Matt Bryson on Nvidia's Forecast, AI Demand, and CoreWeave IPO

Nvidia's Forecast and Chip Demand

• 💡 Despite some initial concerns in January, Nvidia's new chips are ramping as expected, with demand increasing, particularly from China.
• 🎯 The analyst remains confident in Nvidia's forecast, noting that the company's latest hardware is meeting requirements.

Microsoft and OpenAI Spending

• 🧠 Microsoft's spending is split between its own needs and those of OpenAI.
• ⚠️ There's a possibility that some of OpenAI's requirements are being met by other providers like Oracle and SoftBank, potentially impacting Microsoft's direct spend.

CoreWeave IPO and Market Sentiment

• 📊 The CoreWeave IPO closing at its opening price of $40 suggests a shift in investor sentiment rather than a change in the company's fundamentals.
• 📉 This underwhelming valuation for CoreWeave indicates a broader market trend affecting semiconductor stocks, similar to Nvidia and Marvell.

DeepSeek and US Policy Impact

• 📈 Demand for H20 parts in China to support server builds for DeepSeek instances remains strong.
• ⚠️ Concerns about US policy and its potential impact on hardware spending are a key factor, though AI itself may be less affected.
• ❓ The primary concern seems to be around the future cost of hardware rather than the fundamental need for AI chips.