BNN - Thursday, May 23, 2024 - 03:00 p.m. (ET) - Segment #7

but the valuation of nvidia has actually gotten gotten much lower like is as much as the stock is gone. Now the numbers have gone up by far more, right. This is this is not like like some sort of phantom thing. People are just like betting on growth. The growth is here like it's already here and and we're starting and we're certainly seeing it in the numbers and the stock price. If there a reason to be critical. >> I hear what happens in 2025. What happens in twenty-twenty how much as growth staff, how do you think about that? >> You mentioned there's a couple you know, like cyclical or structural bear cases, so that the their cases, well, as a lot of spending going on and eventually they'll be a they'll be and I guess that was the worry going into this, preferring due to be fairly, the numbers were strong, I think versus like by side whispers. They were kind of in but they said a few things. The commentary think was better. And one of the things they said was really around, pulled out the risk of accident near transition period, air pocket as they move from the current hopper product line up to 2 of the next generation was called blackwell. People are really worried about potential air pocket during the transition. And one of the things that they kind of gave us confidence on is that that is not happening on the hopper. Demand still very, very strong. Even as the supply concerns are easing, the demand is holding up. And then they were seem like a more positive on timing of the blackwell ramp. It sounds like they will the knot in. Jensen said they're going court where a lot of blackwell revenue this year, which is, which is or are too much of that secret, risk of for next year. And I don't think is is really worried more. You can never prove a negative right? 26 is a 20 who knows. But for now thick of the risk is off the table. I think the structural worry along the same lines would look, there's a lot money that is getting invested. And eventually there has to be a return on those investments in them to customers are buying it. They have to generate a lot of revenue or save a lot of cost ideally both that if it turns out that you can't get a return on those investments. They knew old they would come crumbling down different billion for the for for lots of other folks, not just immediate. Don't think that that's true. We, we've done under 40 I think these opportunities are realizing the business models are already starting to get developed. And I'm, I'm pretty confident that we're talking 5 years or 10 years when we talk about numbers are still materially higher than what we're talking about. I'm pretty positive about the opportunity and who's driving that because at some hyperscalers. >> Take a backseat to water antar prize. The ceo's talked about sovereign ai is kind of that that final push for they really going to show the way these hyperscalers are already are now they are so with what he said on the call, was like larry cloud layers was only about, I think that are low 40's percentage of names are written. That's all. I mean, it was like it was over 50%. Last course of their customer base actually is starting to and and then the geisha numbers like on the sovereignty. It that would be high single-digit billions. So I know, you know, 7, 8, 9, billion dollars, whatever buy single digit, but not surrender. That's, that's this year like already happening. >> Investors want to what to with this dog. We're sitting on such massive if you missed out altogether what it was I mean, that's, that's been the story the whole you own you, you didn't really happen if you haven't. >> It gets harder and harder every every time, right? You know, all the lego ideas of the stock is actually cheaper today, quite a bit cheaper than it was before starting his running. All I think you have to be there I think it's like you need a strong stomach with this one. It can be volatile and even just just recently wasn't that long ago, we saw a number of what was a 20% drawdown. You know, on some of their customer like reports, right? I mean, so this is go up and down. But in general, I I don't have to argue with my cell asking whether or not is there demand fortheir products were not like they're clearly has more demand than they can supply. That seems to be likely true for quite a while. I think you need to be there. >> Amd your market perform distant why not, why not put this in the basket as I was, I want to not and the like, but too much. I mean, so their, their base and they're going to 4 million dollars in i, I read I I think investors expect going probably do more than that, maybe 5 or. >> I want not that it wasn't like it was like 0 a year ago for so going from 0 to be even for over a year is is a tremendous achievement. Not being said, you know, we're our numbers for billion this year over 100 billion dollars and 8 isn't driven and that kind 4 billion or 5 or 6 or whatever is, is not that big than dollars or not flowing there. We also get to hear anything about their their road map in the end. You know, it's, given what we know about, nvidia is hard for others, ad and others potentially compete. We don't

really whether roadmap id act rainy like the rest of their business, not the only want to one on one of the too much too much on them. But you know that the general like market for traditional servers has been weaker, spending has been been going some of other end market 80's gaming is is quite weak. They're vetted business, which is mostly the xilinx business. Stand jay. Because of the bottle while back. That's very weak. And so as strong as their ai business has been, it hasn't really been enough. To cover up the weakness of the rest of the business. And we have not seen numbers. Remy going like a friendly well over a year like it, I think last 6 or 7 borders. We've got numbers that at best, a flattened and in most cases actually go down after their earnings. Intel, I think the long-term investigation ad really just depends on what do you think the opportunity here? I think that the real way hope for a visa, the opportunity. So they just get a little bit of it or not. Let's say they do for 5 or 6 billion this I think if you if you believe they're going to do in, you know, 20 million in the year, 2 for ai to stocks, probably by that they're going win 10 billion. That's probably not, but think it just comes out of that. We just don't know enough yet to really not a big opportunity is going to be for stacy, thank you so much for all of these insights. I appreciate that stacy rask on joining us from bernstein. >> We're going to take a quick break when we come back. Copper under pressure for a second day in a row. More on that with andy bell. When we come back. Harvest Healthcare leaders Enhanced Income etf. Maximize your monthly cash flow from Canada's leading healthcare etf. More income from Healthcare Leaders. Harvest ETFs, income happens here. Find a great deal foryour ideal hotel.Open trivago, type inwhere you want t select your check-in andcheck-out dates and search. Compare prices forthe same hotel and save up to $50 a night. Hotel? trivago. ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) We all strive for peace of mind, whether in life or our investments. But that's not easy with today's market complexity. For over two decades, Goodreid has helped Canadians from coast to coast to achieve their financial goals, through both good times and bad. Working with our portfolio managers, you can navigate tomorrow's financial uncertainty with confidence. It's time. Take control of your wealth. I'm Gordon Reid. Invest with confidence, invest with peace of mind. To learn more,visit Goodreid.com. (Upbeat music) (Soft electronic music)Find a great deal foryour ideal hotel.Open trivago, select your check-in andcheck-out dates and search. Compare prices forthe same hotel and save up to $50 a night. Hotel? trivago. The future is zero Carbon. Mayfair Gold is developing Canada's first carbon neutral gold project with offsets funding residential solar panel installation across the country. Mayfair Gold. Copper has seen some more selling today for a second day in a row. India now has more on the lady in I like absolutely famous red mass. All yeah. First, maybe first used by humanity because they could find as unnatural chunks, not socal. Natural copper, metro and now it's all processed. Now it's all of the and now they make again and in tiny grains from might giant mine's tony tiny months after moving millions of tons of price down a little bit, but not far off record highs, but it did, as you know, briefly spiked this week about $5 a pound in new york amid the short burger parks, others. >> Major reuter says those been trying to get worse, actually move copper over to us. Warehouse us to meet delivery by the ocean, selling the metal shards. So to some extent, it was a short squeeze to some extent. The air has come out, but pretty high. Look at that up 31% in the past year, I actually I'm just gointo look at those non

commercial short position. It is still matt charge. Yeah. The structure reportable is non-commercial net long, but it's been, it's been coming down. Okay. I'm there is that there is evidence to spend your copper out there. And the home reuters is good piece today or yesterday, actually saying that copper stockpiles globally are near their highest in 3 years. And we're hearing that user's actual users of copper in china are saying no winnipeg, these prices, they're well aware of what the global stockpiles situation is like. And they're saying we're not paying the equivalent well, I would bring to the $11,000 a tonne and london that's a lot for industrial metal. $11,000 a tonne. So record highs briefly in london. It has come down. Apparently it is these middlemen players. People who make bits and pieces for an air conditioner or vacuum cleaner. I sell dialogues. The actual appliance maker, they're the ones who are saying no, we're not paying these prices. All right, so red-hot to take a little bit of a breather. Yes. Some news on lithium americas theme america's. They're working on building a nevada mine for they say they would get messy about clay deposits. But a short report producer bleecker street research who say were betting against the stock are out with a report. And they claim that there isn't a single lithium clay mine working commercially worldwide. Also, do we look at lac thanks control room. Also saying that occurred low. Yeah, the stock also saying that big coming because they're going to have to raise money as part of the requirements for this huge loan. They might get from the american government to more than 2 billion dollars us and to cashed up and they have to have a cash balance. America's a new reaction. I didn't hear back all right. Thank you very much. Andrew bell. Interesting story there. We're going to take a quick break. >> Nat gas pulling back a little bit today. It's had a tremendous run, though, over the past month will talk to the head of citi's commodity strategy, though he says you don't want to chase this rally higher. The main focus of Urbana is asset growth. Building the assets of this company. We invest in public securities. Everybody does that, but we also combine it with private equity investments, which is very, very important. And that's where you can make some real money. And the beauty is you're buying it at a discount a discount from asset value. I think we do contain risk extremely well. We have a very, very experienced team and we've got results over a long term period of time. Take advantage of historically high yields while reducing risk. Td Asset Management offers a large suite of active and passive fixed income investment solutions that can provide income and stability to your portfolio. Td Asset Management. At Pet Valu, we treat your pet like our pet. Well, Georgie, it's time for adult food. And there's a lot of great options to choo... too choose from. They grow up so fast. I know... I do this like ten times a day. ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) If you are an entrepreneur, you know what it means to be always invested. Grabbing hold of an idea and seeing it through, meeting old challenges with fresh solutions and believing in the power of tomorrow. We know because we're the exchange for entrepreneurs and we're always investing in public markets, in business, in growth, in you. Alright. Natural gas prices have advanced nicely over the past month. But we spoke with max lane, global head of commodity research is city. He says when chase the rally here. >> President, you know, really just run through out to all of a tie you know, about level. So where at levels with, you know, with with pasta shutting, you know, we pass the shining economic. So we're actually in recent eritrean, that's that's the main reason why was saying not much it to chases rally. >> Much is whether affect things, mean, obviously a things. But if we have this really hot could that could

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