Speaker 1: All right, well, the market's lost in deep thought over DeepSeek's claims that it built an AI model in just a couple of months for less than $6 million. Not a B, million dollars. It's a tiny fraction of what U.S. companies are spending on artificial intelligence buildout. Most of the pressure is hitting NVIDIA, as Kelly points out. But scale AI CEO Alexander Wang told Squawk Box just last week from Davos that the Chinese startup has more NVIDIA chips than it's willing to admit.

Speaker 2: My understanding is that DeepSeek has about 50,000 H100s, which they can't talk about, obviously, because it is against the export controls that the United States has put in place. And I think it is true that, you know, I think they have more chips than other people expect, but also on a go-forward basis, they are going to be limited by the chip controls and the export controls that we have in place.

Speaker 1: All right. So with that in mind, are the doubts around the AI trade justified, or is today's sell-off just a buying opportunity for some of these names? Joining us for more is Dan Ives, the global head of technology research at Wedbush. Also here with us for the whole hour is Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments. Thank you both for being here with us right now. Let's talk about, Dan, the epicenter of all of this. And Dan, you've been a notable bull on many of these companies, many of the technologies that are at the center of the meltdown today.

Speaker 3: Does this worry you? I mean, to my, in my view, it's a top three buying opportunity that I've seen in the last decade for tech. And the reason I'm saying that, I spent the whole weekend talking to tech executives, CIOs, individuals that I know that are going down the sort of AI arms race or going through use cases in no way of really 25 companies. Does this change their sort of plans? And a lot of these could be seven, eight, you know, even upper eight figure type budgets. I just continue to view this as it's a model. And a lot of the details, I think, still need to be vetted out in terms of six million. Do they actually have the H100s? How they actually built it? But this is something we're going to look back on. And I think the street and the market got this way wrong. In no way does it, Dan, are both these, that's what we've been telling clients really since the weekend. These are the times you own these names.

Speaker 1: Dan, not all of the companies at the center of the selloff today are necessarily affected the same way. Chip stocks, NVIDIA, Kelly mentioned it, a half a trillion dollars in market cap lost. That's more than the size of ExxonMobil. That's roughly the size of United Health Group in terms of an entire company lost in market value. Some are affected more than others. Mega cap technology, not as much so across the board as, say, NVIDIA per se. When this is a buying opportunity, how much of a buying opportunity and how specific do you have to be?

Speaker 3: Well, first on NVIDIA, that continues to be, I think, the golden goose in terms of what Jensen and that company are ultimately. There is one chip in the world, there's one GPU that's fueling AI, and it's NVIDIA. And when you think about these build outs, when we talk about the enterprise, the two trillion of AI cap backs the next three years, that doesn't change from DeepSeek. We're talking about one, one thousandth of ultimately the build out that you're going to need for a lot of these enterprise use cases. You look at names like Palantir, you look at the hyperscalers. I could argue with inferencing, if you actually think costs are coming down, it's actually bullish for even some of the software players, names like Salesforce, ServiceNow, Oracle and others. I just think this is one, when you look at NVIDIA, I think we sit here six, nine, twelve months now and look at this as a moment. It was a golden buying opportunity and in no way changes our bull thesis for where this is all headed.