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Three takeaways from Jensen’s CES keynote that ended at 5:30p ET: $NVDA shares are flat in after-hours trading. 1. I was disappointed there was no direct commentary on demand. My take: don’t read into it. My take: Demand is still running ahead of expectations and I still expect 65% plus growth this year. The Street is at 50%. Looking back at last year’s keynote, this year’s high-level comments were similar. 2. Spotlight on Physical AI. Jensen dubbed this the “ChatGPT moment” for machines to understand, reason, and act in the real world. My take: the Physical AI push steals the show. 3. Announced a partnership with Siemens to use its tools for robot simulation. My take: it gets lost among the many partnerships Nvidia has announced over the past three months. What matters is that each new partnership strengthens the company’s competitive moat.