The REAL Reason Nvidia is Unstoppable

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  Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower Personal Dashboard or visit empower.com. Not an Empower client, paid or sponsored. All right, let's do this cuz I think this is gonna be a learning lesson. We talked about Nvidia all show. This or that, Nvidia or Broadcom?

• 2:50Speaker 04

  It's more of a fight than than people may think, but

• 2:56Speaker 04

  for sure Nvidia, like one of the greatest. Okay, since Tim Cook has stepped down, is Nvidia the number one CEO in America?

• 3:06Speaker 03

  He's always been my number one.

• 3:09Speaker 04

  So that profit margin, ecosystem, the development, the drive is second to none. So for sure, for me, it's Nvidia.

• 3:21Speaker 03

  I think it's Nvidia as well, but I think people misunderstand and kinda don't give Broadcom its just.

• 3:30Speaker 04

  It's just do? I agree a thousand percent.

• 3:32Speaker 03

  It's a very important company, right? What Nvidia does in GPUs. Broadcom has said, okay, if you can't afford that, what we can do for you, Meta, is we can make you an XPU, right? We can make you your own, right? We can make it for you, you can put whatever you want it, and you can use it. You're seeing a lot of companies do that, right? A lot of, even Google, which is a partner of them now. Broadcom has fallen back because they're for guidance. And again, a hundred billion is what they said they're gonna do. People, you know, the Wall Street wanted to hear them say they were gonna do 110 billion. Okay, understood. But the demand has not changed. Google, the headline was that they were, you know, not gonna be partners with them anymore. They actually just went to number two.

• 4:17Speaker 03

  This wasn't a big deal. I think what, and this is, this is the genius of Jensen. Their natural competitor, and not by size yet or market cap, is Marvell. Cuz both companies make custom silicone chips. If you listen to when Jensen spoke at earnings at the summit, he said the next trillion dollar company was gonna be who?

• 4:42Speaker 03

  Marvell.

• 4:43Speaker 04

  Was he putting SmackDown on that?

• 4:46Speaker 03

  Well, why is he saying it? He's saying, look, I know my competitor over there does that.

• 4:50Speaker 04

  Yeah.

• 4:51Speaker 03

  I'm gonna partner with the company that's doing what they're doing. I'm not gonna say, hey, we're gonna do exactly what you do. I'm gonna find a company that does, I'm gonna partner with them, and I'm gonna give them this cosign. Come on stage with me. We're already partnering, but you're gonna be the next trillion dollar company.

• 5:07Speaker 04

  And tell us what that move is like to tie back into the book, getting rich from relationships. Since that's a competitor, why was that a great move to highlight them opposed to demeaning them and tearing them down? Cuz I think that's a valuable lesson.

• 5:20Speaker 03

  Yeah, well, if I know I have your backing from the number one company, the king of this AI story. If they have their backing and they have their partnership, potentially they have their resources. What does that say for my competitor? I gotta go find more clients because their demand's so high. They have 75% of the GPU market, right? How do I now get edge on them, right?

• 5:40Speaker 05

  He's invested.

• 5:42Speaker 03

  I'm talking about Hot Ten.

• 5:43Speaker 04

  Oh, Shadi. Okay, now Shadi, to your point.

• 5:49Speaker 05

  Well, we talked about Nvidia ecosystem of the companies that he's actually invested in. And Marvell, that's a company that they've actually have equity stake in. So it's like, okay, at a certain point in time, the music business, what the model was is from, in a rap standpoint, is that the rapper gets hot, then the rapper gets a label, then the rapper does features on other artists, then makes them hot. So that's what Lil Wayne did for Drake and Nicki Minaj. That's what Jay-Z did for Freeway and Beanie Siegel and Memphis Bleed, even Kanye to a degree. Everybody did the same thing. So, I mean, Jensen saying that this is gonna be a next trillion dollar company, we said it wouldn't that.

• 6:34Speaker 05

  I mean, he's in a position to move markets, whatever he says. It's like him, Elon Musk, there's a few people that can actually just move the market. And they, they've invested in over, what, 10,000 companies?

• 6:45Speaker 04

  Easily.

• 6:46Speaker 05

  So it's not just Nvidia, it's the Nvidia ecosystem that they benefit from if their companies do well, that they're invested in. And then they're gonna do well cuz they invested in the company. So then that's gonna benefit the parent company, so.

• 7:04Speaker 04

  And it helps entire ecosystem if Marvell goes up to, let's say, 400. There's demand internationally that they can't take care of, but they've already set it up for Australia to then go to Marvell.

• 7:14Speaker 03

  And it, it's brilliant because they're looking at the space and they're saying GPUs is what we know for hardware and software is what we do. We talked about the CUDA platform. We don't do custom ASI, our competitor does that. Let me find a company that does it, and invest in them. They, they're touching bases on all aspects of it. And we talked about this over and over, whether it was from photonics, whether it was from infrastructure, from energy. Now here you're talking about custom ASICS. That's our company, we're going with them, you know, next trillion dollar company, he's right here. We watched that company shoot up to 390. We were part of that.

• 7:48Speaker 04

  Yeah, and it goes back to your point about Peter Thiel saying competition is for losers. The real strategy is, like you said, to build that ecosystem where you can, you're almost like a toll road, where you can direct the flow of traffic and send business out, and you're still getting a vig on the business that's not even coming to you. So it's a brilliant shot. That's when people are like, I'm short Nvidia. I'm like, they have their hand in every company that matters now, and the companies that are gonna matter over the next 10 years.

• 8:12Speaker 05

  Only losers wanna compete. And if you, if you look at Mark Zuckerberg, another legend in our time, he never really competed with anybody. His strategy was just to try to destroy and buy, buy companies. So, or, or take the model and just do it at a higher level and then squeeze them out. But it was never like a thing of like, I'm trying to really, you know, go toe to toe.

• 8:36Speaker 04

  Phone's mistakes.

• 8:37Speaker 05

  With Snapchat or Vine, or, you know, any of these companies, like, you know, it was like, the, the, the idea of competition is for people that

• 8:49Speaker 05

  want to compete, but why would you wanna compete?

• 8:52Speaker 03

  You know, that's, that's, the analogy is so good. And it makes you think of, let's just take Nvidia, and we'll go to the next this or that after. But when you hear a deep seek, or you hear like a company, we don't think of it like that, right? Right, that's a small competitor. I don't have to compete with you, I can crush you. I have the capital, I have the bandwidth, and I have the network. But when we, we hear, hey, they're, they're, they're building their, their own GPU, it's like, oh my gosh, we watched these companies pull back. Well, why? People don't understand it. It's, it's that same mentality, like, the, the level of capital that these companies have, the Broadcom's of the world, Nvidia's of the world, it's tough to compete.

• 9:32Speaker 05

  You either win or you lose. There's no, there's no.

• 9:35Speaker 04

  There's no in-between.

• 9:36Speaker 05

  Maybe the closest thing that we have is Magic and Bird, but for the most part, Michael Jordan didn't compete with the, with the Pistons. Michael Jordan didn't compete with anybody.

• 9:46Speaker 03

  After he beat them.

• 9:47Speaker 05

  He, exactly, but you look at totality.

• 9:49Speaker 04

  It was everywhere.

• 9:50Speaker 05

  He won.

• 9:50Speaker 04

  Yeah.

• 9:51Speaker 05

  Muhammad Ali really didn't compete with, no disrespect. He didn't compete with Joe Frazier. He beat him one time, but Mike, he won the series, right? So he, he won. So it's like, I think people have a false narrative about the, the honor and like, oh, this is, this is great competition. Even in kids' youth, there's no competition. You got team, somebody's gonna be a winner, somebody's gonna be a loser. You compete as far as like, you, but the idea of like, well, we gave it our all and, and we competed in this, this competition.

• 10:22Speaker 04

  No, you lost.

• 10:23Speaker 05

  It's gonna make us all better. No, it's gonna, iron sharpens iron, no, iron destroys weaker iron. You're going to, somebody's gonna lose, and somebody's gonna win.

• 10:32Speaker 04

  Yeah.

• 10:33Speaker 05

  That's it.

• 10:34Speaker 04

  Really quick on Nvidia. Gross margin, 74.7%. Multi-trillion dollar company. 65% operating margin, 63.7% net, 41.9% free cash flow margin. As great as Bill Gates was in the monopoly that he created, they didn't have these numbers by a third.

• 10:57Speaker 03

  No.

• 10:58Speaker 04

  It's not even fucking close.

• 11:00Speaker 05

  I just got a call, I just got a text from the campaign, by the way.

• 11:05Speaker 04

  Okay.

• 11:07Speaker 05

  Speaking of competition.

• 11:10Speaker 03

  Uh huh. Broadcom case, Broadcom case study this week, y'all.

• 11:14Speaker 04

  You're a funny dude, yo. You're a funny dude.

• 11:17Speaker 03

  Yo, this, this is a good one. This is a good one. That was like, I felt like people that was obvious that was.

• 11:23Speaker 04

  Yeah, that was an easy one.

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  This is an iHeart Podcast. Guaranteed human.