Nvidia Dominates CES
36:16 Share

89% of business leaders say AI is a top priority, according to research by Boston Consulting Group. The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly. With top-tier security credentials and 15 years of experience in responsible AI, Grammarly is how companies like yours increase productivity while keeping data protected and private.

See why 70,000 teams trust Grammarly at grammarly.com slash enterprise. Are you still quoting 30-year-old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back.

Welcome to the now. It pays to discover. Learn more at discover.com slash credit card. Based on the February 2024 Nielsen Report. From the heart of where innovation, money, and power collide in Silicon Valley and beyond, this is Bloomberg Technology with Caroline Hyde and Ed Ludlow. ♪♪

Live from New York, this is Bloomberg Technology. Coming up, NVIDIA takes center stage at CES with new hardware, software, and services. But the stock falls. We sit down with its CEO, Jason Huang, later this hour. Plus, Meta cuts its team of fact-checkers, saying content moderation went, quote, too far.

and the US places some of China's biggest tech giants on its military blacklist. But first, we check in on the key stock you have to watch today. It is the most valuable, $3.6 trillion, and it dives by 4.5%. Nvidia losing its pre-market gains. We had touched a new record high, and now we sink the worst days since September. Why? We got a

whole raft of products, whether it's hardware, software, services, whether it's the future of robotics, from autonomous driving, from PCs and gaming, but is it the here and now, the Blackwell program and platform that we don't get enough detail on? Let's head out to Las Vegas. Big story, of course, is NVIDIA and the CEO unveiling these products. We've got none other than a key focus on the gamer, the original customer from Jensen Huang. Have a listen.

We used GeForce to enable artificial intelligence and now artificial intelligence is revolutionizing GeForce. Everyone, today we're announcing our next generation, the RTX Blackwell family. Let's go to our gamer in residence, Ed Ludlow on the ground at CES. There was going back to their roots, the GPU for the gamer. There was so much more, but the stock doesn't like it.

Yeah, I mean, we've become so accustomed to the NVIDIA story of being dominant in the market for high performance GPUs that go into data centers and train AI models, foundation models. But it is going back to its root story, right? It's taken the work that it's done on those AI accelerators and put them into a factor that is more relevant to the consumer, developers in particular.

And maybe the market this morning doesn't quite understand that story. There was plenty of big picture last night from Jensen Huang. Blackwell is in full production, a kind of timeline or a move into physical AI, which we'll get into, robotics, autonomous driving, but maybe also a conversation to be had around diversifying revenue. $100 billion of revenue is still data center chips, but increasingly those high-performance companies

graphics cards that go into the desktop, laptops, and something called Project Digits. There's a lot to discuss. That PC, all eyes on the $3,000 PC for AI developers. And look, there is a macro context to the share move today. We, of course, got some ISM data. We got yields spiking higher. No wonder some of the big tech names are under pressure. What's interesting is some of the suppliers, for example, a Micron, still leading the charge here as its memory is going to be within the NVIDIA offering. There was a lot to be had for some of the partnerships at play.

Yeah, and as you know, Cara, it's Bloomberg's policy not to give questions in advance of interview, and there are all these NVIDIA staff over my shoulder. But probably the one big question is the sustainability of the investment into AI. Those other chip names are...

pushing higher because when an investment is made into a high performance GPU, it goes in combination with the memory chips, other CPUs and all of the telematics from those other providers. That probably is the key question for Jensen, particularly in a year where things are uncertain economically. And I see a bit of a concern about inflation in the market this morning. Jensen has a lot of world views. Whether he'll talk to me about inflation, we'll have to wait and see.

Ed Ludlow, we cannot wait for the conversation. We'll see you a little bit later. Let's get an investor's take on the here and now, lack of visibility on Blackwell or indeed the future proofing of the business model. CBiz Investment Advisory Services CIO, Anna Rathbun. We tuned in at 6.30 Pacific time. It was 9.30 p.m. New York time when we heard Jensen on stage. What did you make? Are you in line with some of these analysts who are out there saying, look, not enough on the Blackwell platform?

Yeah, there weren't that many details that investors were hoping for. But if you have to talk for 90 minutes plus almost two hours, I'm not sure if you can fill that timeline with a lot of details about the business. And plus, you know, he's kicking off a conference. You sort of want to be a visionary. And there is this little slab of romanticism about AI thrown in there. So, you know, I think maybe it was the wrong platform.

to really wait for some of those details, but I know that the excitement was built into the stock market certainly yesterday. So I can understand the disappointment, but at the same time, maybe we need to wait for the earnings report. And look, we're currently showing a five-day chart of NVIDIA, which gives us the context. It had rallied 11% in January. We're maybe seeing some profit being taken off the table a little bit here, Anna. But what did you make of what it means for its moat, for its ultraviolet?

leadership in technology does AMD to others even stand a chance here well you know I think the leadership part of the visionary talk was establishing that leadership I think Nvidia wants to be a leader and wants to continue to be a leader so you're taking things like you know self-driving cars and partnership with Toyota and media tech those are real things that can turn into cash flow and

But then you have visionary things like humanoid and chat GPT turning into robotics, right? Not turning into, but robotics having a moment, right? So these are the things that I think establish NVIDIA, at least in rhetoric.

as a continued leader in the space. And whether or not AMDs and other players can catch up, I do think that Nvidia still has a large sort of monopoly in the space. The reality of catching up to Nvidia, I think, is still a difficult feat.

And that's why MD perhaps leaning into the PC side of the business with its Dell announcement rather than trying to talk up AI accelerators and the data center part. Anna, to that point, are you feeling comfortable that we're seeing diversification or at least that the demand for infrastructure from a data center perspective is still there? Look, Microsoft's 80 billion that they're going to spend in 2025 seems to signal that.

Yeah, I don't think this AI venture is going to stop. And certainly, you know, likes of Microsoft and some of these big companies are putting big dollars into it. But we can't forget about the private side either. There are a lot of venture companies that are going to require as they're developing applications for real businesses on the user end.

They're going to have to lean into some of that infrastructure like data centers and ultimately energy, too. But that's not a conversation for today. So I think I think the demand for this is not going to ease up.

Can you give us your macro perspective here, though, as well? We were just talking how on a macro perspective, maybe we are seeing that feed into the stock weakness. Do you still in the back of your mind be thinking about inflationary pressure? Does that have any weight on a company that just is so in focus for its innovation, not just the macro headwinds?

Yeah. So, you know, when I think about macro headwinds such as inflation and prices, I think about who has the pricing power. Right. So if you're NVIDIA and you have dominance in the marketplace, you have the pricing power. So I don't think NVIDIA is necessarily, you know, thinking about whether or not they have the they can pass down prices.

any kind of inflation or price increases. I think it's really on the consumer end. I think it's on the end of the other MAC7s that need to develop the R&D aspect of it. They're going to have to worry about the inflation portion. Interesting. So for you, if you're looking at portfolio at the start of 2025 and you're thinking how you're going to be changing up, do you make any key decisions of the back of the latest inflationary points?

You know, our assumption has always been that it's going to be higher for longer, both on the inflation area as well as rates. So our portfolio is already positioned for it. We never really thought that inflation could go down to 2%. You know, I'm going to use the word safely without causing some kind of a slowdown in the economy. And frankly, even if

If it does, it's really in the cyclical areas of the economy. And I think tech has some immunity from that cyclicality simply because there's just way too much momentum going into this AI venture. Anna Rathbun, so good to have you. CIO, CBiz, Investment Advisory Services. Stay well. Coming up, Meta. It cuts back on fact-checking across its social media platforms. More on that next. This is Bloomberg Technology.

89% of business leaders say AI is a top priority, according to research by Boston Consulting Group. But with AI tools popping up everywhere, how do you separate the helpful from the hype? The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly.

With over 15 years of experience building responsible, secure AI, Grammarly isn't just another AI communication assistant. It's how companies like yours increase productivity while keeping data protected and private.

Designed to fit the needs of business, Grammarly is backed by a user-first privacy policy and industry-leading security credentials. This means you won't have to worry about the safety of your company information. Grammarly also emphasizes responsible AI so your company can avoid harmful bias. See why 70,000 teams and 30 million people trust Grammarly at grammarly.com slash enterprise. That's Grammarly at grammarly.com slash enterprise.

Are you still quoting 30-year-old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now. It pays to discover. Learn more at discover.com slash credit card. Basically,

based on the February 2024 Nielsen report. Yet more big news out of Meta. Today, it's announced that it will end third-party fact-checking on its social media platform, saying content moderation went too far. So instead, the company will allow users to comment on a post's accuracy, adopting a kind of format similar to X's community notes. This, of course, follows some notable changes to its board as well.

For more, Bloomberg's Lin Duan joins us for more. Fascinating moves. It's moving safety and content moderation teams from California to Texas and ultimately relying on its user base now. It is very fascinating. And obviously, as you said, it further aligns Meta

to the X approach of content moderation and fact checking, which is to sort of crowdsource. One cannot ignore the underlying trend here. It's clear that over the past several months, Mark Zuckerberg has tried to repair, if you will, his relationship with

incoming President Donald Trump. That has been a relationship that has in the past been fairly adversarial. I don't need to remind you that at one point Trump was suspended on Meta's platforms briefly and has since been reinstated. And since then, Zuckerberg has personally contributed to his inauguration fund and has made efforts, as you have said, to make appointments that would be more

conducive to a relationship with the Trump administration coming in. I mean, it's interesting that this is basically the first announcement coming from Joel Kaplan, who is now the chief global affairs officer as Nick Clegg moved stage right. And we're not only getting a more right-leaning global affairs officer, but we're also getting Dana White, UFC, coming to the board of Meta.

That's right. And as you probably recall, Dana White was a very vocal Trump supporter. He was actually featured in Trump's first video on TikTok, another social media platform. So a good fit because, you know, Dana White and Mark Zuckerberg have a pre-existing relationship. They've been friends for a long time, right? They share a very strong interest in the same sport. So, yeah.

In a lot of ways, it makes sense for Mark and for what he's trying to do with that relationship with Trump. I think that migration for the fact-checking team from California to Texas, as you mentioned, is a really interesting one, too, whether that's politically motivated,

I don't personally know. And I think that the bigger question is like, will there be a broader pullback at Meta and some of the other social media platforms with this incoming Trump administration across all content moderation, not necessarily just fact checking, but you know, will there be a pullback in like the monitoring of disturbing content, CSAM content? I think that's the broader.

question asked. And that leads us perfectly to our next conversation. It's as if she knows it by magic. Lynne Doan on all things Meta. And look, as Meta pairs back its fact checkers, there's exclusive reporting today showing that the FBI and the Department of Homeland Security have also scaled back efforts over the past two years to disrupt violent extremist online activities. That's according to current and former U.S. officials and internet radicalization experts who actually fear that the trend will accelerate.

under Trump. That reporting all comes from Bloomberg's Jeff Stone. Extraordinary timing. So you're working out here that basically Department of Homeland Security and indeed other agencies have not wanted to tip off the social media companies as much.

That's right, Caroline. Since the social media companies, Meta being one of them, formerly Twitter being one of them, had a long history now of flagging false COVID-related information, misinformation around the vaccines. There's been a lot of political pushback in Washington encouraging them not to do that.

The Department of Homeland Security and the FBI have kind of become collateral damage in that larger political fight, and they are now incredibly reluctant and prevented in some cases by law from dealing with social media firms to remove some of this really incendiary, violent misinformation. Yeah, this comes...

But days after the New Year's Day attack on a Trump hotel and what happened in New Orleans, I mean, the idea that extremist content isn't going to be as monitored feels pretty scary.

That's right. I mean, there's certainly a trend where we are seeing these extremist attacks in almost every case. You know, it used to be a small fraction, but now in almost every case, the perpetrators or suspected perpetrators who are carrying out these attacks are often talking about them online, whether it be on sites like Meta in this case or on Discord, as in the case with the mass shooter in Buffalo.

The FBI and DHS are still going to continue to investigate based on some of those leads that they're seeing online, but they're not going to interact with social media companies to remove that content proactively. They're going to leave that to the social media firms. What's interesting within your story, you really build out the case that since it's a key court ruling here that, as you articulated, has pushed the DHS and the FBI less weighed in, but also there's less money going to external third party researchers as well, right?

That's right. External third-party researchers are a key component in this larger ecosystem. They do a lot of the work on behalf of social media companies to kind of proactively flag and detect and remove some of this really, again, extremist, violent material. It goes beyond a lot of misinformation. They are now taking significantly less funding from the government because...

of some of the political connotations and disputes around this. Specifically, some of these researchers used to receive tens of millions of dollars, whereas last year the Department of Homeland Security gave them zero dollars for internet-related research.

Exclusive reporting, Jeff Stone, we thank you so much. 89% of business leaders say AI is a top priority, according to research by Boston Consulting Group. But with AI tools popping up everywhere, how do you separate the helpful from the hype? The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly.

With over 15 years of experience building responsible, secure AI, Grammarly isn't just another AI communication assistant. It's how companies like yours increase productivity while keeping data protected and private.

Designed to fit the needs of business, Grammarly is backed by a user-first privacy policy and industry-leading security credentials. This means you won't have to worry about the safety of your company information. Grammarly also emphasizes responsible AI so your company can avoid harmful bias. See why 70,000 teams and 30 million people trust Grammarly at grammarly.com slash enterprise. That's Grammarly at grammarly.com slash enterprise.

Grammarly. Enterprise-ready AI.

Welcome to the now. It pays to discover. Learn more at discover.com slash credit card. Based on the February 2024 Nielsen Report. ♪♪

Now, the US has just added China's most valuable company, Tencent, as well as Tesla battery supplier CATL, to its list of "Chinese military companies". It's a move which could accelerate a decoupling of the world's biggest economies. For more, we've got to get out to Bloomberg's Mike Shepherd. And this seemed to come out of nowhere yesterday, and even Tencent itself thought it might be a mistake.

And a lot of the other companies thought so, too. They were really caught off guard, as a lot of us here in Washington were. It showed up without fanfare in a publication known as the Federal Register. The Pentagon just dropped it in there. But there was a purpose to this. It dates back to 2020 when President Donald Trump was still in office and under an executive order from him.

He asked the Defense Department to look for companies in China that had ties or actual control by China's military. And the concern is that this nexus between China's military and the business community in China posed a risk

to global security. And as a result, we see this listing. Now, it's important to note that there is no sanction attached to it. However, there is something that would discourage U.S. firms from doing business with anyone who is on this list. I think there was initially a worry that they might be forced to delist as well. Mike, is there any reality in that? Certainly, Tencent came out with a statement saying this doesn't affect our business in the here and now.

That is a really good question, Caroline. And it was one that we were chasing down yesterday. And as far as we can tell, there is no immediate threat of delisting directly as a result of this. But it does prompt eight companies here, as I said,

to revisit and rethink relationships with Tencent and others. And there are now 121 Chinese companies on this Pentagon list that subject them to some additional scrutiny about their relationship with China's military.

The list also includes CATL, which is one of the world's biggest battery makers. They're critical to powering the electric vehicle revolution globally. But they've also been the focus of a lot of attention, especially from Congress, including incoming Secretary of State Marco Rubio, who...

when he was in the Senate, had really zeroed in on CATL as a potential national security risk to the US. So read those tea leaves for us, Mike, because on one side, my immediate reaction is, well, CATL is a big supplier to Tesla, and Elon Musk isn't going to like that. He has the ear of Trump, for all intents and purposes we understand. But then Marco Rubio coming in, he doesn't much like CATL. So what does the next administration mean for this?

Well, the tea leaves really are tough to read here, Caroline. And that's in part because we do see this kind of division of loyalties. This is also playing out with the TikTok ban that is about to go into effect on January 19th, unless the company, which has a Chinese parent, is able to persuade the Supreme Court to overturn this divest or ban law.

Now, President-elect Donald Trump has made clear he would like to see TikTok survive as its own entity, to exist on its own and not be banned, to somehow evade this ultimate sanction as a result of a new law, one also that Marco Rubio had

helped push through. So we will see these kinds of tensions playing out between some of the business interests, including from Elon Musk and others, playing out right there in the White House. They're trying to get tough on China, yet need also this connection to China for business themselves. And as shocking as it might be for many that a big gaming and social network platform, Tencent, might be in any way deemed a military-related organization, there is also a

past tense. We've seen Xiaomi, for example, it's a phone maker but also now a car maker. It's managed to get itself off the list, right? So there's potential hope here.

Yes, there is. These companies do have a way to appeal this. They can even take it to court and contest the listing. And a number of companies like you just mentioned, Xiaomi especially, have been able to get themselves removed and struck from the list. However, when we talk about Tencent, let's turn back the clock again to 2020. When Donald Trump as president initially tried to ban TikTok, he also went after Tencent's WeChat app, which is this all

inclusive communications and payments platform that the U.S. government had viewed as a risk in the U.S. by anybody who was using it here. Now, there is not nearly as much use of WeChat here as by TikTok, but we do see the same sort of argument being played out with Tencent back then and perhaps an echo of it now as well.

Mike Sheppard, we thank you so much. And all things U.S.-China. We can go just on to data centers now and get back to CES, where our own Ed Ludlow is standing by with a very special guest. He's probably going to benefit from that spending in the United States, Ed.

Yeah, good morning from Las Vegas, Caroline. And Jensen Huang, CEO of NVIDIA, fresh off his keynote last night on stage. Ed, great to see you. Welcome to Las Vegas. Thank you. Happy New Year. Familiar territory for you. Congratulations on your new baby. Thank you very much. A lot's changed since we last spoke, actually. Yeah. But of the broad spectrum of what you announced last night, new graphics cards, new...

Chips actually technically in the automotive space products and services on the software side, which is the single most important for Nvidia's future? They're all important. You know, it's hard. It's all important. It's hard to pick your favorites. You know, we announced three chips.

We announced a brand new AI, a world foundation model, first of its kind. And we announced our work in three areas in robotics. Right. And they're all important. And the thing, of course, we announced a brand new Blackwell RTX and has a new AI technology called NeuroTherm.

Neuro Shaders and we're combining artificial intelligence and classical computer graphics. - Let's go to RTX, the new RTX. We've become so accustomed to your story being dominant in the market for high performance GPUs, server racks, data centers. This is going back to your roots. It's in the desktop context, there's one right there. Later in the year, laptop.

but for a target base that is developers and nerdy hardcore gamers. What's the future of that business for you? Computer graphics is going to be here forever. And what we've done is we've fused artificial intelligence and computer graphics together.

And the images that we're generating today wouldn't be possible if not for the fact that we're using computer graphics to create beautiful pixels and then use artificial intelligence to amplify that capability. For example, out of four frames I was talking about yesterday, 33 million pixels or so in 4K,

Now, out of that 33 million pixels, 2 million pixels were computed. The other 31 million pixels were generated by AI. In other words, the AI predicts what it thinks the pixels should be. That's right. Yeah. The ultimate generative AI. But what was interesting for me is the focus, again, was away from the graphics cards, away from Blackwell, the underpinnings, and Cosmos. We probably don't have time to explain in full detail Cosmos, but you call it a world foundational.

Cosmos is for the physical world what ChatGPT is for words and text. That's the easiest way to think about that. Okay, so in other words it's a model of text input but can generate synthetic data in multiple mediums.

It understands the physical world. So, for example, if I ask it a question, if I ask it to generate multiple futures of a car driving down the road, it would understand the dynamics of the world. It would understand

the object permanence, it would understand geometry and space, and it would create a driving scenario for the car that is plausible. And you open sourced it. So I don't really think about it as a product or a go-to-market

It's more about what Cosmos enables. Is that how we should think about it? Yeah, well, the autonomous vehicle industry and the robotics industry is really important to us, and we offer three computers for them. We offer, of course, the training computer. Through DGX. Through DGX. The robotics computer that's inside the car or inside a robot. And now we have this new computer called Omniverse.

with Cosmos, that is the digital twin or the playground where these robots can learn how to be robots. And so if we could accelerate the development of artificial intelligence for AVs and for robotics, it brings in a lot of business for us, of course. There's an academic point of tension here, if I may. Elon Musk is a customer of yours, and Tesla...

their theory or practice is based on real world data gathered through vision. Does the synthetic data underpinning of Cosmos kind of contradict that? It doesn't replace, it augments. And so you should collect as much world data as you can. Of course, collecting world data is very expensive. And Elon has a great advantage because, number one, his AI factory for his cars is fantastic. It has a lot of NVIDIA gear in it. His

AV algorithms is incredible. It's the best in the world. And he has a very large fleet of cars on the road that allows him to collect a lot of data. And so I think he has just a phenomenal position. And he's been working on this for a long time. And so he's going to be in a great position to take advantage of it. Well, may I ask you at this juncture, he's clearly influential in this upcoming administration. Yeah.

but he also positions Tesla as a leading AI and robotics company. - Yeah, very soon. - How does that bode for Nvidia, Elon Musk's influence of President-elect Trump, and also the coming administration's kind of attitude towards AI?

I don't know the attitude towards AI. I know Elon's attitude towards AI, and he's very optimistic about its future, and obviously he's working on some of the most important AI areas. XAI is working on Foundation Cognitive Intelligence AI. His technology

Tesla's working on autonomous vehicles and Optimus is for humanoid robotics. These three areas of AI are the three most important areas of AI. And so I think he's working on exactly the right things. You kind of positioned the AI, NVIDIA's position in the supply chain for physical AI, robotics, autonomous driving. Explain it a bit more, the role you see NVIDIA playing. Well, we're a core technology company. And so we build the foundational computing platforms

We're also full stack, and so we develop the necessary algorithms, the necessary AI technologies, and then we put it out to the industry for them to adopt it and turn it into end market solutions. We're a computing platform company. So you're on stage and you're surrounded by

I think a dozen humanoid robots, which is nice for you. When will I be here at CS in Las Vegas and actually have... There are some robots right down the hall. No, but in real terms, you must have a timeline that you see

real world commercial deployment of the technology you outlined last night? It depends on use case. Which one do you see first? The first use case will probably be in manufacturing. There's estimates tens if not a hundred million jobs that are workers that are the world is short of workers and

aging population, declining birth rates, and so I think the world needs a lot more workers. Robotics is one of the best ways for us to supplement all of that and help companies recover the lost revenues on the one hand and drive productivity which reduces inflation for the world on the other hand. And so I think robotics is going to be very important to that.

In different areas. You could have... They'll probably deploy into manufacturing first because they obviously need it most. Which you see as a ginormous potential market, addressable market. It's a $50 trillion industry that wants to grow and needs to grow. Sorry to interrupt you, Jensen. I think the thing that Wall Street is struggling with this morning, among many things, is DGX, they understand the investment there. That drains the foundation models. In terms of NVIDIA's business model...

What you outlined last night, Cosmos, and then later on on the inference side, how physical AI helps grow your business from there. Drives DGX growth. Just simple as that. Yeah, as simple as that. I think if you just look at it simply like that, we have three computers.

And two of the computers, DGX and Omniverse, drives an enormous amount of data that is necessary to train the AI models. And so Omniverse creates the data that we then use to train AI models. The training is what drives DGX sales.

And the more robots that are available, the more data we can create, the more AI models we have to go train. That cycle is ultimately what we're striving for. All of that drives consumption for data center growth. There is a surge in AI spending, data center growth.

Some of our audience are a bit concerned about how sustainable that is, short, medium, and long-term. Well, at the limit, artificial intelligence is the single most important technology force of our time. And it's really about we're at the beginning of that. And in the future, every single data center will be...

driven by AI and the type of computing that we build today. And so if you look at the world today, we're about a year and a half into the remodeling, if you will,

the modernization, the reinvention of computing. And so I think that over the next several years you're going to see the transition from the old way of doing computing, general purpose computing, to this new way of doing computing, artificial intelligence and accelerated computing. And so we have a lot of growth to go to. Let's go back to your and NVIDIA's roots. And therein lies the complication, right? The story, accelerated computing. You spent four years redefining the computer for me.

But then we get RTX, Blackwell, single Blackwell in that form factor. The target audience is hardcore gamers, but also developers. And I wondered if you could give me any early examples or evidence of how you see the gaming industry adopting your technology.

Well, AI is going to reinvigorate the video game industry. On the one hand, for developers, it's going to reduce the cost of creating the content.

On the other hand, all of the characters that are in the games are going to be smart characters in the future. So every time you interact with them, they're going to be interacting with you in a much more intelligent way. And so the games are going to be more interesting. The characters are going to be more interesting. The content development cost is going to decline. And that's going to be really great for the industry. And so I think the future is really bright for video games and these virtual worlds and our

artificial intelligence is going to really reinvigorate it. Project digits. May I pick it up? Yeah, yeah, yeah. $3,000 for your digits. A supercomputer you can sit at your desk. Exactly. Could you imagine you're just sitting there just like that, you're working on your PC. Well, I can't imagine. Why would I need one of these? Probably not me. But how big is the addressable market for this? What is the addressable market?

There are 30 million software developers. There are probably something along the lines of 10 million designers around the world. Probably another 20 million creative artists. Hard to say exactly how many students. I'm going to guess probably a couple of hundred million students around the world. Everybody's going to have to... If they can afford it. Everybody's going to have to... Well, they can afford computers.

And so here's, if they can afford computers and they would like to have a companion that helps them do AI, this is the way to do it. Can I just clarify something on it? I think you said on stage, Mac OS, Linux, and Windows. No, no. But the communication said just Linux. No, no. Whatever computer you use...

You're literally enjoying how it's going to be used. It's sitting right there and you just connect to it wirelessly like it's your personal cloud. I promised the audience I'd verify that because they're excited. We're running short on time. President-elect Trump has been speaking during the course of our conversation.

How imperative is it that you go to Mar-a-Lago and meet with him if NVIDIA is America's leading AI company? And will you? I'd be delighted to go see him. Have you been invited? Not yet, but I would be delighted to go see him and congratulate him and do everything we can to help this administration succeed.

A lot of what you outlined on stage last night in the realm of physical AI, I saw Xpeng, for example, in the autonomous driving context. That's happening in China. They are doing a lot on robotics. So I'm going to ask you about tariffs. It's likely this coming administration will be as restrictive on technology export and tariffs will be a function. How have you prepared for that, Jensen?

Whatever the administration ultimately decides, we'll give them as much insight as we can from our perspective. And I'm sure that the administration will make the right moves. That's in the best interest of our country.

2025, I kind of start the conversation by saying a lot has changed since we last spoke in the summer. You said that the age of general robotics is just around the corner. Is 2025 the year of general robotics or is that a little premature to your mind? The development is going gangbusters, as you can see all the different robots that are going to be around here.

And the enabling technology necessary for general robotics is coming together. All the pieces are coming together. The industry still has a lot of engineering to do. If you look long term, you know, pick your horizon. In 10 or 20 years, the number of robots that's going to be on Earth is going to be measured in probably tens if not hundreds and not potentially billions of robots. And so those days are clearly coming.

Is it going to happen in the next couple of years or the next five years? Hard to say. But the development of robotics is going to be all over the world now. And we're seeing startup companies, large companies, industrial companies, consumer electronics companies, all getting involved in the future of robotics. And our offering to the industry is a three-computer system. And so whether they're

developing the robot, training the robot. We have DGX systems for them and DGX clouds for them. If they're simulating the robots, we have Omniverse for them. And if they want to deploy them, when they're ready to deploy the robots, we have little computers that basically is the computer brain of the robot that they can put inside the robot. And so we'll work with the industry across the board from the development of the robot to the deployment of the robot.

And we have computer systems for them, algorithms for them, AIs for them. And we'll partner with the industry to make this future happen. Very, very quick. Which line of business grows fastest this year? Data center, gaming, or other?

They're all going to grow fast. I think gaming is continuing to grow. Our autonomous vehicle business is already on its way to be a $5 billion business this year. Right, run rate. Right, run rate. And so the autonomous vehicle business is just starting to get off the ground. And that tells you something about how we address it. And the reason for that is we get the benefit from the beginning of the development of the AIs all the way to the deployment of the cars.

Because a car company needs two factories, a car factory that builds the cars and an AI factory that builds the AI-supported cars. And both of these areas we get to participate. And so I think it's going to be a very large business. Jensen, I've made you late for your next appointment. Yeah, it's great to see you. I'm incredibly grateful for your time. It's good to see you as well. Jensen Wang, the NVIDIA CEO. Caroline.

What a conversation. Ed Ludlow, live from Las Vegas. So good to have you back. We'll let you go and return to paternity leave. From New York, this is Bloomberg Technology.

This is Shirley Strawberry from the Steve Harvey Morning Show. Toyota has been building a legacy of excellence for years, from developing hybrid technology to upping the standards of safety and efficiency. Toyota is always innovating, always making progress. And with a superior lineup of in-stock SUVs, including the adventure-ready RAV4 and capable, affordable Corolla Cross, you can experience the legacy of Toyota for yourself. Visit

buyatoyota.com, the official website for deals to find out more. Toyota, let's go places. This podcast is supported by BetterHelp, offering licensed therapists you can connect with via video, phone, or chat. Here's BetterHelp Head of Clinical Operations, Hesu Jo, discussing who can benefit from therapy. I think a lot of people

A lot of people think that you're supposed to be going to therapy once you're like having panic attacks every day. But before you get to that point, I think once you start even noticing that you feel a little bit off and you can't maintain this harmony that you once had in relationships, that could be a sign that maybe you want to go talk to somebody.

There's always a benefit in talking to someone because we can all benefit from improved insight about ourselves and who we are and how we behave with other people. So if you're human, that's like a good indicator that you could benefit from talking to somebody. Find out if therapy is right for you. Visit BetterHelp.com today. That's BetterHelp.com.