Full Video Transcript Below:
CAROLINE WOODS: But can the momentum continue without China? Because we did learn that Nvidia sold no H20 chips to China during the quarter. We don’t necessarily know when that business could pick back up, and we know that Chinese competition continues to heat up. So can we see the stock continue to rally? We’ve already seen this impressive run-up without China.
DAN IVES: Look, China is a key part of not just the AI revolution, but of course for Nvidia itself. So that is going to play a huge role. But it’s our view that the biggest chip on the poker table is Nvidia when it comes to U.S.-China. And I do think that the green light will be there. It’s a pay-for-play model. And I think when you start to factor China revenue in, that’s where this is a game changer to the story. They’re being conservative, right? And the Street will continue to see through it.
CAROLINE WOODS: So what is the biggest risk to Nvidia right now, Dan?
DAN IVES: Well, the biggest risk is obviously about China, right? They’re caught in the crossfire of U.S. and China. If a war of words continues or if they continue to see delays, that is a huge part of the upside in the story. But like I’ve said, I think it’s just a matter of time till that gets green-lighted. And even when you look at H20, when you look at some sort of restricted black chip, that’s ultimately where I see the future in terms of Nvidia selling into China.
CAROLINE WOODS: Did we get any more understanding from the earnings call about when we could see that green light for China?
DAN IVES: Look, I think this is something that we’re probably going to see in the next 45 to 60 days. I do believe at one point this quarter, we ultimately start to see that come through. Timing will be an issue. But I think Nvidia—look, if you look at Jensen, he’s 10% politician, 90% CEO.
