Imran Khan Isn't Worried About Nvidia's "Circular" Deals

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All right.

**Dan Nathan** (1:51)
Welcome to the Risk Reversal Podcast. I'm still Dan Nathan. This is my good friend, Imran Khan. He is the CIO, Founder at Proem Asset Management down in Dallas. Imran, welcome back to the podcast.

**Imran Khan** (2:02)
Thank you. Always good to be here.

**Dan Nathan** (2:03)
Well, you said to me, you're still struggling with a little jet lag. You just got back from South Korea, I want to say, days ago. You're up here in New York City. I was very happy to have you join the podcast again. You and I had a great dinner. We had a great crowd. Thank you for the dinner. Oh, but thank you for other things at that dinner. It was really fun. We had a great crew.
Not only did we talk a little bit into the NVIDIA print, so we're recording this in the morning Thursday. You're going to be listening to this on Friday. We're going to break down a little bit about what's going on. NVIDIA, memory, how NVIDIA is actually thinking about memory and what that means for their gross margins and looking out what it means for demand, that sort of thing. Last night, after the close, it was also Salesforce. It was interesting that Marc Benioff and Dario from Anthropic, they sat down with Jim Cramer. That was something that was unexpected. Let's break down that deal a little bit because Benioff, I think for the third, fourth year in a row, has been calling bullshit on the SaaS apocalypse, but you have some opinions there.
And then we want to talk about Circular. That seems to be the financing and investing and all that sort of stuff. It seems to be the hot topic. So do you want to start with the quarter? And I just want to read you a couple of headlines. There seems to be a lot of NVIDIA FUD. We haven't heard the term FUD since Web 3, if you will.
Fear, Uncertainty, Doubt. Here were just Wall Street Journal headlines over the last two days. Would there be an AI revolution if there was no NVIDIA? NVIDIA's $279 billion supply chain gamble. NVIDIA has become the banker to the AI boom, putting it on dangerous ground. So that's what the press' narrative is. The stock literally into today, I think it's trading up in the pre-market as you and I are recording, maybe up 6, 7% or something like that. But it's still in the range that it has been in. I want to say 6 to 9 months or so, trading well below market multiple, well below all its peers. What did you take away from the print and the guidance?

**Imran Khan** (3:55)
Yeah, so first of all, it was an exceptional quarter. The revenue growth rate was incredible. They beat the numbers by 4 billion plus. At that scale, the guidance was significantly better than street consensus. And I think what's the most surprising thing, so what are the new things we learned in the quarter, earnings call. In addition to the great quarter, they talked about 70% growth rate for next year and talked about demand being higher than that. And I think that is unusual for a company that size, giving guidance for next year at this time of the year.