NVIDIA Now Worth $2T: Market Demands New Huang Tattoo

Also Humane experiencing delays and Figure AI raises from big names

Author

Adam Hardej
February 26, 2024

NVIDIA earnings are in. They’re good. The AI bull run is scheduled to continue. But, the real question remains: When will Huang unveil a new tattoo in 2024? Meanwhile, Humane reminds us that hardware is hard and some big names invest in a company that builds humanoid robots. I also launched an agency with former Stonks teammates called Distribution and rambled a bit at the end about Reddit, NVIDIA, and Google. Busy Monday. See you out there!

90% of content work is low-leverage. Don’t waste your time. Distribution offers outsourced full-stack content teams for the venture ecosystem.

NVIDIA Announces Financial Results For Fourth Quarter And Fiscal 2024

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.”

  • Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago 

  • Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago

  • Record full-year revenue of $60.9 billion, up 126%

Humane pushes Ai Pin ship date to mid-April

“It’s likely few are too surprised that Humane’s upcoming Ai Pin has been pushed back a bit, from March to “mid-April,” per a new video from the Bay Area startup’s Head of Media, Sam Sheffer.”

Bezos, Nvidia Join OpenAI in Funding Humanoid Robot Startup (Figure AI)

“Jeff Bezos, Nvidia Corp. and other big technology names are investing in a business that’s developing human-like robots, according to people with knowledge of the situation”

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ICYMI: Anduril and Defense Tech

Really great conversation with Scott Sanders from Forterra (fka RRAI) and Ross Fubini from XYZ Venture Capital! If you’ve been following the rise of Anduril or have any interest in Defense Tech generally, this is worth a watch.

Check it out below if you missed it!

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Of equal importance: Dune 2 comes out this week

Letters From The Editor

Misc. (short for miscellaneous)

Thoughts on Reddit, NVIDIA, and Google

First and foremost, looks like we like Reddit at $5B. Poll results:

How do you feel about Reddit generally?

🟩🟩🟩🟩🟩🟩 Bullish. (27)

🟨🟨🟨🟨⬜️⬜️ Not sure. (18)

🟨🟨🟨⬜️⬜️⬜️ Bearish. (16)

On Reddit… Agreed - personally bullish long term. Generally feels like they will remain a pillar of the internet. Not dissimilar from Twitter - I think it would take a lot to screw it up given the network effects. As I mentioned in the last email though, some people already calling for/expecting a higher price than $5B. If the bankers do their jobs correctly, sentiment around price will be much more evenly split. Meaning, if everyone likes it at $5B they’re pricing it too low. At the same time, everybody likes a first-day-feel-good-price-pop (official term) so they may choose to go in conservative.

On NVIDIA… holy hell they’re crushing. The graph is scary, but their results are also hard to argue with. I say scary, because I don’t understand how this price pace can be maintained and I got burned in crypto recently enough to be nervous when a price goes vertical. Meanwhile, they have a monopoly (almost) on what is quickly becoming the oil of the 21st century (compute) and continue to execute. I don’t know how to feel (besides mad that I didn’t years ago).

How do we feel about NVIDIA?

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On Google… hard to watch. Generally it feels like leadership at Google has gotten distracted by things that aren’t building great products. I don’t think they’re going to go away anytime soon given their entrenched services, but the beginning of a long decay seems to loom. If you’re best in class, why would you go work at Google? Plenty of money around to get paid well working elsewhere on similar problems. Maybe they can turn it around, but culture can have a lot of momentum.

How do we feel about Google?

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Talk soon,
Adam

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