Megan.

Hey, Scott, that's exactly right.

So we've been here just outside the White House all morning because there was a meeting this morning between the Biden administration and top tech leaders on AI.

We saw Sam Altman of OpenAI.

We expected Ruth Porat of Google, Dario Amadei of Anthropic, Brad Smith of Microsoft were all here.

And then we caught up with Jensen Huang of NVIDIA.

As you mentioned, we got to talk with him for a few minutes about the 2024 election, about that meeting, about AI and his thoughts on all of it.

We have the tape here for you.

Let's listen in.

What can you tell us about the meeting today?

Well, we're talking about energy, about this new industry called AI factories and artificial intelligence.

And obviously we're at the beginning of a new industrial revolution and this industry is going to be producing intelligence.

And what it takes is energy and of course a lot of great computer science and large computing systems that NVIDIA makes.

And so we've got to make sure that everybody understands the needs coming, the opportunities of it, the challenges of it and do it in the most efficient and scalable way we can.

Absolutely.

Do you see the need for a federal role here in terms of federal investment in combination with private investment?

Well, there's probably going to have to be public-private collaboration in this area because the rate of growth is really quite high.

Although artificial intelligence consumes a lot of energy to train, it also saves a lot of energy when you consume it because ultimately it's not about training the model, it's about using the model.

And whether it's in healthcare or climate technology or just running the power grid, artificial intelligence has the opportunity to really save a ton of energy.

And so I think people are grappling with the scale of the opportunity ahead and of course the scale of the challenges ahead.

And so it's going to require public and private collaboration.

Do you think the U.S. is doing enough at this point to be competitive with China and other countries?

Well, this administration is determined to do the most and do it the fastest.

And that's really, that speaks volumes about the reason why we have this meeting today.

So it's really great.

Is there enough money behind it at this point?

Well, you know, if this country doesn't have the money, I don't see anybody else in the world that can possibly take advantage of this incredible new industry.

And so, you know, I think people are starting to realize that AI is not just a new computer science, it's a new way of doing software.

It's going to, of course, revolutionize the computer industry, but it's going to create a whole new industry that sits on top of it, that produces intelligent skills and produces knowledge.

And this industry is going to be quite large.

It's going to be the, you know, hopefully the most exciting of the new industries that the world's ever seen.

Can I ask you a quick question about export controls?

Is there any policy, U.S. policy, that you would like to see change in order to make sure that you're able to make sales overseas?

Well, export control and national security, industrial resilience, supply chain resilience, all of those matters are really complicated.

And this administration understands the nuance of it.

And so we would like to see, of course, the U.S. industries be as vibrant as possible to export American standards all over the world and to have the rest of the world be built on American standards.

Of course, national security, incredibly important.

And we have to safeguard all of that at the same time.

And so this is why policymakers have such a difficult job.

They have to balance all of these various requirements and make sure that we have a great policy that somehow balances and keeps all of this up in the air and thriving.

And so I think the most important thing for us is just make sure that we inform the administration on what we know about the technology and the industries that we're cultivating.

And 100%, make sure we comply with the policies.

Can I ask you one more question on tariffs?

With this election, there's a lot of talk about potentially across-the-board tariffs of 10 to 20% and up to 60% on China.

Do you have concerns about how that would impact NVIDIA's business or concerns about the policy in general?

Well, I'm not very informed in most of that stuff.

I think our company, of course, serves industries globally.

And we're one of the few companies in the world that serves every single AI company in the world.

And we're in healthcare and logistics and transportation and retail and retail.

I mean, the number of industries that we serve is really quite large.

And so, obviously, all of these matters are complicated and requires nuanced thinking from the administration.

So I trust that they're going to make great decisions.

Yeah, absolutely.

The number one thing we tend to hear from business leaders is on stability, especially when it comes to this election.

Do you have thoughts on supporting one candidate over the other, especially when it comes to keeping a calm, stable business environment?

Well, you know, one of the things that's really important is, and this affects us in export control, is just to have a stable policy.

Of course, policies have to be, has to adapt to the changing environment.

And in our world, the changing environment is literally real time.

And so I appreciate the challenges it has on the administration.

And meanwhile, we have to simultaneously seek and strive for American technologies to be the safest choice, to be the best choice.

And we want the rest of the world's industries to be built on top of our industry.

And so stability matters.

And of course, we have to continue to be the best, which American companies know how to do.

To the extent that we have stability, I think it's going to be great.

What about on taxes?

There's obviously very different stances between these two candidates on either raising the corporate tax rate to 28% or cutting it to as low as 15% on the other side.

Any preferences there or any thoughts on sort of how that would impact NVIDIA?

Well, you know, whatever the tax rates are, we'll support it.

It's as simple as that.

I think this company was built in America.

It benefited from all of the infrastructure and the support and the amazing intellectual capital that's in this country.

And so to the extent that we can pay back through taxes, we're delighted to do it.

Absolutely.

So no endorsements at this time?

We're focused on building our company, building our technology and supporting whatever administration is here.

Absolutely.

Anything you can tell us about what's next for NVIDIA?

Well, you know, we're in the process of starting the production of our new generation called Blackwell.

Every single generation, we try to increase the performance tremendously.

And when we introduce new generations and the performance is three, four times higher, we're essentially reducing the cost of computing and reducing costs of artificial intelligence by the same factor.

And so each generation reduces energy consumption, increases performance, reduces cost.

And so we're in a hurry to get to Blackwell.

We're in full volume production of Blackwell and every company in the world is chomping at the bit for us to ship it to them.

Hey, Scott.

So you heard it all there.

A lot of details to sift through on policy.

He spoke about the need for a public-private cooperation when it comes to building out AI.

Didn't want to make commitments when it comes to the 2024 election, but said they would support whatever corporate tax policy was out there.

He spoke about the need for stability, especially when it comes to export controls, wanting to see stability with whatever administration comes next.

So I'll let you guys sift through it, but a lot there from Jensen Huang.