Nvidia’s Jensen Huang on an AI Bubble, Trump, and the Arms Race with China (YouTube Video Transcript)

(00:00:00) Your YouTube transcript will appear here (00:00:01) This is for certain. Everybody's jobs (00:00:03) will change as a result of AI. Some jobs (00:00:06) will disappear. Obviously, every single (00:00:09) industrial revolution, some jobs are (00:00:10) just gone and but a whole bunch of new (00:00:12) jobs are created. Everybody will have to (00:00:14) use AI because if you don't use AI, (00:00:16) you're going to lose your job to (00:00:17) somebody who does. Time has named the (00:00:19) architects of AI as the 2025 person of (00:00:22) the year. One of those architects is (00:00:24) Jensen Huang, the CEO of Nvidia, which (00:00:26) is now the world's most valuable (00:00:28) company. Nvidia has a near monopoly on (00:00:30) the supply of GPUs. The advanced (00:00:32) computer chips powering the AI boom (00:00:34) that's transforming the planet. The (00:00:36) industry's rapid growth has tech leaders (00:00:38) proclaiming a new era of abundance while (00:00:40) skeptics warn of a looming financial (00:00:42) bubble. In November, I went to speak (00:00:45) with Wang at Nvidia's Bay Area (00:00:47) headquarters. Google CEO Sundar Pachai (00:00:50) said this week (00:00:51) >> uh that there were elements of (00:00:53) irrationality in the stock market (00:00:55) >> around AI right now. (00:00:57) >> Do you agree with him? there's always (00:00:58) some irrationality somewhere in the (00:01:01) stock market. I think that that's a fair (00:01:03) thing to say. Um I would say though the (00:01:06) part that most people miss is that (00:01:09) underneath the foundation of chat bots (00:01:12) and agentic AI is a transformation of (00:01:15) computing from general purpose to (00:01:16) accelerated computing. When do you then (00:01:19) then gauge um uh the the investments (00:01:25) incremental on top of that relative to (00:01:28) the opportunity of generative AI or (00:01:30) agentic AI AGI on top of that then (00:01:33) you'll come to the conclusion in fact (00:01:35) it's very modest it's still significant (00:01:38) but it's modest in in in relative to the (00:01:40) overall computing market. (00:01:42) >> So you're uh somewhere between four and (00:01:45) five trillion dollar company right now. (00:01:47) a lot of that cash flow that you're (00:01:48) bringing in as revenue (00:01:50) >> uh you're investing in other companies (00:01:52) in the space. Some people (00:01:54) >> in the the world of analysts and the (00:01:57) stock market are saying this creates a (00:01:59) degree of circularity. Uh there's vendor (00:02:01) financing here, it could create extra (00:02:04) systemic risk uh if for example (00:02:07) companies like OpenAI which is not (00:02:08) profitable fails to meet uh the (00:02:11) commitments that it's making to buy data (00:02:13) centers mostly full of your chips. Are (00:02:15) you concerned that there is a a growing (00:02:18) structural risk related to all of those (00:02:21) things? (00:02:22) >> Not because of this reason. Um (00:02:24) >> for any other reason. (00:02:25) >> Well, if there are other reasons that we (00:02:28) can talk about, but not for this, you (00:02:30) know, not for this particular reason. (00:02:31) Let me tell you why. Every single (00:02:33) transaction we do, every single purchase (00:02:36) order that we take, we still go back to (00:02:38) first principles and we ask ourselves, (00:02:41) do you really have the demand for it? (00:02:42) Because if you don't have the demand for (00:02:43) it, somebody else has demand for it. The (00:02:46) reason why we invest is several reasons. (00:02:47) One is to expand our ecosystem. If you (00:02:50) look at the investments that that we (00:02:52) will likely make and have made up to now (00:02:55) and you compare it to the revenues that (00:02:57) we have that we're generating, it's in (00:02:59) the single low single digits. And so (00:03:02) that kind of tells you how could low (00:03:04) single digits create circularity. And (00:03:06) then very importantly, this is the last (00:03:08) reason. These are consequential (00:03:11) companies, most important companies of (00:03:14) our time. And we have the opportunity to (00:03:16) be a have a front seat, front row seat (00:03:18) partnership with them. We kind of also (00:03:21) have, if you will, inside information (00:03:24) about how successful they're doing. And (00:03:26) so the opportunity to invest in them, (00:03:28) it's going to turn out to be a great (00:03:30) investment. (00:03:30) >> I'd love to move on to talking about the (00:03:32) year that you've had in the world of (00:03:34) politics and policy. M (00:03:36) >> um the year begins with Trump entering (00:03:39) the Oval Office. (00:03:40) >> Uh I understand that your first meeting (00:03:42) with him ever was that month in January. (00:03:45) >> Mhm. (00:03:46) >> Um and since then (00:03:48) >> you've traveled the world with him, he's (00:03:49) referred to you as a close friend and a (00:03:51) great leader. (00:03:52) >> And I'm curious, having spent so much (00:03:54) time with him up close this year, (00:03:57) >> what's something that you've learned (00:03:59) about his approach to AI and the way (00:04:01) that he does business? (00:04:04) Um, let's see. I I guess maybe I'll say (00:04:06) some things that that um (00:04:09) isn't evident um watching or or reading (00:04:13) about President Trump on on TV or news. (00:04:15) Uh first of all, he's an extraordinarily (00:04:17) good listener. (00:04:19) U (00:04:21) he's he's almost I think everything I've (00:04:25) ever said to him, he's remembered. Uh he (00:04:28) is an incredibly hard worker. (00:04:31) his work ethic. He starts as early as (00:04:33) anybody else and oftentimes (00:04:37) uh we'll be talking about things late in (00:04:39) the night and I'm kind of ready for bed (00:04:43) and he's he would have gone for several (00:04:45) more hours and so so I I've never met (00:04:49) anybody with such incredible work ethic (00:04:52) and so he's you know he it just came (00:04:53) from everything that he's done he's (00:04:55) worked hard his life his whole life he (00:04:56) works seven days a week as far as I can (00:04:58) tell um there is no you (00:05:01) after work spend time with doing (00:05:04) something else. He's just working the (00:05:05) whole time. And so these two qualities (00:05:08) are are really impressive and I wouldn't (00:05:10) I wouldn't have have um guessed those (00:05:13) two two qualities, but he's excellent (00:05:15) listener. He's incredible work ethic and (00:05:17) he's super smart. (00:05:18) >> In the time that you spent in and around (00:05:20) the Trump administration and traveling (00:05:21) the world this year, is there an (00:05:23) important moment that you experienced (00:05:26) that the world doesn't know about yet, (00:05:27) but that you think it should? The world (00:05:30) is um (00:05:32) unaware of how deeply dependent (00:05:36) United States and China are to each (00:05:38) other. (00:05:40) uh the the the ideas that that uh (00:05:43) floated around about United States (00:05:45) decoupling from China I think is is is (00:05:48) is (00:05:50) flawed and our dependency on each other (00:05:53) is quite significant and it's deeper (00:05:56) than people think and every single time (00:05:58) we press it we realize what else we're (00:06:01) dependent on each other on that this (00:06:03) will be the most consequential (00:06:04) relationship in the next century if this (00:06:07) is so um I I think that we we really (00:06:10) ought to recognize that managing the (00:06:12) relationship and not causing conflict is (00:06:15) the most important thing we could do. (00:06:17) And so, uh, negotiations, (00:06:20) communications, uh, compromise, um, and (00:06:23) just the continuous process of doing (00:06:24) that is essential. And I think the (00:06:26) current administration has demonstrated (00:06:28) incredible wisdom in engaging (00:06:32) whether it's he hexath in uh uh with uh (00:06:37) the military uh whether it's uh bessent (00:06:40) and treasury uh President Trump himself (00:06:44) uh ambassador Greer all of them (00:06:47) representing us engaging deeply in (00:06:49) conversations there uh deeply wise (00:06:51) deeply wise and I think it'll (00:06:53) demonstrate that a century from (00:06:55) that impactful change versus isolation (00:06:58) and and avoidance and uh I think that's (00:07:01) important. I think the second thing that (00:07:03) that I would say that the world didn't (00:07:04) realize is how deeply dependent we are (00:07:09) in the AI industry on the brilliant (00:07:12) students and the brilliant scientists of (00:07:14) China. 50% of the world's AI researchers (00:07:18) are from China. Their companies in China (00:07:20) wants China to win. I think that's (00:07:22) terrific. And I think the Chinese want (00:07:24) China to win. I think that's terrific. (00:07:26) We want America to win and we can have a (00:07:28) healthy competition while we compete, (00:07:32) compete fairly and collaborate at the (00:07:34) same time. But I think the taking it (00:07:38) emotionally too far from that um results (00:07:41) in in uh consequences and relationships (00:07:43) that are that are just harder to manage. (00:07:45) you've been still unable to ship uh at (00:07:49) the beginning of the administration your (00:07:50) H20 chip to China and had argued uh (00:07:54) successfully ultimately to the Trump (00:07:55) administration for them to remove that (00:07:59) export control. However, shortly after (00:08:01) that uh commerce secretary Howard Lutnik (00:08:04) said that the goal of American chip (00:08:07) policy in that regard was to get China (00:08:10) addicted to US chips. Um and that after (00:08:15) that China turned around and said (00:08:16) actually no we don't we don't want the (00:08:17) H20 and since then you've uh publicly (00:08:20) declared that you have no uh China (00:08:23) revenue anymore. What was your response (00:08:25) to to Lot's comments there? (00:08:30) Well, you know um (00:08:33) it's unfortunate. Uh I I would say I (00:08:37) would say um (00:08:40) so first of all it's really important to (00:08:42) understand what AI is. AI is not just a (00:08:47) model. What AI what AI is is a full (00:08:50) stack of reinvention of every single (00:08:53) layer of the technology stack. AI is (00:08:55) about energy. That's the reason why (00:08:57) we're talking about energy all the time. (00:08:58) When President Trump came into office (00:09:00) and he was pro- energy growth. If it (00:09:04) wasn't because of his posture on energy (00:09:06) growth, the United States would have (00:09:08) been in a very bad way. We would have (00:09:11) had no energy, no incremental energy (00:09:14) necessary to grow this incredibly (00:09:16) important industry. So his growth (00:09:18) posture, his grow energy growth policy (00:09:20) is incredibly helpful. But we have to (00:09:23) win every other layer as well. The next (00:09:25) layer is chips. The layer after that is (00:09:28) infrastructure, cloud services. the liar (00:09:31) after that um large language models or (00:09:34) AI models and of course very importantly (00:09:36) AI applications. The United States has (00:09:39) if we if we hope to take advantage of (00:09:42) this next industrial revolution and this (00:09:44) will be the largest industrial (00:09:45) revolution of all of the industrial (00:09:47) revolutions. And so every layer of that (00:09:51) stack we must be determined to win. But (00:09:54) if we allow all of the layers (00:09:58) to only be as successful as the least (00:10:00) successful layer, then United States (00:10:03) will fall behind. No doubt. Our belief (00:10:06) and and what I've explained is that in (00:10:08) the layer of chips, the single most (00:10:11) important thing is to make sure that (00:10:13) every single model in the world runs on (00:10:15) American techstack and that the American (00:10:17) tech stack is everywhere in the world. (00:10:20) So that you know American text stack (00:10:23) becomes if you will the global standard. (00:10:25) There's a belief that somehow if we (00:10:28) provided American chips to uh foreign (00:10:32) foreign countries and specifically China (00:10:34) that the Chinese military would be (00:10:36) building their military and building um (00:10:40) airplanes and (00:10:42) aircraft carriers using American chips. (00:10:45) Well, first of all, they have plenty of (00:10:47) their own chips and their companies are (00:10:50) formidable. The idea that China does not (00:10:53) have technology industry we now know is (00:10:55) lunacy and we all the idea that China is (00:10:59) not able to manufacture would suggest (00:11:02) somebody is had their head deeply in the (00:11:04) sand. The ability for us to engage the (00:11:08) China market, compete freely there, earn (00:11:11) our business, earn our business is great (00:11:14) for um great for America. It's great for (00:11:18) the American people. It allows us to uh (00:11:22) generate revenues for the United States. (00:11:25) And as you know, the country that is (00:11:28) most secure, has the mightiest military (00:11:31) is because it's also the wealthiest (00:11:32) country. And so we want America to be (00:11:34) the wealthiest country so that we can (00:11:36) fund the mightiest military. And I I (00:11:38) think that that is our way of (00:11:40) contributing to national security. (00:11:42) >> But this is a tight ripe that you're (00:11:44) walking right because you saying this (00:11:46) precisely what China wants is to have (00:11:48) its own semiconductor. (00:11:50) >> I know it (00:11:50) >> industry. I know it. (00:11:51) >> So in a way it wasn't Lutnik only just (00:11:54) kind of saying the quiet part out. (00:11:55) >> You're exactly right. In a lot of ways, (00:11:57) um, we realize that that, uh, on the one (00:12:01) hand, uh, we would like to limit (00:12:03) American technology to China. On the (00:12:06) other hand, we would like to participate (00:12:08) in their market. It is exactly the (00:12:10) opposite for them. They would like their (00:12:13) Chinese companies to have access to the (00:12:16) best technology so that different layers (00:12:19) of the AI stack can flourish. Um, and it (00:12:22) gives while it gives their local (00:12:25) technology companies an opportunity to (00:12:27) catch up, they would like to access (00:12:29) American technology, but they would also (00:12:31) like to dominate their own market. And (00:12:33) so these two ideas are are true in both (00:12:37) countries. And so the the the best (00:12:39) answer the best answer uh is to let let (00:12:42) the system work itself out. I think the (00:12:44) uh we need a nuanced answer, nuanced (00:12:47) policy where uh America has American (00:12:50) companies have access to the most (00:12:52) advanced technology, American (00:12:55) technology. Meanwhile, um allowing (00:12:59) American companies to go participate in (00:13:01) the world's second largest market. Since (00:13:04) I spoke with Hang, President Trump said (00:13:06) the US would allow Nvidia to sell H200 (00:13:08) chips to China with the government (00:13:10) collecting a 25% cut of the sales. You (00:13:13) mentioned decoupling there and how the (00:13:16) two superpowers are still very dependent (00:13:18) on one another, but in your industry, (00:13:23) chipm which is historically very highly (00:13:25) concentrated in Taiwan, uh there is (00:13:28) actually a decoupling going on. You uh (00:13:30) this last month, October, uh the first (00:13:33) Blackwell ship rolled off a production (00:13:34) line from an Arizona factory. Uh and (00:13:37) this is a momentous occasion uh because (00:13:40) Taiwan is obviously a geopolitical (00:13:41) >> we're building the most advanced ship in (00:13:42) the world here in America for the very (00:13:44) first time. (00:13:45) >> But doesn't that explicitly (00:13:48) cause a decoupling? I mean, China is (00:13:50) building its own domestic semiconductor (00:13:52) industry. The US is now building its own (00:13:54) domestic fabrication uh of of (00:13:56) semiconductors. (00:13:58) uh that longtime strategic balance of (00:14:02) Taiwan being this place where you know (00:14:06) it's stuck in the middle almost uh too (00:14:08) expensive for China to invade because of (00:14:10) all of these reasons. Isn't is invasion (00:14:12) becoming more likely because of this (00:14:13) this decoupling? (00:14:16) >> Invasion would any conflict? Um you I (00:14:21) I've not heard of of of any specific (00:14:23) plans but any conflict um should be (00:14:26) should be reduced. And so we shouldn't (00:14:28) play a role in in uh uh increasing (00:14:31) conflict. Um and uh you know I think I (00:14:35) think it's very clear that that (00:14:37) President Trump is is the is a president (00:14:39) of peace and and seeks out for peace. (00:14:42) With respect to with respect to (00:14:44) semiconductor manufacturing I think it's (00:14:46) very clear that what we as we as the (00:14:49) industry grows having resilience is (00:14:52) important. (00:14:54) We don't need to decouple. We need to (00:14:56) enhance resilience. And so the ability (00:14:59) to manufacture in multiple sites in (00:15:01) multiple continents for whether for for (00:15:04) you know whether electricity reasons or (00:15:07) you know weather reasons or earthquake (00:15:09) reasons whatever the reasons are um (00:15:12) having having diversity and redundancy (00:15:15) in the most critical supply chain it's (00:15:18) just wise. Um, we will depend on Taiwan (00:15:21) to manufacture (00:15:23) chips and electronics for decades to (00:15:25) come. Their people, their culture, um, (00:15:28) just their network of ecosystems and (00:15:31) companies that are built around each (00:15:33) other, the efficiency of that of that of (00:15:36) that island and building electronics and (00:15:38) chips is unheard of, unbelievable. (00:15:41) Uh, it's going to take decades to (00:15:43) replicate that. The Chinese government (00:15:46) has instructed its army to be ready by (00:15:48) 2027 to invade the island. Your policy (00:15:53) that you advocate of uh allowing Nvidia (00:15:55) chips to be sold to China. Do you think (00:15:58) that does anything to the risk of that (00:16:01) happening? Does it make it more likely, (00:16:03) less likely, or no change? (00:16:04) >> Less likely. (00:16:06) >> Why? (00:16:06) >> Um the reason for for that is very (00:16:08) clear. never never never push an (00:16:12) adversary or anyone uh to the wall. I it (00:16:17) is just it's wisdom uh to ensure that we (00:16:20) we don't uh elevate the tension of any (00:16:24) relationship (00:16:25) and um when you take things to an (00:16:27) extreme for example all or nothing uh (00:16:31) those extremes are are um causes causes (00:16:34) um uh reflexes and um uh outcomes that (00:16:38) are that are unexpected. And so I I (00:16:43) think the uh moderation (00:16:46) moderation uh having a a nuanced (00:16:49) strategy where United States especially (00:16:51) you know the technology is built here in (00:16:53) the United States and and is an American (00:16:54) company America has every right to make (00:16:57) ensure that American companies and (00:16:58) America has the best and the most we (00:17:01) have every right and we do that we (00:17:03) ensure that and and that's a natural way (00:17:05) of how we do business but also to make (00:17:07) available to our technology so that we (00:17:09) can participate and compete compete in (00:17:12) the global market so that the United (00:17:14) States could have the largest possible (00:17:16) technology footprint. That's that's a (00:17:18) wise thing to do. And so I think it's in (00:17:21) our interest to do that. I think it's in (00:17:24) their interest um with all due respect (00:17:27) that Nvidia's technology is quite (00:17:30) advanced and we could be helpful and uh (00:17:33) to be in service of the companies the (00:17:35) technology companies in China and um uh (00:17:38) and we'd appreciate the opportunity to (00:17:40) come compete and go earn our (00:17:41) opportunities there. And so to to that (00:17:44) extent um and we don't we don't cause uh (00:17:48) disruptions (00:17:50) or um uh cause panic or you know (00:17:53) whatever whatever the the emotional (00:17:55) feelings are. Of course it'll keep the (00:17:57) the tension low and it'll keep the the (00:17:59) uh the the relationship you know (00:18:01) balanced. (00:18:02) >> I want to talk about Saudi Arabia as (00:18:03) well because there are similar dynamics (00:18:04) at play there. Um, so in May you (00:18:07) traveled to Saudi Arabia with President (00:18:09) Trump. (00:18:10) >> Uh, and there there were some major (00:18:11) deals announced, including uh large (00:18:14) shipments of NVIDIA chips uh to Saudi AI (00:18:17) companies. Under the Biden (00:18:19) administration, those chip exports had (00:18:21) been blocked essentially because of (00:18:23) concerns that uh Saudi Arabian companies (00:18:26) were close to Chinese companies and that (00:18:28) the chips could make their way uh via (00:18:30) the Gulf to China. Um, can you describe (00:18:33) the role that you played getting the (00:18:36) Trump administration to rethink that (00:18:39) policy? (00:18:40) >> The argument goes like this. (00:18:44) AI will be AI is impactful and (00:18:46) consequential for every single company (00:18:48) and every industry and every nation and (00:18:52) the Middle East will absolutely (00:18:56) develop AI capability for their (00:18:59) ecosystem. Would we like the Middle East (00:19:01) to be built on the American tech stack (00:19:03) or would we like the Middle East to be (00:19:05) built on somebody else's tech stack? (00:19:07) That's really the simple question. And (00:19:09) the idea of conceding (00:19:12) technology leadership, the idea of (00:19:14) conceding a massive market um made no (00:19:19) sense to President Trump. (00:19:22) And for what reason? (00:19:25) Whatever the reasons of the previous (00:19:27) administration for conceding, for (00:19:30) forfeiting (00:19:31) um uh tens of billions, hundreds of (00:19:34) billions of dollars of market (00:19:35) opportunity uh to another country when (00:19:38) we don't have to, when we have the (00:19:40) world's best technology, forfeiting just (00:19:43) doesn't make sense to President Trump. (00:19:46) >> You just got back from DC where uh the (00:19:49) Saudi uh crown prince NBS was in town. M (00:19:52) >> you attended a dinner. Um what did you (00:19:55) talk about? (00:19:57) >> He was very happy um with uh uh the (00:20:00) licenses of uh the GPUs, Nvidia GPUs for (00:20:04) for the KSA. Um he was uh uh very (00:20:08) complimentary of the work that we've (00:20:09) been doing. uh you know of course of (00:20:12) course his royal highness is both a avid (00:20:16) gamer and and his home uh is populated (00:20:20) with Nvidia GeForce. He has a he has a a (00:20:24) esports um uh you know room uh with with (00:20:29) tens of PCs a game the highest end (00:20:32) gaming PCs and underneath the desk is (00:20:35) all GeForce and so uh he he's a big fan (00:20:38) of GeForce. He's been a customer of (00:20:39) GeForce for a very long time and uh and (00:20:42) he's he's uh really delighted by the (00:20:43) partnership that we have in AI and and (00:20:45) grateful for everything that we've done (00:20:47) to help him uh help him uh get to this (00:20:49) point and so he was just very very (00:20:51) happy. I want to switch gears now to (00:20:53) talk about uh the social impacts of AI. (00:20:56) Um this is a technology that has the (00:21:00) potential to automate many aspects of (00:21:02) human labor very soon. And I'm curious (00:21:05) the degree to which you feel a (00:21:09) responsibility for making that (00:21:10) transition go well. (00:21:11) >> What AI will do is to make tasks that we (00:21:15) do in our job more efficient. Our job is (00:21:19) not to wrangle a spreadsheet. Our job is (00:21:22) not to type into a keyboard. Our job is (00:21:24) generally more meaningful than that. I'm (00:21:27) fairly confident that AI will drive (00:21:29) productivity, revenue growth, and (00:21:31) therefore more hiring. There's a belief (00:21:33) that the world's GDP is somehow limited (00:21:36) at a hundred trillion dollars. (00:21:39) Well, what's likely to happen is AI is (00:21:41) going to cause that hundred trillion to (00:21:43) become $200 trillion, $300 trillion, (00:21:46) $500 trillion. There's no fundamental (00:21:48) limit to the size of a GDP. (00:21:52) And so, and the the number of people in (00:21:55) the world that is participating in this (00:21:57) GDP and the hundred trillion dollar GDP (00:21:59) GDP is actually quite small. And so what (00:22:02) if we brought the rest of the world, the (00:22:04) rest of society, the rest of the world's (00:22:06) population, empower them with AI, give (00:22:09) them the opportunity to participate in (00:22:10) the GDP and cause this GDP to quintuple. (00:22:15) I think that's a very likely outcome and (00:22:18) it's very likely that companies will (00:22:20) become more prosperous. But it's for (00:22:22) certain, this is for certain. (00:22:25) Everybody's jobs will change as a result (00:22:28) of AI. Some jobs will disappear. (00:22:30) Obviously, every single industrial (00:22:32) revolution, some jobs are just gone. And (00:22:34) but a whole bunch of new jobs are (00:22:36) created. Everybody will have to use AI (00:22:38) because if you don't use AI, you're (00:22:39) going to lose your job to somebody who (00:22:41) does. (00:22:41) >> Maybe my final question. Uh Nvidia is (00:22:45) Latin for envy. (00:22:48) >> It feels like you're on top of the world (00:22:49) right now. Is there anything you're (00:22:50) envious of? (00:22:51) >> You know, as I'm reflecting on I have a (00:22:52) pretty great life. I have an incredible (00:22:54) family. I've known my wife since I was (00:22:56) 17. Um, I've got two amazing kids, 34 (00:23:00) and 35. Uh, although they didn't start (00:23:03) out working at NVIDIA, both of them work (00:23:05) at NVIDIA today. And and to be able to (00:23:08) work hard and work hard with your kids (00:23:10) on very important things, and watch them (00:23:13) come up with with incredible ideas, (00:23:15) unique ideas, and do things that you (00:23:17) never knew you could do yourself. Um, to (00:23:20) watch him do that and um is it just (00:23:23) brings me enormous joy. I obviously have (00:23:26) a great company to to to be part of. Uh (00:23:29) we're we're uh building the most (00:23:31) impactful technology the world's ever (00:23:33) known. Uh to be at the center of that is (00:23:35) a great privilege and a great (00:23:36) responsibility and of course comes with (00:23:38) a great joy. And um uh and I have the (00:23:42) support of of uh 40,000 employees. We (00:23:45) have incredible retention. I've worked (00:23:47) with many of them multiple decades. And (00:23:49) uh I've got two great dogs, you know, (00:23:53) and and (00:23:54) >> most importantly, (00:23:55) >> yeah, I've got two great dogs. They both (00:23:57) had their ultrasound today. They're (00:23:59) apparently quite healthy. Uh you know, (00:24:01) Lori takes incredible care of them and (00:24:03) they're they're super fit. I Let's see (00:24:06) what else can I think of, you know? Uh I (00:24:08) I have access to uh to friends and and (00:24:12) partners all over the world. I get to (00:24:14) travel. Um I get to go to night markets. (00:24:17) I get to enjoy fried chicken in Korea. I (00:24:20) mean, what what else does anybody want, (00:24:22) you know? I think this is this is (00:24:24) actually I would say for for any human, (00:24:26) this would be a dream come true.