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I think we can all do the math. About 47% of all of Nvidia's revenue goes to China and Chinese related countries. And
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I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy
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these Nvidia GPUs to essentially act as a way station for China. And I think that is the big problem. Let's have a
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thought starter. If 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where
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do you think the apps that require that amount of horsepower live? Is there a cursor of Bhutan that we did not know?
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Is there a great shopping app in Cambodia that's come out of nowhere that's AI powered? I think the answer is
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no. Every single time we have an advance in the United States, how is it that Alibaba shows up with something
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incredible, Deep Seek shows up with something better, at every turn and at every step of AI, they are at the same
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rate or one step ahead. To be honest with you, I think the real problem that we have is that Nvidia is not doing what
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is in the best interest of the United States. You have an American company that has been working around the
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guidelines at every turn to try to land silicon into the hands of China. Late last year, they introduced this thing
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called this H20 that was explicitly designed for China and to be compliant with US rules at the time, which again
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gives these guys substantial performance. This is a case where you have plausible deniability. I sell
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something to a Singaporean registered company. Plausible deniability. What am I supposed to do? You can't expect me to
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audit it. I think that's what Nvidia's answer will be to this question. But what is the real expectation? At a
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minimum, the United States should have a mechanism to understand it.