting dust, because they couldn't get the power 66 00:03:53,210 --> 00:03:55,210 Ejaaz: to set this up and power these GPUs. 67 00:03:55,310 --> 00:03:58,730 Ejaaz: They also couldn't get the cooling systems and the wiring to get all of this set up. 68 00:03:59,090 --> 00:04:03,690 Ejaaz: Dell kind of like spent the last 40 years creating and perfecting server racks 69 00:04:03,690 --> 00:04:06,030 Ejaaz: for a completely different kind of adjacent industry. 70 00:04:06,150 --> 00:04:09,030 Ejaaz: It was like the computing side of things. It was the gaming side of things. 71 00:04:09,290 --> 00:04:13,330 Ejaaz: And then recently, they kind of pivoted to focus specifically on making their 72 00:04:13,330 --> 00:04:16,590 Ejaaz: hardware perfect for AI models, inferencing, and training. 73 00:04:16,710 --> 00:04:19,810 Ejaaz: And that's what has led to this like kind of massive partnership. 74 00:04:20,030 --> 00:04:23,810 Ejaaz: Now, there's currently a really big conference happening in Taiwan. 75 00:04:23,990 --> 00:04:27,690 Ejaaz: Taiwan, of course, is obviously the epicenter of semiconductor manufacturing. 76 00:04:27,890 --> 00:04:29,350 Ejaaz: You've got TSMC out there. 77 00:04:29,650 --> 00:04:33,150 Ejaaz: Jensen Huang flies there. I think it was like four to five times a quarter to 78 00:04:33,150 --> 00:04:36,750 Ejaaz: kind of like chat to TSMC and make sure that NVIDIA chips and designs are being 79 00:04:36,750 --> 00:04:38,410 Ejaaz: constructed in the way that he can. 80 00:04:38,590 --> 00:04:42,570 Ejaaz: He's had a linchpin on all of this. And there's a big conference going out there right now where 81 00:04:42,830 --> 00:04:45,650 Ejaaz: Jensen had some really important news updates to share. 82 00:04:45,770 --> 00:04:48,730 Ejaaz: Now, the first one, the one that was being teased over the weekend, 83 00:04:48,890 --> 00:04:53,830 Ejaaz: came from none other than Michael Dell himself, the guy that is a CEO and founder of Dell. 84 00:04:54,010 --> 00:05:01,910 Ejaaz: And he goes, we have the first Dell slash NVIDIA Vera Rubin NVL72 rack live 85 00:05:01,910 --> 00:05:04,350 Ejaaz: and going. And I actually have a picture of this right now. 86 00:05:04,450 --> 00:05:07,290 Ejaaz: Now, if you're wondering what the Vera Rubin rack is 87 00:05:07,290 --> 00:05:13,730 Ejaaz: it is um nvidia's latest gen uh gpu rack and it is going to be the rack that 88 00:05:13,730 --> 00:05:17,630 Ejaaz: ends up training the frontier models from anthropic and open ai starting probably 89 00:05:17,630 --> 00:05:20,710 Ejaaz: next year because there's usually like a six month lag they announced it about 90 00:05:20,710 --> 00:05:24,630 Ejaaz: i think it was like four to six months ago and now we see the first live rack 91 00:05:24,630 --> 00:05:26,710 Ejaaz: coming to fruition it's pretty cool so 92 00:05:26,710 --> 00:05:30,690 Josh: This is amazing and unexpected in the sense that i i would have probably expected 93 00:05:30,690 --> 00:05:35,230 Josh: to see someone like xai or anthropic or open ai getting the first Vera Rubin 94 00:05:35,230 --> 00:05:37,170 Josh: chips working and actually running. 95 00:05:37,330 --> 00:05:39,710 Josh: So it's interesting to see it coming out of Dell of all places. 96 00:05:39,850 --> 00:05:45,030 Josh: And I think the reason why we see it out of Dell is because Dell is in a very unique position. 97 00:05:45,170 --> 00:05:48,490 Josh: You mentioned like the picks and shovels and how it's creating a working mine. 98 00:05:48,830 --> 00:05:54,530 Josh: Dell is hardware and AI distribution as a service. It basically builds AI factories 99 00:05:54,530 --> 00:05:56,050 Josh: for anybody who wants them. 100 00:05:56,250 --> 00:05:59,450 Josh: And this is their wheelhouse. One of the most interesting things that I guess 101 00:05:59,450 --> 00:06:03,770 Josh: over time you start to develop relationships with over your 40-year career is 102 00:06:03,770 --> 00:06:06,690 Josh: relationships with people who have sensitive information. We're talking 103 00:06:07,020 --> 00:06:12,080 Josh: banks, hospitals, governments who are involved in defense, a lot of these kind 104 00:06:12,080 --> 00:06:16,780 Josh: of more secure entities aren't really able to go off and use OpenAI or Claude 105 00:06:16,780 --> 00:06:19,580 Josh: because a lot of the data is secure and they can't let it leave their servers. 106 00:06:19,820 --> 00:06:24,300 Josh: What Dell is able to do is take this hardware ability, their ability to print 107 00:06:24,300 --> 00:06:27,940 Josh: out these mines per se, and then give it to these individuals. 108 00:06:28,060 --> 00:06:31,340 Josh: So give it to a hospital who really needs to use AI, but can't let the secure 109 00:06:31,340 --> 00:06:33,300 Josh: customer information get off of off-premises. 110 00:06:33,540 --> 00:06:36,580 Josh: Same thing with banks, same thing with governments. And what we're seeing here 111 00:06:36,580 --> 00:06:41,260 Josh: is a really strong pivot from them in that sector in a way that I think they're 112 00:06:41,260 --> 00:06:42,020 Josh: making a lot of progress. 113 00:06:42,140 --> 00:06:44,780 Josh: I mean, Vera Rubin is one of the first things that they've done, 114 00:06:44,940 --> 00:06:48,380 Josh: but they've also been working on a lot of other really promising ways of getting 115 00:06:48,380 --> 00:06:52,980 Josh: AI hardware into the hands of not necessarily your average consumer, 116 00:06:53,200 --> 00:06:56,920 Josh: but further down the stack, where if perhaps you don't have $100 billion to 117 00:06:56,920 --> 00:07:00,780 Josh: build out a data center, you can actually just go and spend $80,000 to $120,000. 118 00:07:01,220 --> 00:07:03,040 Josh: On the new workstation. 119 00:07:03,240 --> 00:07:06,340 Josh: So just last night, NVIDIA Jensen Huang went on stage in Taiwan, 120 00:07:06,500 --> 00:07:07,760 Josh: and he was announcing a bunch of new hardware. 121 00:07:08,040 --> 00:07:12,320 Josh: And one of the hardware pieces that he released was this DGX station for Windows. 122 00:07:12,580 --> 00:07:17,060 Josh: What is it? It's basically a Blackwell chip in a desktop, which is the most 123 00:07:17,060 --> 00:07:20,140 Josh: powerful consumer grade supercomputer in the world. 124 00:07:20,240 --> 00:07:22,920 Josh: And I'm not even sure we could call this consumer grade, because I'm not sure 125 00:07:22,920 --> 00:07:25,580 Josh: how many consumers are going to spend $80,000 plus on the computer. 126 00:07:25,720 --> 00:07:29,260 Josh: But essentially, what you have is a Blackwell chip that can sit inside of a 127 00:07:29,260 --> 00:07:33,880 Josh: room without a custom tooling, without custom data center, and it can run a 128 00:07:33,880 --> 00:07:37,080 Josh: trillion parameter model locally on your machine. 129 00:07:37,240 --> 00:07:41,100 Josh: So they're kind of moving down the stack as well. And I think this is what investors are seeing. 130 00:07:41,220 --> 00:07:43,960 Josh: They're seeing them partnering with companies like NVIDIA and really making 131 00:07:43,960 --> 00:07:48,540 Josh: strong progress in the world of getting AI accessible to people through data 132 00:07:48,540 --> 00:07:51,360 Josh: centers, through this consumer hardware, all the way up and down the stack. 133 00:07:51,800 --> 00:07:56,980 Ejaaz: What I like about this is typically, if you wanted to go out and train your 134 00:07:56,980 --> 00:08:00,420 Ejaaz: own model from scratch, you would need like billions to hundreds of billions 135 00:08:00,420 --> 00:08:02,080 Ejaaz: of dollars to be able to do that. 136 00:08:02,160 --> 00:08:05,440 Ejaaz: It was a very siloed kind of like access only to the rich. 137 00:08:05,880 --> 00:08:10,020 Ejaaz: And what these new updates or hardware updates are doing is basically disseminating 138 00:08:10,020 --> 00:08:14,720 Ejaaz: it to like the average kind of like medium sized startup that maybe has raised, let's say, 139 00:08:14,880 --> 00:08:18,860 Ejaaz: 10 to 100 million dollars in funding for them to be able to buy out like a server 140 00:08:18,860 --> 00:08:21,780 Ejaaz: rack or a couple server racks of this new NVIDIA DGX station. 141 00:08:21,800 --> 00:08:24,320 Ejaaz: That you should be able to kind of like train some kind of a model, right? 142 00:08:24,480 --> 00:08:27,200 Ejaaz: Running locally. Now, if you're listening to this and you're still like, 143 00:08:27,300 --> 00:08:30,560 Ejaaz: well, I'm just a regular consumer. I'm not that business and I want to be able 144 00:08:30,560 --> 00:08:32,180 Ejaaz: to access and run some of these models. 145 00:08:32,560 --> 00:08:37,420 Ejaaz: They had another update. NVIDIA announced something called their new ARM-based 146 00:08:37,420 --> 00:08:39,060 Ejaaz: processor called RTX Spark. 147 00:08:39,200 --> 00:08:44,820 Ejaaz: So it's basically the equivalent of a GPU RTX 5070 that runs on your laptops. 148 00:08:44,820 --> 00:08:48,080 Ejaaz: I'm talking about like, not even like a desktop PC, like an actual laptop. 149 00:08:48,080 --> 00:08:53,560 Ejaaz: It runs at 100 frames per second. And it's, you know, it's pioneered or oriented around modern games. 150 00:08:53,700 --> 00:08:57,520 Ejaaz: So what the coolest part about this is you can technically run some form of 151 00:08:57,520 --> 00:09:02,540 Ejaaz: an open source frontier model on your laptop now using this new GPU or this new chip. 152 00:09:02,780 --> 00:09:06,300 Ejaaz: And what I love about the directional trend that companies like Dell, 153 00:09:06,460 --> 00:09:10,840 Ejaaz: ARM, and NVIDIA are kind of like aligning together to build is running models 154 00:09:10,840 --> 00:09:14,920 Ejaaz: on bare metal or locally at home using your own private data. 155 00:09:15,100 --> 00:09:18,140 Ejaaz: And I think this is, we've said this on previous episodes, but this is incredibly 156 00:09:18,140 --> 00:09:23,180 Ejaaz: important because you don't want to hand over all your personal data to companies 157 00:09:23,180 --> 00:09:24,420 Ejaaz: like Anthropic and OpenAI. 158 00:09:24,640 --> 00:09:28,860 Ejaaz: At some point, it gets a little weird when you start sharing medical records 159 00:09:28,860 --> 00:09:32,160 Ejaaz: or banking stuff or personal lawyering things. I know a lot of friends, 160 00:09:32,500 --> 00:09:35,840 Ejaaz: Personally, that do that already. They kind of like upload their therapist notes 161 00:09:35,840 --> 00:09:37,260 Ejaaz: and stuff and get like kind of information. 162 00:09:37,400 --> 00:09:40,640 Ejaaz: I'm like, hang on a second. So Sam Altman technically gets access to that right 163 00:09:40,640 --> 00:09:42,520 Ejaaz: now, right? They can use it for whatever they want. 164 00:09:42,620 --> 00:09:46,700 Ejaaz: And I think it's increasingly important to own your own hardware going forwards, 165 00:09:47,020 --> 00:09:50,760 Ejaaz: which is so weird when we have been in an all-cloud world. 166 00:09:50,880 --> 00:09:54,480 Ejaaz: Now, when you were describing earlier on, Josh, the fact that like Dell is enabling 167 00:09:54,480 --> 00:09:57,100 Ejaaz: kind of like bare metal training, you know, on-prem running, 168 00:09:57,240 --> 00:10:02,100 Ejaaz: it reminds me of that story we covered with Amazon. Remember when we were given the Amazon bull case? 169 00:10:02,260 --> 00:10:06,080 Ejaaz: Yeah. And we were talking about like them building out Amazon Cloud specifically for AI servers. 170 00:10:06,240 --> 00:10:10,700 Ejaaz: One of their main assets is they run all the governments across the world's 171 00:10:10,700 --> 00:10:13,520 Ejaaz: AI models because they can like set up racks for themselves. 172 00:10:13,860 --> 00:10:16,360 Ejaaz: And Dell is kind of becoming a feasible competitor to that. 173 00:10:16,640 --> 00:10:19,720 Josh: So yeah, I want to take a little side quest here and actually talk about a little 174 00:10:19,720 --> 00:10:22,960 Josh: bit more of what NVIDIA announced last night because it was really impressive. 175 00:10:23,120 --> 00:10:27,940 Josh: So we have that RTX Spark, which is this new processor equivalent to an NVIDIA 176 00:10:27,940 --> 00:10:34,460 Josh: 5090. Now, for those not familiar, the NVIDIA 5090 kind of run of GPUs is the 177 00:10:34,460 --> 00:10:36,720 Josh: cutting edge top of the line for consumers. 178 00:10:36,880 --> 00:10:40,400 Josh: And generally, if you're a gamer, that's what you always aspire to buy. 179 00:10:40,540 --> 00:10:42,480 Josh: That's how you can play your games at maximum settings. 180 00:10:42,640 --> 00:10:45,180 Josh: It's now available inside of a laptop. 181 00:10:45,540 --> 00:10:48,420 Josh: This chip used to cost thousands of dollars and be pretty beefy. 182 00:10:48,540 --> 00:10:50,780 Josh: Like this is a huge chip that would weigh like, I don't know, 183 00:10:50,860 --> 00:10:51,920 Josh: something like four or five pounds. 184 00:10:52,220 --> 00:10:55,020 Josh: They've figured out how to compress it into a laptop. And not only that, 185 00:10:55,120 --> 00:10:58,900 Josh: but it comes baked in with 128 gigabytes of memory. so if you're comparing this 186 00:10:58,900 --> 00:11:03,380 Josh: to a macbook you're thinking well the max spec of a macbook is 128 gigs same 187 00:11:03,380 --> 00:11:05,560 Josh: with this new laptop so on paper. 188 00:11:06,250 --> 00:11:10,510 Josh: It's a direct competitor, at least as it comes to training and running models locally. 189 00:11:10,690 --> 00:11:14,350 Josh: Now, it turns out that Microsoft has actually went ahead and released a laptop 190 00:11:14,350 --> 00:11:18,630 Josh: with this new chip in it already dubbed the Surface Laptop Ultra. 191 00:11:18,910 --> 00:11:22,730 Josh: And it seems as if it has the RTX Spark chip based right in. 192 00:11:22,890 --> 00:11:27,090 Josh: It has a 15 inch mini LED screen, 128 gigabytes of unified memory. 193 00:11:27,230 --> 00:11:31,090 Josh: And for anyone who cares, one petaflop of AI compute power. 194 00:11:31,270 --> 00:11:33,670 Josh: I'm not even sure what that translates to, but it sounds like a lot. 195 00:11:33,830 --> 00:11:37,010 Josh: And this is really interesting to me as someone who loves consumer hardware, 196 00:11:37,030 --> 00:11:41,370 Josh: because I'm looking at this and I'm thinking to myself, oh my God, this is a MacBook Pro. 197 00:11:42,040 --> 00:11:46,800 Josh: Um, and it's not, this is the first time I think in a while that MacBook and 198 00:11:46,800 --> 00:11:50,580 Josh: Apple have had a legitimate competitor and something that can match its spec 199 00:11:50,580 --> 00:11:53,180 Josh: for spec. And maybe the hardware isn't quite as elegant. 200 00:11:53,320 --> 00:11:57,300 Josh: Maybe it doesn't have the single unibody aluminum design, but on a spec sheet, 201 00:11:57,340 --> 00:12:00,600 Josh: it's really compelling. And it has all the ports that you would think of. 202 00:12:00,700 --> 00:12:04,600 Josh: It has a mini led screen, which is exactly what the new pro display XDR has. 203 00:12:04,720 --> 00:12:08,940 Josh: This is a serious offering from Microsoft from nvidia and i think it's it's 204 00:12:08,940 --> 00:12:12,680 Josh: a testament to where things are headed which is like apple might not have their 205 00:12:12,680 --> 00:12:16,160 Josh: monopoly for too long mac minis have been sold out forever clearly dell wants 206 00:12:16,160 --> 00:12:19,260 Josh: this microsoft wants this nvidia wants this they're going to try to release 207 00:12:19,260 --> 00:12:21,860 Josh: their competitors and this is a really strong first stop it's. 208 00:12:21,860 --> 00:12:25,400 Ejaaz: It's really nice to see like a competitor to apple finally at least on like 209 00:12:25,400 --> 00:12:29,860 Ejaaz: the hardware mode now now where my um where my kind of brain automatically goes 210 00:12:29,860 --> 00:12:33,780 Ejaaz: is like microsoft is like this antiquated company right like all the governments 211 00:12:33,780 --> 00:12:35,900 Ejaaz: use it there they They run like all the old Microsoft 212 00:12:35,900 --> 00:12:38,640 Josh: Official. And how much does their AI suck? Like they're just falling behind. 213 00:12:38,940 --> 00:12:43,360 Ejaaz: Dude, it sucks. Like I was listening to like some kind of like podcast over 214 00:12:43,360 --> 00:12:49,020 Ejaaz: the weekend where apparently Satya Nadella is now like the PM of Copilot. 215 00:12:49,340 --> 00:12:52,500 Ejaaz: Like he's gone back to the PM role to try and like figure out their Copilot 216 00:12:52,500 --> 00:12:55,640 Ejaaz: thing like because their head of AI couldn't. So like Microsoft has been kind 217 00:12:55,640 --> 00:12:57,180 Ejaaz: of been in the dark ages for a while. 218 00:12:57,320 --> 00:13:00,520 Ejaaz: And like this new update, like this new hardware update brings them into like 219 00:13:00,520 --> 00:13:02,100 Ejaaz: a new light, which is great. 220 00:13:02,220 --> 00:13:05,140 Ejaaz: But the number one question is like, are you still going to use 221 00:13:05,140 --> 00:13:08,040 Ejaaz: their software or their operating system so naturally i was like okay 222 00:13:08,040 --> 00:13:11,140 Ejaaz: well it's great that they have this new piece of hardware that's consumer 223 00:13:11,140 --> 00:13:15,500 Ejaaz: accessible but like are there is there any new ai that i can use on this and 224 00:13:15,500 --> 00:13:19,300 Ejaaz: the answer might have come from jensen himself or nvidia themselves they released 225 00:13:19,300 --> 00:13:24,800 Ejaaz: a new open source model called nemotron 3 ultra and it is officially the top 226 00:13:24,800 --> 00:13:29,800 Ejaaz: open source ai model made by an american company um so typically they're 227 00:13:30,150 --> 00:13:33,810 Ejaaz: Spoken about this a lot on our show, the top open source models have come out 228 00:13:33,810 --> 00:13:36,310 Ejaaz: of China, which is obviously an anniversary to the US. 229 00:13:36,490 --> 00:13:40,070 Ejaaz: But Nemotron Ultra is actually quite competitive. And we have like a chart here, 230 00:13:40,270 --> 00:13:45,330 Ejaaz: a clip or rather a screenshot from Jensen's keynote yesterday or this morning. 231 00:13:45,510 --> 00:13:50,310 Ejaaz: The time difference is so baffling, actually, which places Nemotron 3 Ultra 232 00:13:50,310 --> 00:13:57,350 Ejaaz: on par to an extent with Kimi K 2.6, GLM 5.1, and some of the other Chinese open source models. 233 00:13:57,350 --> 00:14:00,250 Ejaaz: But it's so much quicker the output speed is like 234 00:14:00,250 --> 00:14:03,210 Ejaaz: by the looks of it like almost like three to five x 235 00:14:03,210 --> 00:14:05,970 Ejaaz: quicker which is great to see um i don't 236 00:14:05,970 --> 00:14:09,110 Ejaaz: know what your view on this is josh but i am betting 237 00:14:09,110 --> 00:14:11,770 Ejaaz: that jensen nvidia and dell and all these companies that are 238 00:14:11,770 --> 00:14:16,950 Ejaaz: kind of like forming an alliance to go hardcore on open source why because it's 239 00:14:16,950 --> 00:14:20,810 Ejaaz: going to help with retail distribution across everything right like jensen doesn't 240 00:14:20,810 --> 00:14:24,250 Ejaaz: know what consumers are going to use these bottles for but if you can get more 241 00:14:24,250 --> 00:14:27,870 Ejaaz: retail consumers like you or i to buy these different laptops and use his chips, 242 00:14:28,050 --> 00:14:29,270 Ejaaz: he ends up selling more chips. 243 00:14:29,910 --> 00:14:32,470 Josh: Yeah, I know, I couldn't agree more. And there's a second factor to it, 244 00:14:32,490 --> 00:14:35,590 Josh: too, about why they're going to want to continue to improve and push the open 245 00:14:35,590 --> 00:14:36,670 Josh: source model frontier forward. 246 00:14:36,810 --> 00:14:40,610 Josh: It's because what we're seeing happen with companies like Amazon and happen 247 00:14:40,610 --> 00:14:44,070 Josh: with companies like Google is they're building their own custom AI accelerators. 248 00:14:44,270 --> 00:14:47,870 Josh: And now these companies are beginning to train on more of a proprietary stack. 249 00:14:48,030 --> 00:14:52,370 Josh: So Google now is training Gemini models largely on its own proprietary hardware. 250 00:14:52,550 --> 00:14:57,330 Josh: It uses NVIDIA GPUs for a lot of it, but an increasing percentage of that training 251 00:14:57,330 --> 00:15:02,210 Josh: is done by these TPUs or in the case of Amazon, their Tranium accelerators. 252 00:15:02,310 --> 00:15:06,410 Josh: And that's not good for NVIDIA because they want the CUDA lock-in. 253 00:15:06,490 --> 00:15:09,830 Josh: They want the NVIDIA GPU Blackwell Verirubin lock-in. 254 00:15:10,790 --> 00:15:14,070 Josh: How do you get more of that lock-in to happen? You actually just give away the 255 00:15:14,070 --> 00:15:17,370 Josh: software stack for free and make it optimally compatible with your hardware. 256 00:15:17,610 --> 00:15:20,910 Josh: So as they're giving away this open source software, they're saying, 257 00:15:21,010 --> 00:15:23,170 Josh: hey, you can go run it on our new RTX Spark chip. 258 00:15:23,330 --> 00:15:26,730 Josh: In fact, it's available in a laptop that you can go and buy today or starting 259 00:15:26,730 --> 00:15:28,890 Josh: in a couple of months, I think. I think they're releasing in the fall. 260 00:15:29,070 --> 00:15:32,610 Josh: But they're starting to release the entire stack and they're offering the software 261 00:15:32,610 --> 00:15:36,410 Josh: as that teaser, as that little value add where you can't get anywhere else. 262 00:15:36,510 --> 00:15:40,690 Josh: If you want to run NVIDIA software, the best way to do it is on NVIDIA hardware. 263 00:15:40,790 --> 00:15:44,190 Josh: And it kind of solidifies and ossifies that moat even more. So I think we're 264 00:15:44,190 --> 00:15:45,430 Josh: probably going to see this trend continue. 265 00:15:45,970 --> 00:15:50,930 Josh: We're seeing already this beating DeepSeq and a few of the other Chinese open 266 00:15:50,930 --> 00:15:52,330 Josh: source models on a few parameters. 267 00:15:52,510 --> 00:15:56,010 Josh: I'm sure it's just a matter of time until all those benchmarks are blown out. 268 00:15:56,150 --> 00:15:58,210 Josh: If NVIDIA is really putting their full weight behind open source, 269 00:15:58,490 --> 00:16:00,790 Josh: we're going to have a serious push into open source. 270 00:16:00,910 --> 00:16:03,390 Josh: And that combined with the hardware that we're seeing with Dell, 271 00:16:03,690 --> 00:16:07,550 Josh: with Microsoft, it's going to create like a pretty compelling offering for local 272 00:16:07,550 --> 00:16:11,030 Josh: AI infra that I'm not sure the market has quite priced in just yet. 273 00:16:11,350 --> 00:16:17,270 Ejaaz: So to bring the story back to Dell, Josh, I want to put our skeptic hats on for a bit. 274 00:16:18,150 --> 00:16:23,270 Ejaaz: It seems kind of bubbly on the headline value, right? It's like a 40-year-old company. 275 00:16:23,510 --> 00:16:26,190 Josh: It died, it came back to life. Now it's like going crazy. 276 00:16:26,510 --> 00:16:29,710 Ejaaz: Suddenly you're like the AI company. This kind of like gives me the old bird 277 00:16:29,710 --> 00:16:32,650 Ejaaz: story, you know, a shoe company that pivoted to running AI GPUs. 278 00:16:32,730 --> 00:16:34,030 Ejaaz: I'm just like, what are you doing? 279 00:16:34,150 --> 00:16:38,950 Ejaaz: Is Dell actually doing anything? Well, they recently released their quarterly 280 00:16:38,950 --> 00:16:42,330 Ejaaz: earnings report, which wasn't just a blowout. 281 00:16:42,470 --> 00:16:45,230 Ejaaz: It was their highest recorded revenue quarter. 282 00:16:46,280 --> 00:16:50,120 Josh: And before you share, actually, I want to note that the post that we're showing 283 00:16:50,120 --> 00:16:52,380 Josh: on screen is from Michael Dell, the CEO himself. 284 00:16:52,600 --> 00:16:56,100 Josh: This is a founder-led company who is proud of the growth. He is in the trenches 285 00:16:56,100 --> 00:16:58,020 Josh: making this happen. So I think that's noteworthy. 286 00:16:58,120 --> 00:16:59,800 Josh: That's different than a lot of these other companies. It's like, 287 00:16:59,880 --> 00:17:01,640 Josh: the founder's been doing this for 40 years. 288 00:17:01,840 --> 00:17:06,400 Ejaaz: Yeah. It's the same guy. They run out of the same office in Texas. 289 00:17:06,640 --> 00:17:10,200 Ejaaz: It's the same HQ. It's been there for four years, going off, 290 00:17:10,380 --> 00:17:13,760 Ejaaz: going public, going off public, and then going back on it. It's absolutely unbelievable. 291 00:17:14,000 --> 00:17:18,640 Ejaaz: Now, a summary of the recent quarter is they increased revenue 88, 292 00:17:18,920 --> 00:17:21,000 Ejaaz: almost 90% year over year. 293 00:17:21,620 --> 00:17:25,800 Ejaaz: Almost half of that revenue came from this new business unit. 294 00:17:25,940 --> 00:17:30,660 Ejaaz: It's called AI servers revenue, up almost 800% year over year. 295 00:17:30,820 --> 00:17:35,160 Ejaaz: Now, for all the skeptics that were thinking, hmm, I think Dell is kind of just 296 00:17:35,160 --> 00:17:38,980 Ejaaz: advertising things that they don't actually have, the numbers actually disprove 297 00:17:38,980 --> 00:17:39,980 Ejaaz: that pretty aggressively. 298 00:17:40,300 --> 00:17:44,580 Ejaaz: They have over 5,000 major customers that are buying their server racks, 299 00:17:44,880 --> 00:17:47,060 Ejaaz: including one of the biggest customer being NVIDIA. 300 00:17:47,200 --> 00:17:51,440 Ejaaz: NVIDIA wants to distribute it through a hardware moat and Dell are the ones 301 00:17:51,440 --> 00:17:53,460 Ejaaz: that are basically putting their chips together. 302 00:17:53,640 --> 00:17:55,840 Ejaaz: They're bolting their chips together to make them efficient. 303 00:17:55,960 --> 00:17:57,960 Ejaaz: They're the first ones to create the new Rubin racks. 304 00:17:58,160 --> 00:18:03,180 Ejaaz: They have been kind of unofficially crowned a key partner to NVIDIA and like 305 00:18:03,180 --> 00:18:05,540 Ejaaz: NVIDIA's success is basically going to drag them up. 306 00:18:06,020 --> 00:18:09,360 Ejaaz: Now the previous quarters of this, at the end of the last financial year, 307 00:18:09,480 --> 00:18:10,840 Ejaaz: they absolutely smoked as well. 308 00:18:10,940 --> 00:18:14,400 Ejaaz: So it's kind of been like two to three quarters back-to-back that they've been absolutely killing it. 309 00:18:14,560 --> 00:18:18,420 Ejaaz: I can't avoid the Trump story. Like, he praised Dell, technically, 310 00:18:18,680 --> 00:18:22,060 Ejaaz: and now the stock's gone up. Like, I don't know what you think. 311 00:18:22,300 --> 00:18:25,340 Josh: That's what I was going to say. I'm like, hey, you know who called Dell stock 312 00:18:25,340 --> 00:18:28,220 Josh: going crazy back in February 10th of this year? 313 00:18:29,060 --> 00:18:31,840 Josh: Donald Trump. He said, go buy a Dell. 314 00:18:32,370 --> 00:18:34,130 Josh: And the close at that time was, 315 00:18:34,250 --> 00:18:38,710 Josh: I think, $126. We're sitting here today recording this. It is now $450. 316 00:18:39,810 --> 00:18:45,590 Josh: That is a 255% gain or even more. That's close to like 300% now at this point. 317 00:18:45,850 --> 00:18:48,510 Josh: And that's coming off the back of a week that happened last week where they 318 00:18:48,510 --> 00:18:51,230 Josh: were up 37% in a single trading session. 319 00:18:51,530 --> 00:18:55,050 Josh: That's the largest single win that they've ever had in history, 320 00:18:55,210 --> 00:18:58,150 Josh: in their 40-year history since they've been trading publicly for 30 years. 321 00:18:58,370 --> 00:19:02,770 Josh: And it'd be interesting if it was a one-off, but this is very much a trend. 322 00:19:02,930 --> 00:19:06,830 Josh: Another story that we have here today is the newest version of the Trump pump 323 00:19:06,830 --> 00:19:09,830 Josh: with IBM, where he mentioned IBM over the weekend. 324 00:19:10,950 --> 00:19:16,230 Josh: And on a Sunday night, it traded up 17% because Trump mentioned IBM. 325 00:19:16,390 --> 00:19:20,130 Josh: And he didn't even say go buy IBM. He was just praising the CEO publicly on 326 00:19:20,130 --> 00:19:21,990 Josh: camera and the stock is going ballistic. 327 00:19:22,190 --> 00:19:24,850 Josh: So it feels like we do have to mention that this is a trend. 328 00:19:25,030 --> 00:19:28,850 Josh: There are a few other companies you might remember, Intel being a major one, 329 00:19:28,970 --> 00:19:32,090 Josh: where the government took a 10% stake in Intel. 330 00:19:32,230 --> 00:19:37,150 Josh: Since then, it's up 300%. And this seems to be a trend over and over again. 331 00:19:37,290 --> 00:19:41,690 Josh: So I think a lot of people who have been interested in participating in AI, 332 00:19:41,890 --> 00:19:44,750 Josh: who have been seeing these Donald Trump clips, are like, oh, 333 00:19:45,150 --> 00:19:47,250 Josh: all right, well, he's saying it, but the stock's already up so much. 334 00:19:47,330 --> 00:19:48,790 Josh: It's probably not going up any higher. 335 00:19:48,990 --> 00:19:52,130 Josh: The reality is that anytime he's called something, it's gone nuclear. 336 00:19:52,130 --> 00:19:57,950 Josh: And I guess that's part of the cycle that we're in, where like you are the president 337 00:19:57,950 --> 00:20:00,510 Josh: of the United States, you say something, the market reacts. 338 00:20:00,830 --> 00:20:04,310 Josh: It's similar to like a meme coin. Like it feels like we're watching meme coins 339 00:20:04,310 --> 00:20:07,550 Josh: pump. It's like you watch for what one guy says, and then the stock goes ballistic. 340 00:20:07,890 --> 00:20:09,850 Josh: Like you mentioned, there are numbers to back this up. Like 341 00:20:10,250 --> 00:20:13,750 Josh: Intel and IBM have actually been having pretty amazing quarters, same with Dell. 342 00:20:13,930 --> 00:20:17,310 Josh: But there is some frothiness happening here in the sense that one president 343 00:20:17,310 --> 00:20:19,590 Josh: can deliver one line to send a stock up 20%. 344 00:20:19,590 --> 00:20:25,650 Ejaaz: Yeah, it's this weird, cloudy, murky investment thesis that kind of like involves 345 00:20:25,650 --> 00:20:29,430 Ejaaz: being crowned by Trump himself, but then also like the numbers and the customers 346 00:20:29,430 --> 00:20:32,270 Ejaaz: and the purchases are from very legitimate people and companies. 347 00:20:32,590 --> 00:20:36,130 Ejaaz: It reminds me a lot of the Intel story where I think it was like a year and 348 00:20:36,130 --> 00:20:38,550 Ejaaz: a half ago, Trump was like, Intel is going to be an amazing company, 349 00:20:38,650 --> 00:20:42,230 Ejaaz: very key to accelerating AI in the US. 350 00:20:42,470 --> 00:20:47,210 Ejaaz: And that has been an amazing trade so far, right? I think the stock is up around 351 00:20:47,210 --> 00:20:50,170 Ejaaz: 300% to 400% since he made that announcement. 352 00:20:50,610 --> 00:20:54,750 Ejaaz: NVIDIA purchased $5 billion worth of equity. The Trump administration bought 353 00:20:54,750 --> 00:21:00,790 Ejaaz: 10% of Intel, which is now up $30 billion as of today's stock price. 354 00:21:01,050 --> 00:21:06,830 Ejaaz: And so I start to think about Trump being pretty key to forming these partnerships, 355 00:21:07,090 --> 00:21:11,810 Ejaaz: I bet you because he told NVIDIA or asked NVIDIA to purchase that kind of equity 356 00:21:11,810 --> 00:21:14,410 Ejaaz: stake in Intel, he's kind of doing similar things with Dell. 357 00:21:14,730 --> 00:21:19,030 Ejaaz: And if you're wondering why this is the case, the answer is pretty simple. 358 00:21:19,450 --> 00:21:26,370 Ejaaz: Trump or America in general does not want to rely on Taiwan or Asia in general 359 00:21:26,370 --> 00:21:30,250 Ejaaz: for building the most foundational technology that the world will ever see. 360 00:21:30,370 --> 00:21:33,930 Ejaaz: And as a result, they're trying to bring as much of the manufacturing process 361 00:21:33,930 --> 00:21:37,190 Ejaaz: and hardware process of AI onshore to the US. 362 00:21:37,590 --> 00:21:41,430 Ejaaz: Now, China and Asia has had such a major head start. 363 00:21:41,630 --> 00:21:45,450 Ejaaz: Taiwan is a very crucial piece of land that China could take over at any moment. 364 00:21:45,610 --> 00:21:49,850 Ejaaz: It's kind of obvious why America wants to bring it onshore, but that's going to take a lot of time. 365 00:21:50,270 --> 00:21:53,750 Ejaaz: And so Trump is obviously aggressively trying to form these partnerships and 366 00:21:53,750 --> 00:21:55,910 Ejaaz: probably get a stock win in the meantime. 367 00:21:56,130 --> 00:22:01,850 Ejaaz: I read somewhere that apparently like Trump had bought a position in Dell on 368 00:22:01,850 --> 00:22:04,330 Ejaaz: his personal account before he made that public announcement, 369 00:22:04,330 --> 00:22:07,950 Ejaaz: which is just absolutely insane and probably not legal. 370 00:22:08,150 --> 00:22:11,930 Ejaaz: But, you know, I can kind of see like why the administration is going down that path. 371 00:22:12,420 --> 00:22:16,060 Josh: Yeah, say what you will, but they're making an aggressive effort to bring this 372 00:22:16,060 --> 00:22:20,980 Josh: AI trend, this AI world onto the United States soil to build everything domestically. 373 00:22:21,160 --> 00:22:24,980 Josh: And what we're seeing here is like very clear signal that it's going to continue down this road. 374 00:22:25,160 --> 00:22:29,020 Josh: And I think what we're seeing with Dell is a testament to what happens when 375 00:22:29,020 --> 00:22:32,720 Josh: a company run by a founder really leans into the things that they've learned 376 00:22:32,720 --> 00:22:35,760 Josh: over 40 years and applies that to an industry that really needs help. 377 00:22:35,960 --> 00:22:38,560 Josh: We have this problem manufacturing things in the United States. 378 00:22:38,560 --> 00:22:40,940 Josh: We have a very difficult time building things at scale, 379 00:22:41,080 --> 00:22:44,900 Josh: creating factories that have efficient margins enough to compete with people 380 00:22:44,900 --> 00:22:48,940 Josh: who are in other countries and companies that are run like ASML and TSMC and 381 00:22:48,940 --> 00:22:51,300 Josh: all these other ones that are creating all the AI infrastructure. 382 00:22:51,380 --> 00:22:55,160 Josh: So it's exciting to see a company like Dell really move their whole weight of 383 00:22:55,160 --> 00:22:58,320 Josh: the company behind this and actually deliver some pretty compelling results. 384 00:22:58,460 --> 00:23:02,380 Josh: Like they're the first ones to deploy a VeriGPU rack. That's a pretty big deal. 385 00:23:02,540 --> 00:23:06,160 Josh: We started talking about Mythos and a few of the other like cutting edge models. 386 00:23:06,610 --> 00:23:10,010 Josh: Uh llms and how they were just getting started training on blackwell 387 00:23:10,010 --> 00:23:12,770 Josh: like we're getting our first blackwell chips and now suddenly we 388 00:23:12,770 --> 00:23:15,550 Josh: have vera rubin already going into play training i'm 389 00:23:15,550 --> 00:23:18,270 Josh: sure is going to begin sooner than some people would 390 00:23:18,270 --> 00:23:20,970 Josh: have thought because of this accelerated timeline it's really 391 00:23:20,970 --> 00:23:26,350 Josh: great to see dell is the the builder and we need more builders so i think on 392 00:23:26,350 --> 00:23:30,050 Josh: like a principled basis dell's a good company for a good reason it's not just 393 00:23:30,050 --> 00:23:33,270 Josh: because trump is out here saying it uh they're actually making some pretty amazing 394 00:23:33,270 --> 00:23:37,510 Josh: things and i think it's it's a testament to other companies who are kind of 395 00:23:37,510 --> 00:23:39,610 Josh: evaluating how to navigate this world of AI. 396 00:23:40,070 --> 00:23:43,670 Josh: Being useful in the world of hardware is a really compelling value prop that 397 00:23:43,670 --> 00:23:44,950 Josh: I hope more people follow. 398 00:23:45,370 --> 00:23:48,490 Ejaaz: It looks like investors probably agree with this as well. 399 00:23:48,670 --> 00:23:53,890 Ejaaz: Since we started recording, the stock is up 8%, roughly 30 bucks since market opened. 400 00:23:54,030 --> 00:23:57,090 Ejaaz: It's literally been, what is it, under an hour of market being open. 401 00:23:57,710 --> 00:24:00,630 Ejaaz: Yeah, I guess to round it out, like the question I want to ask to ask myself 402 00:24:00,630 --> 00:24:05,050 Ejaaz: is, is this company in particular kind of bubble worthy? 403 00:24:05,570 --> 00:24:08,930 Ejaaz: I don't have a definitive answer, but it's kind of like yes and no. 404 00:24:09,250 --> 00:24:12,070 Ejaaz: Yes, because they kind of fell into this opportunity. 405 00:24:12,590 --> 00:24:15,890 Ejaaz: Honestly, similar in the way that NVIDIA kind of did that, they've been building 406 00:24:15,890 --> 00:24:20,130 Ejaaz: these kind of GPUs for the gaming industry and a lot of other industries prior 407 00:24:20,130 --> 00:24:21,630 Ejaaz: to falling into the AI stuff. 408 00:24:21,770 --> 00:24:27,690 Ejaaz: Now, credit to Jensen, obviously, he saw the trend of LLMs much early on before ChatGPT went viral. 409 00:24:28,490 --> 00:24:31,790 Ejaaz: Don't think I can give the same kind of credit to Dell themselves, 410 00:24:32,090 --> 00:24:36,750 Ejaaz: but they have had 40 years expertise in building these hardware racks. 411 00:24:36,890 --> 00:24:40,050 Ejaaz: And what is the major bottleneck that we've covered on previous episodes, 412 00:24:40,210 --> 00:24:44,370 Ejaaz: the Gavin Baker episode and the AI hardware stack episode, which you guys should 413 00:24:44,370 --> 00:24:46,470 Ejaaz: definitely check out, we released them over the last two weeks, 414 00:24:46,810 --> 00:24:50,270 Ejaaz: is the money is flowing from the chip maker from the consensus bet, 415 00:24:50,410 --> 00:24:53,850 Ejaaz: which is Nvidia, down to all the constraints that are preventing those GPUs 416 00:24:53,850 --> 00:24:56,210 Ejaaz: from actually being powered on today, electricity, 417 00:24:56,830 --> 00:25:01,690 Ejaaz: chemical substrates, as well as the cooling and data center racks themselves, 418 00:25:01,950 --> 00:25:03,250 Ejaaz: which is what Dell is playing in. 419 00:25:03,310 --> 00:25:07,190 Ejaaz: So I think there's a huge opportunity for investors that are looking for like 420 00:25:07,190 --> 00:25:11,030 Ejaaz: that kind of like next bit of exposure to kind of like work their way down the stack. 421 00:25:11,130 --> 00:25:14,510 Ejaaz: Now, obviously this isn't trading or investment advice, but it's just a trend 422 00:25:14,510 --> 00:25:15,830 Ejaaz: that we're noticing quite a lot of. 423 00:25:16,230 --> 00:25:18,410 Josh: Yeah, and like what an amazing opportunity to be an investor, 424 00:25:18,530 --> 00:25:21,250 Josh: to see all of this. There's so many companies that are undervalued, 425 00:25:21,410 --> 00:25:23,830 Josh: that are misunderstood, that are kind of pivoting. 426 00:25:24,130 --> 00:25:27,470 Josh: That are public. Yeah, there's so much alpha to be made in these markets. 427 00:25:27,470 --> 00:25:30,150 Josh: And it's funny that the president is the one who's surfacing a lot of these, 428 00:25:30,270 --> 00:25:35,170 Josh: but there actually is a tremendous opportunity for anyone who's curious in investing 429 00:25:35,170 --> 00:25:37,890 Josh: or participating in the AI stack because so many of these companies that we're 430 00:25:37,890 --> 00:25:40,550 Josh: seeing exploding, they've been around. 431 00:25:40,710 --> 00:25:43,210 Josh: They're not that big. They're just pivoting and they're putting themselves in 432 00:25:43,210 --> 00:25:44,790 Josh: the right place because they understand the business. 433 00:25:45,090 --> 00:25:47,710 Josh: There's a lot of those hot, flashy, shiny companies, OpenAI, 434 00:25:47,890 --> 00:25:50,210 Josh: Anthropic, Google, like the ones that we talk about every day. 435 00:25:50,790 --> 00:25:54,690 Josh: But again, that AI investing stack, as you descend lower into the stack, 436 00:25:54,830 --> 00:25:56,110 Josh: there's a tremendous amount of opportunities. 437 00:25:56,610 --> 00:26:00,790 Josh: Dell is one of them. And as we see more people begin to pivot into the places 438 00:26:00,790 --> 00:26:04,350 Josh: where there are those bottlenecks, I assume we're going to see a lot more of 439 00:26:04,350 --> 00:26:05,830 Josh: these. So that's the episode. 440 00:26:06,030 --> 00:26:09,990 Josh: You're caught up with a nice little teaser of the new NVIDIA hardware that was just announced today. 441 00:26:10,270 --> 00:26:14,130 Josh: I think that's everything. Is there any final thoughts before we let everyone go here? 442 00:26:14,450 --> 00:26:20,410 Ejaaz: I have. I always like to end the episode on a prompt. And I have one in my head right now, which is. 443 00:26:20,950 --> 00:26:26,670 Ejaaz: Are you guys going out to buy the new DGX desktop for 80 grand, 80 to 100 grand? 444 00:26:26,710 --> 00:26:29,470 Ejaaz: Or are you buying the RTX 4019? 445 00:26:29,930 --> 00:26:34,290 Ejaaz: I'm genuinely curious, because I know that a bunch of our listenership likes 446 00:26:34,290 --> 00:26:37,990 Ejaaz: to kind of be hobbyists in AI and run their own open source models. 447 00:26:38,070 --> 00:26:40,870 Ejaaz: We've got a lot of feedback from you guys from previous episodes. 448 00:26:41,130 --> 00:26:43,730 Ejaaz: I wonder if you guys are going to get indulged in one of these new laptops, 449 00:26:43,910 --> 00:26:48,010 Ejaaz: one of these new consumer powered GPUs that you can kind of run models locally. 450 00:26:48,010 --> 00:26:50,950 Ejaaz: And if you are that type of person, what are you using it for? 451 00:26:51,050 --> 00:26:53,870 Ejaaz: Like, we want to learn as much as we can around the locally run AI models. 452 00:26:54,010 --> 00:26:56,550 Ejaaz: We think it's going to be a huge thing in the future. So yeah, let us know. 453 00:26:56,690 --> 00:27:00,710 Josh: But I love how much of a baller you think our audience is. Like, 454 00:27:00,770 --> 00:27:03,330 Josh: they're just going to go drop 80k on a desktop GPU. 455 00:27:03,690 --> 00:27:06,090 Ejaaz: That's how highly we think of you. Yeah, I don't know. 456 00:27:06,710 --> 00:27:09,470 Josh: But I think for like the laptop, at least, as I look at the laptop, 457 00:27:09,730 --> 00:27:10,990 Josh: I compare it apples to oranges. 458 00:27:11,490 --> 00:27:13,650 Josh: It's compelling in the sense that I could play video games on it. 459 00:27:13,730 --> 00:27:17,450 Josh: And I think that's one thing that gamers are really going to appreciate is the 460 00:27:17,450 --> 00:27:22,210 Josh: fact that there is now a portable gaming machine that is really excellent at games. 461 00:27:22,370 --> 00:27:26,230 Josh: Because my MacBook, I'm a diehard Apple fan. You know this. I have all Apple products. 462 00:27:26,410 --> 00:27:29,550 Josh: I can't play games on that. I still got to go play on a PC or on a console. 463 00:27:29,710 --> 00:27:32,870 Josh: So I think in terms of that niche audience, that's a really compelling thing. 464 00:27:32,990 --> 00:27:37,570 Josh: So any gamers out there, are you buying this thing? And a 5090 in a laptop is crazy work. 465 00:27:37,750 --> 00:27:40,430 Josh: I'm excited about it. I might be buying. We got to wait on the price. 466 00:27:40,570 --> 00:27:41,870 Josh: If it's anywhere close to $80,000, 467 00:27:42,170 --> 00:27:45,610 Josh: I will be a no, but I suspect it'll probably be in MacBook territory um but 468 00:27:45,610 --> 00:27:47,830 Josh: yeah that's the episode thank you guys so much for watching if you enjoy this 469 00:27:47,830 --> 00:27:50,270 Josh: don't forget to share it with your friend it really goes a long way if we've 470 00:27:50,270 --> 00:27:53,210 Josh: been doing well rate us five stars on your favorite podcast player if you enjoyed 471 00:27:53,210 --> 00:27:57,130 Josh: and like always we will see you guys in the next episode thank you so much for watching see you guys.