$NVIDIA(NVDA.US)

Jensen Huang immediately gave an interview to CNBC after the earnings call. Apart from continuing to strongly advocate for the industry's Beta (the current evolution of AI, from pre-training—learning basic physics and data formulas, to the Post-training phase (starting to use foundational knowledge to solve exercises, truly learning to apply it, the innovative phase of Deep Seek V3), and the inference phase (real-world applications, DS V1), token usage is exploding, so the industry is performing better than previously expected.

There was a particularly interesting segment regarding Deep Seek and the ban. When asked whether the ban was actually effective, Huang hesitated and said it was hard to tell because:

a. Some players in the Chinese market, like Huawei, are highly competitive and very rigorous.

b. Software engineering is also advancing rapidly—eventually, software will adapt to hardware, thriving on whatever hardware is available.

c. The token throughput of GB200 is 60X that of the chips sold to China.

Reading between the lines, the message seems clear:

First, the gap is huge, so the ban may not be meaningful. Moreover, enforcing it could lose business and nurture competitors, like Huawei, which might develop alternatives quickly.

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