The Minutes of Bill Gurley on nvidia https://minutesof.com/bill-gurley/on/nvidia/ Everything Bill Gurley has said on NVIDIA: 11 verbatim quotes between February 2024 and April 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:21:58 +0000 Gurley cites rumors of thirty billion dollar Nvidia investment into OpenAI, calls modern venture capital sport https://minutesof.com/q/4869c3d0-0043-4407-9bc4-53ad3b71d2f7/ https://minutesof.com/q/4869c3d0-0043-4407-9bc4-53ad3b71d2f7/ “And so, there's rumors today of a $30,000,000,000 investment from Nvidia into OpenAi on top of everything they've already already raised and spent.” — Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 nvidia Gurley cites rumors of thirty billion dollar Nvidia investment into OpenAI, calling it sport of kings venture https://minutesof.com/q/b7045076-603b-4c26-984a-54f91fc6ea97/ https://minutesof.com/q/b7045076-603b-4c26-984a-54f91fc6ea97/ “there's rumors today of a $30,000,000,000 investment from Nvidia into OpenAi on top of everything they've already already raised and spent.” — Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 nvidia Gurley argues circular deals explain why Nvidia's multiple won't go higher despite strong growth. https://minutesof.com/q/d6c97e35-a153-488e-a289-9b08b060d417/ https://minutesof.com/q/d6c97e35-a153-488e-a289-9b08b060d417/ “People wanna understand why the Nvidia multiple won't go higher. I think it's the circular deals. Like if they're not material, don't do them.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 nvidia with Blackwell, not only is it way, way, way faster, anywhere from 10 to 15 times on really large models for i https://minutesof.com/q/c310de9b-dc1b-4540-a8b1-6178b1463f48/ https://minutesof.com/q/c310de9b-dc1b-4540-a8b1-6178b1463f48/ “with Blackwell, not only is it way, way, way faster, anywhere from 10 to 15 times on really large models for inference because they've optimized it for very large language models.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 nvidia Patel says Blackwell delivers five times performance TCO improvement in single year, accelerating LLM cost dec https://minutesof.com/q/279cdc86-ddf1-4907-8bcc-3cb1c5004ac8/ https://minutesof.com/q/279cdc86-ddf1-4907-8bcc-3cb1c5004ac8/ “At least that's what Blackwell is, and we'll see what Ruben does. But, you know, five x plus in a single year for performance TCO is an insane pace.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 nvidia Gurley notes NVIDIA's highest cost of goods sold is HBM memory, not TSMC silicon, which people don't realize. https://minutesof.com/q/64260f0b-5b01-41cc-b5e6-b4cd813494c1/ https://minutesof.com/q/64260f0b-5b01-41cc-b5e6-b4cd813494c1/ “Their highest cost of goods sold is not TSMC, which is a thing that people don't realize. It's actually HBM memory, primarily SK for now also.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 nvidia Gurley warns 2026 is when the reckoning comes on whether AI infrastructure spending continues at current pace. https://minutesof.com/q/56f29114-bc4f-4980-8a5f-590223cf0360/ https://minutesof.com/q/56f29114-bc4f-4980-8a5f-590223cf0360/ “It's gonna bring so many people with them. But 2026 is like where the reckoning comes. Right? But, you know, will will people keep spending like this?” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 nvidia Gurley says NVIDIA differentiation is greatest at largest cluster size for LLM pre-training. https://minutesof.com/q/d25c217f-5ffb-410e-901d-e5e6d84b201d/ https://minutesof.com/q/d25c217f-5ffb-410e-901d-e5e6d84b201d/ “One, the NVIDIA differentiation as we've talked about is greatest at the largest cluster size. So if pre training, once again, I only equate this to LLMs, you know, I don't think of FSD problem.” — BG2 Pod Thu, 21 Nov 2024 19:09:14 +0000 nvidia Gurley explains NVIDIA's networking, NVLink, and CUDA advantages emerge specifically in the largest system dep https://minutesof.com/q/3cd5de34-3e0c-4b75-adef-e5e5e2d29a6d/ https://minutesof.com/q/3cd5de34-3e0c-4b75-adef-e5e5e2d29a6d/ “That's when the networking piece thrives. That's where NVLink thrives. That's where CUDA really comes alive in the biggest systems that are out there.” — BG2 Pod Sun, 13 Oct 2024 10:35:00 +0000 nvidia Gurley observes Elon Musk obtained roughly 10% of NVIDIA's quarterly availability for x.ai despite massive dem https://minutesof.com/q/8e7d8a0c-2204-44fe-ac49-f158eb188d2d/ https://minutesof.com/q/8e7d8a0c-2204-44fe-ac49-f158eb188d2d/ “And he walks in and takes what equate sounds looks like about 10% of the quarter's availability.” — BG2 Pod Sun, 13 Oct 2024 10:35:00 +0000 nvidia Gurley reports Nvidia alone accounts for 5% of S&P 500 returns while 493 other companies contribute only 4%. https://minutesof.com/q/a68d0462-7e19-4c36-8a7d-2c12cb0921eb/ https://minutesof.com/q/a68d0462-7e19-4c36-8a7d-2c12cb0921eb/ “The other mag six are responsible for 5%. And then the other 493 companies in the S and P 500 are responsible for 4% of the 14% year to date returns.” — BG2 Pod Sat, 22 Jun 2024 17:50:33 +0000 nvidia