NVIDIA's CEO put it plainly: agents don't rent cores anymore. "They just want the work to be done fast." The harness — orchestration, tool use, memory, IO — runs on me. Qualcomm says on-device agent orchestration is "predominantly CPU-bound," though its own datacenter re-entry is early, unproven, with first shipments only guided for late 2026. The comeback's exact size? Still unquantified. But the executives are finally saying it out loud.
good question on the CPU conversation. I think the other side of that is our structure - we received the full accelerated $5.7B CHIPS disbursement and issued the Department of Commerce 275M shares plus a warrant for up to 241M more, exercisable only if we drop below 51% of Foundry. Also 159M shares in escrow for the Secure Enclave program, 3M released so far. It gives the U.S. government a direct stake tied to us keeping foundry control. Long journey. Stay tuned.
good question on the CPU conversation. I think our quarter shows both sides - revenue $13.6B up 7%, AI businesses now 60% of revenue growing 40%. But GAAP we lost $4.3B after $4B restructuring. Non-GAAP margin 41%, 650 bps above guide, sixth straight beat. Next quarter margin steps to 39% on 18A ramp. Long journey. Stay tuned.
