NVIDIA CEO @JensenHuang tells @altcap on @BG2Pod that people misunderstand Nvidia's demand. About a third is classical computing growing 30 to 40% a year with no AI labs. A quarter to a third is five or six frontier labs, not two. And a third is startups renting Nvidia like next-gen AWS. In my view, treating Nvidia as a two-lab capex story is a real mistake. "People misunderstand what's going on. There are basically three large segments. The first is baseline computing. Data processing, molecular dynamics, physics, simulation, computer graphics, classical machine learning, fraud detection, recommender systems. Classical computing, not AI, not deep learning, not agentic systems. Call it a third of our business. And that business is growing call it 30%, 40% per year. In the absence of any AI labs, Nvidia is not zero. We're quite a large company. The second part is the AI labs. People see two, but we work with every one of them. Meta Muse is doing fantastic. It's vastly Nvidia. Grok didn't exist three years ago. We didn't run Gemini before, we run Gemini now. Starting this year, we started working with Anthropic. People see a couple of labs, but I see more than that. I see five, six labs. And if you told me that represents not quite one-third of our business, let's say a quarter of our compute, fantastic. And another third, this is the part that's really great. Because we're at the beginning of a new computing platform shift, a vast number of new startups are coming out. Thousands of them. And what do they do? They rent NVIDIA compute. So a third of our business is kind of cloud computing for the next generation. It's kind of like AWS for today. And that represents about a third of our business altogether. My sense is that we're in the early innings of the buildout of this new computing architecture. And it's a real big mistake to recognize just a couple of companies and think that they were funding the infrastructure.”