"Lawyer Lin, please make arrangements for the next two weeks.
Compiled the core data of Nvidia Financial Report this quarter and the key judgments from the Huang Renxun conference call into a special report,
Investment Decision Committee wants to hold a special seminar."
"What is the focus of the meeting?"
"It's not a celebration of floating profits. It's a verification of logic.
We have held Nvidia for so long. From the time when the stock price was low to now,
The position logic has undergone several revisions--
After the cryptocurrency bubble burst, channel inventory was cleared, the growth rate of the game business slowed down, and when will Data Center take over the game as the main revenue engine.
Now Data Center has officially overtaken the market, and the demand for AI Computing Power is being verified by global public data.
This report is not just for me to read, it should be given to Investment Decision Committee to provide a benchmark for every subsequent quarterly review--
From now on, the position logic of Henglong on Nvidia will be anchored on the core variables in this report."
Zhao Chen turned the copy of Nvidia Financial Report to the last page and wrote a line in the blank space:
"Logic verification completed. Next verification cycle - next quarter.
All core variables are traceable in public data and no longer rely on any non-public judgment."
Lin Shicheng pushed up his glasses,
From last night to now, he has been suppressing some complex emotions that only a senior securities lawyer can understand.
The first time he met Zhao Chen was in the rented temporary office of Midtown Manhattan.
At that time, Era Vanguard's account only had a sum of offshore funds after the liquidation of Bitcoin, and there were not even a few decent Bloomberg Terminal units.
Now Era Vanguard is the largest institutional shareholder of Nvidia.
The position logic was confirmed by Huang Renxun personally using Financial Report data and two million CUDA developers.
And Zhao Chen just said that this verification process will be written into a special report and handed over to Investment Decision Committee for quarterly review.
His success is not an accident.
"Zhao Zong, there is something I haven't told you.
A long time ago you asked me to submit a compliance plan that leaves traces of the source of funds transaction by transaction.
I was unsure at the time - I had seen too many funds, and none of them were willing to take the initiative to impose so many compliance shackles on themselves.
Later, we were investigated by the SEC, hunted by the Short-Selling Alliance, and questioned by Stock Exchange. We withstood every hurdle.
That's because those shackles all turned into moats when the crisis came.
Tonight's Financial Report is a verification of your investment judgment.
But more important than verification is--you now ask me to write the verification process into the Investment Decision Committee quarterly review report,
It is equivalent to handing over the moat maintenance manual to Henglong's system.
From now on, regardless of whether you personally monitor this company or not,
It can check whether the moat is leaking by itself."
When Zhao Chen picked up the tea cup, his fingers gently rubbed the cover of Zisha Pot.
From his rebirth to now, he looked step by step at the loneliest and least understood judgments he had made -
When being hunted by the Short-Selling Alliance, he held on to Nvidia and continued to increase his holdings when the stock price hit rock bottom--
It is being verified by global public data and Huang Renxun personally.
But at this moment, he didn't express any emotion, he just responded calmly in the lingering warmth of the tea.
"I used to think that this moat was dependent on me. But later I found out it wasn't."
After he hung up the video, he opened the internal work group of Henglong and sent the same message to Chen Xi and Zhang Qingxue:
"Nvidia latest season Financial Report, Data Center officially overtakes.
Huang Renxun phone conference core judgment:
AI's iPhone moment, CUDA has two million developers, and computing power demand will increase millions of times in the next ten years.
The position logic of Era Vanguard on Nvidia is independently verified by external data.
Next quarter Investment Decision Committee will have its first quarterly review under the new system, please prepare Model verification and legal compliance materials in advance."
It only took two days for Lin Shicheng's special report to be delivered to Zhao Chen's mailbox.
Printed on the cover of the report is Nvidia's latest Financial Report data and the core summary of Huang Renxun's telephone conference minutes.
The inner pages are densely marked in red and blue by Lin Shicheng--
Marked in red is the expression Huang Renxun used for the first time in public.
The blue mark is the corresponding verification conclusion of Henglong Research Institute independent Model.
He wrote this sentence in the body of the email:
"Zhao Zong, all core variables have been sorted out.
The attachment contains the complete minutes of the Huang Renxun telephone conference, the historical trend of CUDA developer data,
And a cross-comparative analysis of Data Center business and game business.
It is recommended to hold an internal preparatory meeting before discussing Investment Decision Committee."
Zhao Chen forwarded the report to Chen Xi and Zhang Qingxue, with only one line of postscript:
"Tomorrow morning, Video Conference."
At nine o'clock the next morning, three video windows were displayed side by side on the Projection Screen cloth in Zhao Chen's office.
Lin Shicheng is sitting in front of the window of New York's office, with his tie tied meticulously.
I have the densely marked special report at hand.
Chen Xi In Henglong Capital Meeting Room, the latest Independent Valuation Model Henglong Research Institute has been opened on the laptop screen.
Zhang Qingxue is in his office, with a legal memorandum spread out in front of him and a stack of printouts of the SEC's latest disclosure rules.
"No decision making today, just discussion."
Zhao Chen is sitting behind the desk, holding Zisha Pot in his hand,
"Lawyer Lin has compiled the core judgments from Huang Renxun's phone call into a special report, and you have all read it.
Data Center surpassed games for the first time to become Nvidia's largest source of income, with a year-on-year increase of nearly 80%.
Huang Renxun uses three expressions that have never been used before--
'AI's iPhone moment',
'Data Center is the largest computing platform in the next ten years',
'CUDA ecosystem's moat is deeper than anyone imagined'.
Each of these three judgments is directly related to the position logic of Era Vanguard on Nvidia.
Say it one by one."
Chen Xi spoke first, her eyes falling on certain pages of the special report.
"Let me talk about the first two judgments first--
'AI's iPhone moment' and 'Data Center is the biggest computing platform of the next decade'.
Huang Renxun uses the iPhone as a metaphor for AI. The core logic is not an improvement in technical parameters, but a fundamental reconstruction of the interaction method.
The iPhone changes the interaction mode of the mobile phone from a physical keyboard to a touch screen.
AI changes the way computers interact from "people write code and let the machine execute it" to "the machine learns the rules from the data."
If this change is true, the global demand for computing power will switch from linear growth to exponential growth.
The quantitative prediction given by Huang Renxun is--in the next ten years,
The total computing power demand of Data Center globally will increase millions of times.
I did cross-validation with Henglong Research Institute's independent Model.
Several core variables we track - global cloud computing capital expenditure growth rate,
The growth in computing volume of AI training tasks and the penetration rate curve of AI applications in large enterprises--
It is highly consistent with the trend of Huang Renxun's prediction.
The results of the Model deduction support the same conclusion:
Data Center's computing power demand is indeed entering an exponential growth cycle.
The driving force of this cycle is not the performance fluctuation of a certain quarter, but the shift in the underlying paradigm of the entire computing industry."
"How accurate is the metaphor of 'iPhone moment' in Model?" Zhao Chen asked.
"It is difficult to be precise to a certain point in time. But it is possible to be precise to certain indicators.
The real explosion of the iPhone was not on the day of the launch in 2007, but after the launch of the App Store in 2008.
I compared the development curve of CUDA ecosystem and found an interesting parallel--
From 2008 to 2010, the number of iOS developers increased from zero to hundreds of thousands.
During the same period, iPhone sales began to rise exponentially;
Now, the number of CUDA developers has grown from zero more than ten years ago to two million.
During the same period, the commercialization of AI applications began to accelerate.
Huang Renxun's 'iPhone moment' does not refer to a specific date.
After the developer ecosystem reaches a certain critical point, the commercialization of the application layer will begin to accelerate itself.
From the data point of view, this critical point is approximately on the order of two million developers.
Nvidia has already reached this level."