“I think the pair trade is to to bet against every it's chat GPT versus the world, and I think the world wins two-thirds.”
OpenAI's $20 consumer subs get zeroed when Google/Meta make top models free; OpenAI's biggest partner is exposed
“They're going to make Gemini free for life for the best models. That's my prediction for Google. And I think Meta will be right behind them... Right now, 80%…”
Jason's view is that cash-rich incumbents weaponize free AI distribution to zero out rivals' subscription revenue. The Google leg duplicates the GOOGL long already on the site, so the non-redundant expression is long Meta, the player he names as next to give AI away for free while monetizing through ads.
“you've got XAI, which I think is the best at current events because of the integration with X and also Elon seems to be able to scale his data center, his…”
xAI scales training clusters fastest; Grok 5 on the largest Blackwell cluster, Tesla is the listed Musk-AI proxy
“the progression of our business in that area sort of gone from like two billion to 10 billion to 25 billion to this year it'll be like 50 billion. So, so…”
Jensen stakes that data-center GPU demand structurally exceeds supply with revenue compounding 2B to 50B, implying the AI capex build-out has further to run. The direction is unambiguously bullish on the chips powering it.
“It's happening in 4,000 enterprises where we've building these these Dell AI factories.”
Dell AI Factory now 4,000+ enterprises and 'running rampant,' with accelerated depreciation juicing buildouts