>> embarrassing. >> ecstatic that diaz came in and closed the door. >> pieces. it's all -- >> embarrassing. >> you have a final trade? >>ing a nikko eagle mines. >> that's the a in clams? >> you have toch the your clam. >> oh. >> my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull ver the summer. i promise to help you find it. mad money starts now. hey, welcome to wesco's addition of mad money. people make friends, i'm just trying to make a little money. my name is not just entertainment, i'm here to tweet -- teach. we don't care about rate cuts. we care that the feds are no

longer the enemy. that is with the stock market is in. they gave a forecast for some rate cuts in the future but while the fed is important the specifics of when we get rate cuts or how many, that has become small potatoes. the important thing is we can afford to think about earnings again rather than worrying endlessly about the fed's next move. a lot of people want to play the parlor game, not me. i prefer to try to make money in the market and for that, the earnings are what truly matter. however, i'm not an economist or fed divider i'm a dollar side -- sign represented by a man and his $x what he sees. that's why the dow gave points today. nasdaq pole vaulted 1.25% today. we've reached a point in the cycle where we don't have to worry about everything from the fed. i said, forget that. parcel you want. i'm going to go recommend

nvidia. of course, i'm not telling you the feds are relevant, could be further from the truth. marty always said, don't fight the fed and don't fight the tape. that meant if the fed was raising rates you needed to be cautious. if the tape was bad and it is often bad when the fed is tightening, then you need to be even more cautious. so long as the fed was raising rates or threatening to raise rates to basically control the direction of the vast majority of stocks. some names could defy the fed but far fewer than we would like. once the fed is not raising, i used to take my daughter to a dave and busters and filler britpop when she was little she

had this game she wanted me to play. it was a giant claw. he put a quarter in and you got to direct the clock. we spent $30 on that stupid claw. at most, we got maybe a five inch high troll doll. worth about $.15. when the fed is tightening, picking winners in the stock market is like playing with the dave and busters claw. when the fan is done, it's like the claw actually worse. some might be worse come some big. now there is a contingent of money matters and strategists who think we can define the fed's next move and that's all that matters. we can gain how many rate cuts and how and when they will do it and that is what we are supposed to be doing. for the most part, i think these people are charlatans now. they might as well hang out at dave and busters. there sing three cuts here, for

there, please, i'm telling you, that is not important anymore. whether it is three cuts or two cards are one or no cut we are no longer fighting the fed and that is what matters. if you're not fighting the fed, you can use the claw machine without feeling like you're going to get ripped off. if the fed stops being friendly, j paul says we stop tightening too soon then we are back where we started. shoving $30 into the claw machine and getting endless heartbreak. the fed did not do that which is why am out here in silicon valley. the money is made if there is money to be made. the process of making money in the market is something i want to exploit. i know everybody is sick of hearing about nvidia. unless you already bought on my recommendation. some investing club members have made millions in this one, others have retired from it. i can tell you that nvidia supercomputers are about to impact nearly every aspect of our lives, yours and mine because they have reached the tipping point where artificial intelligence can be used to improve everything. just today, you know what i did? i dropped into the omni verse just like that. the one i told you to look at,

and that speech jensen joked about how he gets a kick out of stepping out of a nonexistent card that he sees when the omni verse is streamed into the apple vision pro. i put the vision pro on and i gaped at a sports car, really cool. i'm telling you, it was there. i checked under the hood. i looked in the trunk. i kicked the tires and sat in the nice bucket seat. smooth. i loved it. i wanted to buy it. i said to myself, if i revisionary car dealer, anyone is think about buying a car, let them do the same thing i did. the customer would buy this car from the vision pro and voila, delivered to the door. then i visited a factory floor in the omniverse where i can make changes looking at the assembly line. resolution was so perfect. i would give every engineer one of these things. same goes for anyone building ships or jet planes. anything where something expensive. i wish they had the omniverse

streamed in. they are hand and glove, i'm telling you. does apple know that? can you afford to wait until they do? right now the consumer product and the huge money re all about it enterprise via the omniverse. they had the foresight to charge $3400. they could charge double just to name some of the builders of gigantic projects. remember, it only works because in videos supercomputers are connected to the omniverse which is fed into the vision pro. if i were you, i would want to own apple before they go after the corporation stock with this tremendous device. it will be worth it. i don't want to get too hung up on tech. they were strong today because i got a break from the department of energy that said they won't face billions of dollars of fines.

good for ford, good for gm. bad for the polar bears. you by the etailers now when the economy is strong enough and the numbers of four best buy or costco are strong enough. travel stocks do well when people are flush which they still are but the bottom line is simple. when you aren't fighting the fed, the claw picks up a lot of toys that are worth something. we aren't fighting the fed, get to the claw and tried to grab some winners. that's take calls. let's start with california. >> hey, jim. thanks for visiting the bay area. it was nice to have you over here. >> i'm not going anywhere. i like new jersey anymore. >> appreciate it. >> no problem. >> thanks for allowing us to look at the arket. it's bottom-up instead of top- down. that's one thing i've learned from you and i appreciate that. >> it takes a lot of time and you can have any sleep. you can sleep on saturday. how can i help? >> exactly. so, i just wanted to ask you about this company. they are in the energy space. they are pretty big. they own the 76 franchise gas

stations and they are doing pretty well. i just wanted to get your take on ps ex. >> it's a horse, man. it is a terrific, terrific company. i will give you two for. i think ferrero is great too. yes. the refiners have it going. listen, people, we aren't fighting the fed, that's what you need to know. get to the claw and tried to grab some winners. i bring you part two of my conversation with our gracious host for the past couple of days nvidia ceo jensen. don't miss on everything from his journey to the u.s. to sovereign ai. i'm getting all of the info but first i am continuing my tour de force of companies in san francisco with exclusive interviews from sophia and amazon web services. so, stay with cramer. >> do not miss a second of mad money. all at jim and -- follow at jim

cramer. or give us a call at one 807 cc.43nb miss something? had to med money.tran01.com.

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millions who have connected to america's most reliable 5g network. sure is a lot safer than becoming a stuntman for money. get a free line of unlimited intro for a year when you buy one unlimited line. visit xfinitymobile.com today to learn more. digital bank with stock down 26% for the year. that the client has come over the last couple of weeks. the company announced a big convertible debt offering and made exchange agreements with existing debt owners and created a ton of shares. they're worried about their shares getting swept underwater by a flood of new stock. i know many of you are frustrated about this.

we've got a lot of calls about it. i feel frustrated too. i've championed so fight at many points. when they called about this one a couple of weeks ago i told them i still believe in the enterprise and and issued an open invitation to the ceo to come on and explain why the stock is worth owning. he accepted so we can get to the bottom of this. welcome back to med money. >> thank you, jim. >> you heard what i said which is that people feel after the great run, and it was a great one, after the terrific outlook you gave into the stock moving up that you yourself hurt the stock and it went down big and people feel badly that they bought it at nine only to find out that, well, something was wrong at sophia. >> advocates important to understand why we did the convertible deals, while we did the buybacks and the benefits to shareholders that i think are understood by the market. >> this is your chance. >> we did the steal from a position of strength. we just had a record revenue of over 30%, 40% growth in our members. the first quarter of gap profitability over $400 million of even a generation and gave an outlook for full-year positive gap profitability in

2024 as well as strong growth in our tech platform and we will be more cautious on the personal loan business. what we saw was an opportunity from that osition of strength to lower our cost of debt. we had two pieces of debt that were quite expensive. one we did in 2019. it is a series 1 preferred the pace 12 1/2 percentages. five years after we issue it, we can buy back in may. if we don't buy back in may, we have to not just beethoven have percentages but actually up to 15% interest for the next five years. >> in other words, it's not like you can play around. if you try to think maybe will go to 12 and we got o may and it didn't go to 12 you could've been hurt. it was not like the risk was hey, listen, if you go up to 20, here. it was the opposite which is that you had to get this piece done. >> i will put it this way. we saw it as an opportunity to do it and have a negative bull

-- negligent -- negligible impact. when you do a convertible, there is pressure on the stock from investors ensuring the stock against the convertible. that does happen. there is typically five to 10% decline. the reason why we did it is really important. i think this is what will put momentum back in the stock. first we have 12 1/2% debt. we had another piece of debt that's $500 million that we pay 7% on. we will save between 40 and $60 million of interest expense a year by refinancing from 12 1/2% down to 1 1/4 where the convert is and from 7% down to 1 1/4. >> in other words, you need to raise money because you have a lot of bad loans. >> no, we did this to lower our cost of debt because we had done so well as a company we can now issue debt at 1.25%. retire the 12 1/2% debt and a 7% debt. now we also bought back a convertible that we leased in

2021. in the fourth quarter we bought $90 million back of the convertible. someone approached and was willing to send on 78% -- cents on a dollar. the convertible kept going up and it was in the mid-80s. we decided to buy back $600 million of the convertible at 80% of the face value because we have to refinance that in 2026. is 1.1 billion of that outstanding. by buying a back it was accretive to book value per share. >> i could read things and say there's even more stock coming from sophia. they may not be done. >> it's completely false. let me explain why. the interest expense will be captured. that's a known thing. 40, 60, million dollars. the buyback of the convertible, we are issuing stock but we are doing it below the value on the convertibles and therefore, that transaction is eight to 10% accretive per share. so, yes, there is stock being issued but the actual value on the book basis per share is

going up by eight to 10%. >> this market has not been defined by that because if you take a look, cities tangible book value is higher than it stock. people want earnings-per-share. they want growth. they want sin tech to be provided in the growth. they would like it to be 50-50 as you said it might be. they want the brokerage business to do well and they don't want you taking loans if the loans go bad. >> you had the nail on the head of what we are doing. they will get growth or must driven by her tech platform growing 20% of financial services business growing 75% and not growing the business. they will get the same growth and a negligible impact on the gap eps from the steal and eight to 10% accretive on the value per share basis. they could have their cake and eat it too with sofi. >> that's important. a lot of people say, well, you like sofi did not like robin hood that much. robin hood has crypto. sofi, no crypto. why don't you have crypto? >> we don't because we are nationally chartered bank in our deposit business and that is not permissible. our deposit business which we

call sofi melanie is doing extraordinarily well. the strategy is played out tremendously well. we have record deposit growth. 90% of our deposits are from direct deposit customers, that means we are their primary relationship. in addition to that, 97% of our deposits are insured. super high quality deposit base and higher margins and better returns. that's how we hit gap profitability and hit our margins of 30%. it's working together fundamentally and now we've improved the balance. one thing i forgot to mention about the buyback and convertible, not only is it accretive at eight to 10% on a tangible book value per share basis is if we had done in cash it would not of been. in addition, by doing it in stock we increase our capital ratio to 17.3% if you put in the fourth quarter from 15.3%. we only need to be a template 5%. there is a huge cushion now and our capital ratios it allows us

to navigate whatever's in front of us. >> last question. is it possible to go on the road to large institutions and explain what you said to me. some of the parts, tangible book, earnings go up, no worries about bad loans, the stock should not be at seven. >> since we did the convertible there was pressure from people. >> they should understand that. >> absolutely. at the same point time, there is grave concerns about interest rates and what the fed would do. the clarity from the fed today drove a big increase but between today and three weeks ago was a period of time where people weren't sure will be higher for longer or are we cutting rates in may, maybe june. that uncertainty weighed on the stock as well. >> fair enough. you came on. that speaks louder than anything else he could do. >> absolutely. thank you, jim. >> thank you. coming up, more from san

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♪ we're out here in the bay area this week for nvidia's technology conference. yesterday got a chance to speak with the man behind it all jensen long. cofounder and ceo of nvidia. when you speak to a ceo who spurred on an industrial revolution and created value for shareholders, nvidia of is up more than 30,000% since the first time he came on the show. you want to learn everything you can. here's part two of our

conversation with the man of the hour, jensen long. >> jensen, 8 billion people did not get a degree in computer science. what are you doing to democratize this world? >> we are going to make computers smarter so that they don't have to learn computer science to program a computer. the computer should understand what we want and what we intend. >> please help me build a factory that can make the best cars. it can do that? >> it surely will help a lot and the reason for that is because you give it a plan, you tell it what parts you would like to put into it, eventually, this factory will be a robot that is orchestrating a bunch of manufacturing robots that are building cars that are going to be robotic. >> why do robots look like people? >> well, robots look like people because a couple of reasons. first reason, the most important reason is that we built the world for ourselves and the workstations of a factory, the manufacturing line of a factory was created for

people and that is the most important reason. the second most important reason is we have to teach a robot how to be a productive robot and you need data for that. we are in a world where in order to write a software for a computer, we use data or training examples, and the computer learns from the examples. well, we have the most examples of humans moving around of a just about any other form of data. >> when you thought of this, were you at denny's sitting around with some people and saying, you know what? we can do this. it may take 20 years, 30 years, but we are going to do this. when did you think of this? >> well, we started the company in 1993 and our big idea was acceleration. accelerating the work that cpus are not good at. if we take the work that the cpu is not good at and we offload it to something that is

incredibly good at it we can make the overall computer more efficient. that was the big idea. >> that was for a game. >> game was the first application. game was just the first application. >> that's a mistake. a lot of people say you were a gamer. >> we were so good at making the chip for games that people thought we were a game company. >> intel thought you are a game company. i know you presented there. >> we are happy that anybody thinks of us at all. we were so good at it. in fact, nvidia is the world's best game technology chip company today. we have -- i'm so proud of the work that we do there. you know, as you know, game is assimilation of the virtual world. >> because of this, because from denny's all the way, somehow, you are still the underdog. you are hungry. you make it feel like your company is going to go out of business in 30 days. >> you know, jim, that is

probably something related to upbringing. you know? you know, we grew up working hard. my parents worked hard. we are immigrants. >> you arrived here before that when you were nine. >> yes. yes. my older brother brought me to the united states. he was 10. we had a 10-year-old bring a nine-year-old to the united states. we had quite a great life, you know? but we had to work for it and we were immigrants and we took nothing for granted. my parents worked incredibly hard. they worked incredibly hard today. it's part of my dna. >> and your kids, are they hard workers? >> they work super hard. >> what divisions are they in? >> they both work at nvidia. it took me a decade for them to work here. they wanted to go do their own

thing. >> they wanted to be a chef? >> one wanted to be a world- class chef and one wanted to be in marketing. and an artist. but now both of them are here. one is in marketing and one is an engineer. it's terrific. >> they can engineer the best cake ever. >> spencer is in robotics and madison is in omniverse. they're doing great work. >> are these the most expensive things on earth? >> well, this chip is the heart of the blackwell system. this is the largest chip the world has ever made. it is so large we had to take two of the largest chips in the world and connect them together into one giant chip. that's the blackwell chip. the chip goes into the blackwell computer and this computer, the r&d budget is about $10 billion. it took us coming out, about

three years or so to make. what goes into this is supported by whole bunch of unbelievable network -- networking and high-speed amounts of software and it goes into a data center and this data center becomes an artificial intelligence factory and it produces artificial intelligence. >> well, can we safely say that if we wanted to have say 1000 incredibly smart people at our company that they would not be collectively even as smart as that? >> well, it depends on the type of smartness. you know, artificial intelligence is good at emulating us. so, it emulated how we read and it emulates -- in order to emulate how we read and finish sentences and summarize paragraphs, it had to understand what it read. in order to emulate us, it had to understand words. >> so, i visit you six years ago, five years ago, it's obvious to me when you show me

the dog picking up the jell-o and then you reward the dog. i'm seeing something special. i'm painting a seascape and it's so obvious but it took -- for everyone to know? >> chatgpt is an amazing breakthrough. >> but it's based on this. >> i'm very proud that nvidia's computers made it possible for chatgpt to be possible. their researchers did unbelievable work. yes. >> one of the things that does concern me is we are not perfect yet. i went to microsoft's copilot and i asked to your partner is and it said your best partners and help that is true. >> the great partner. intel is a great partner. >> who isn't a great partner? who do we have to convince? >> we work with just about everybody, you know? nvidia -- here's what - nvidia is a market maker not share taker.

>> okay. >> we create markets. everything that we do did not exist before. >> why are some people so scared of ai that there is a public fear that this is going to make it so they don't have a job? this is going to create jobs. >> this is going to create jobs. it's going to make companies more productive. when companies are more productive, their earnings improve or their revenues go up. when that happens, they hire more people. >> that is an industrial revolution. that's what the loom was. that's with the steam engine was. >> right. it made companies more productive, created more jobs and made the economy larger. >> is there a cpu that should withstand it or wouldn't we want everything? do we want his in rpc?

i know we don't have it yet, but don't we want this ourselves in a consumer fashion not just business-to-business? >> absolutely. every device will run artificial intelligence software. the question is, are they small software or larger software or gigantic artificial intelligence offer? >> i listen to you and i wonder it could be an arms race. we are not friendly with every country in the world. what other country say, you know what, we have to create our own blackwell and compete we will be left behind because we shouldn't necessarily share what we have as a country. >> the most important thing the countries have to do is to create their own intelligence. >> sovereign ai. >> they have to do their own sovereign ai and the reason for that is simple. they have dated that belongs to their country. it is their natural resource. it's of their people, other language, of their culture. >> we wont encourage china to do this? >> china is going to do their own anyways. but every single country should harvest, should process the data of their culture and turn it into intelligence that their own society can use.

sweden is already doing this. india is working on doing this. japan is working on doing this. i think every country should do their own and make sure that they own their own intelligence. >> so it's no enemy of the united states. >> most important, the data belongs to the people. it is their national assets and national resources. it could, of course, be combined and shared with everyone else but we are happy to provide the hardware that helps everybody do that. but it's really important that all of the countries create their own sovereign ai. >> tomorrow at 8:00 p.m. eastern tune in for a special presentation. this is a rare glimpse into the man behind nvidia and one of the world's most innovative minds. back after the break. coming up, say yes to aws. a deep dive into the engine that has powered amazon and more. next.

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♪ we are here in silicon valley for nvidia's a dtc event in large part because i want you to understand the scale of the artificial intelligence revolution which means we need to talk about who is buying the super high-end chips for generative ai and inference. one of the biggest buyers? amazon web services. aws. amazon's cloud infrastructure division. this week we found that aws is working with nvidia to use their newest blackwell chips. amazon web services infrastructure and you have practically everything you need to build up and train a brilliant artificial intelligence model. as fast as possible. let's check in with adam, the ceo of amazon web services. adam, welcome back to mad money. >> so good to be with you again. >> adam, you're the guy who can explain this. we hear about all of this raw power from blackwell and all of

the different devices that they have got in your partnership and i seen your videos with jensen. could you please explain what it really means for customers of amazon web ervices if you get a lot of this blackwell and all the other new parts to the platform. >> sure, jim. amazon is investing tremendously in all areas of ai from amazon q, our ai digital assistant, to amazon bedrock, our managed service for accessing many, many different leading models and, of course, down to the chips. our own design chips as well as our long-standing partnership with nvidia which goes back 13 years. we have in the first to bring, really, every nvidia chip to the cloud. we are pleased to be partnering with nvidia to bring the blackwell platform to the cloud as well and it will be powering next generation of ec two servers. another aws service which will

enable customers to build bigger models to do inference more quickly and more powerfully and to help drive along with all of our efforts, a ton of new different applications. >> okay, let's take a couple. i know you have a relationship, could you use nvidia and your own presence to be able to help these two great companies come up with new drugs? >> absolutely. so, if you take our amazon bedrock service where customers access a model of their choice securely with the great flexibility we have well over 10,000 customers who are already using bedrock even though it only launched in the late fall. a lot of us actually our drug and life sciences companies and we are seeing basic research being done with our ai services including bedrock as well as the whole clinical trial and drug development process and

one great example is pfizer. they are using our ai services throughout the company and they estimate they have 20 different proofs of concept running justin generative ai alone and they are estimating that those efforts will save between 750 million and $1 billion annually. >> oh, that's fabulous. they made an acquisition that if they have good luck, it will go after some of the hardest cancers and i'm sure they eed you guys to be able to do iteration after iteration. i want to talk about something else you are invested in. you've got a steak in tropic. i've been using this. chatgpt seems robotic to me. gemini seems bullet point to me but years is anthropic which you are related to. it seems human. it seems more accurate. is that possible? >> well, the new model from club three which was just announced recently in the past

several weeks are really leading edge. the third-party independent benchmark, showing them in categories that they are trying to be involved but they are, you know, the industry leaders currently, outperforming gpt four in areas like reasoning and math and coding. we partnered tightly with anthropic, as you said. amazon invested financially. more portly, we are working together. aws is the preferred cloud provider for the mission- critical workloads. we work with them to improve their models. they work with us to improve our own custom silicon, our training and inferential chips which will have great performance in the months and years to come. >> now, i had andy on once when he was at amazon web services and he told me they cut prices every year.

people think amazon make so much money but their main thing they like to do is give the customers a lower price constantly. are you doing that still? >> we continue to drive our own cost down and turn around and drive down the price that we charge and we have been doing that for 18 years. we have been serving customers. we tend to keep on doing that and, you know, it's proven to be a good business model. a small percentage of i.t. has moved to the cloud so far and there is a lot more to come and the more attractive we can make it, the more we can make it a no-brainer for people to see that not only are you more secure in the cloud, not only do have better operational performance, not only are you more flexible and agile but it is also a lower cost. the more obvious it becomes, i think that's why so many companies and organizations are still getting into the meat of their enterprise migrations. >> well, i mean, i saw an article that i'm reading that said aws wants 99% of the ai market. that seems like hubris. is it possible to keep taking

share? >> i think we are all just getting started with generative ai. this is the beginning of a big wave. i think most applications that we interact with, whether it's at work or at home are going to be fundamentally transformed and we are investing tremendously in many, many different areas of ai. regarding what you alluded to, it is just one facet of aws's business. we are approaching $100 billion a year revenue run rate. last quarter we showed revenue acceleration which is really, really great and we are seeing really positive, optimistic signs. we see less cost optimization by enterprise customers. we see a lot of those companies starting to lean back into their core application, core ideas state migrations back into the cloud and we see generative ai and all of that. we are quite optimistic about the future growth potential for

aws. >> that is adam, ceo of amonaz web services. when we return, master the markets one stock at a time. the lightning round is up next. awkward question... is there going to be anything left... —left over? —yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! i want a massage, in amalfi, from someone named giancarlo. and i didn't live in that shoebox for years. not just— with empower, we get all of our financial questions answered. so you don't have to worry. i guess i'll get the caviar... just kidding. join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next. [falcon screech] [ominous background sounds] hyah!

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>> [ inaudible ] and the lightning round is over. are you ready? let's start with mike in pennsylvania. mike? >> boo yah, jim.

>> boo yah. >> i'm calling about shop of five. i'm wondering what the future might hold for this company? >> i like ecommerce. i like amazon more. but they do a terrific job for small, medium-sized business. i would step by. let's go to jeremy new york. jeremy? >> we are, jim. >> boo yeah. >> okay, listen, i've been listening to capital one recently and i've seen that they are buying and i'm wondering if they could buy. >> capital one is terrific. capital one is terrific. management is great. if they are able to close on discover it would be amazing. stick with that one. it's a good company. let's go to jason in texas. jason? >> hey, cramer. first of all, i want to say i'm going to do an anagram and i'm going to do an anagram and say, hey, you be the man.

>> okay. >> i'm asking about a stock, palantir. >> i like palantir. once again, i like the guy. i think it's good company. let's go to bob in illinois. bob? >> hello, jim. how are you today? >> i'm good, bob, how about you? >> good. good. what you think about [ inaudible ]? it surged recently. >> we have been very clear. it got too hot and then it came all the way down and we said bye, bye, bye and it's been right and we're sticking with it. let's go to ian in california. ian? >> hey, jim. nice to hear your voice again. i'm calling about a very interesting ai that just started trading last week. comparable to [ inaudible ]. it seems that much better

technology. >> there is a lot of ai pretenders. there's one ai king and that happens to be nvidia and that's when i'm sticking with. that, ladies and gentlemen, is a conclusion of the lightning round. >> the lightning round is sponsored by charles schwab. coming up, d.c. has plenty of skin in the ai game. it is a cabinet level confab on the white house approach to the new tack. next.

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today we learned about the largest semiconductor subsidy today. since the passage of the chip stack in the summer of 2022. this time the government is awarding an eight $.5 billion grant to intel to support its $100 billion of investments in domestic semiconductor manufacturing spread across four states including two new foundries in arizona and ohio. now that the act is kicking and it's worth taking a closer look with the person who spearheaded the whole thing. secretary of commerce gina. i got a chance to speak with her yesterday. take a look. >> madam secretary, tells about your announcement. >> big announcement, jim. i will be with the president tomorrow in arizona. we are

making an eight half-billion dollar grant available to intel to expand. they will be expanding eight facilities in four states doing leading-edge manufacturing right here in the united states. it is huge. it is a huge announcement. tens of thousands of jobs and most importantly, jim, you're there at nvidia, you talk about ai, the united states of america is getting back into the business of leading and semiconductor manufacturing. >> so, tell me, who will use these chips once they are made? >> whoever needs them. i mean, as you know, it takes 10, 20,000 leading-edge chips to train a frontier ai model. so, you know, microsoft, open ai, google, you know, military equipment, auto companies, i mean, chips are everywhere.

anything digital requires chips, as you well know. these chips, they are ubiquitous now which is why we need them to be made in the united states. >> absolutely. i wanted to point that out. i think a lot of people feel that, perhaps, you are picking these companies more or less at random but i bumped into an old friend of mine who works for you. he used to head global tech for goldman. they're telling me there's a process where you are talking to amazon, you're talking alphabet, talking to apple, you're talking to everybody all the time to find out what they need. these are not chips that will sit in some closet when they are done. >> absolutely. the demand for chips is growing every day. artificial intelligence is a huge consumer of chips. you know, data centers require thousands of chips. even your car, you know, jim, connected vehicles, electric vehicles, it's over 1000 chips in every car. your iphone, i mean, we have spent a huge amount of time

with the customers, exactly the customers you have said plus industrial customers plus military plus auto, the one thing i do not worry about his chip demand. >> okay. now, i think we all are concerned that we are in an expensive place to make things. it's cheaper in taiwan. if you could point out, would these factories, would these be done without some of these meaning that we are so expensive that typically you would not get a return on investment your first four or five years. therefore, without commerce help, these would not be made here. >> that's right. they would be built but they would be built in taiwan or malaysia or southeast asia and that is why we need this program, jim. right now the united states of america produces zero leading- edge chips in the united states. we buy 92% from one company in

taiwan. that is not resilience. that is not safe. right? that is an overly concentrated supply chain for a critical item and that is why it makes sense for the u.s. government to provide these subsidies so that these companies make it in america. exactly as you said, it is more expensive here. everything is more expensive here. higher standards. that's why it makes sense for the government to do this. it is a national security issue, it is not just economic security. >> one last question. we know you have said that there are certain chips made by nvidia and made by amd that are the fastest chips, the gpu's that you do not want the chinese to have so you've held them back. will we be making those chips here in our country?

the fastest, the best, accelerated computing -- computing and generative ai? >> 100%. we have two and we will. >> well, look, that's what america needs. i don't think there's any price you can put on that. although i know you have to because you are the secrety y ar of commerce. gina, thank you so right now, en last call. holy micron. the memory maker turning it up in the market loves it. dive into this. reddit -- would you take the plunge? oil, it looks to go big in natural gas. its governor will join us exclusively. elon musk neural link -- waiting to you see this first human patient video, it will blow your mind and it might make you terah. paramount's hollywood moment. a big hit coming in, but will the media giant buy.

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