Nvidia crushed earnings again, but the story isn’t just in the beat. It’s in the split: a shrinking China business, and a surging new driver of growth: inference.

On this debut episode of DB Live, I break down the two forces shaping Nvidia’s future:

Why U.S. export controls are fueling a rise in China’s homegrown AI stack

How token usage, not training, is becoming the new engine of compute demand

What Nvidia’s CFO revealed about OpenAI, Microsoft, and Google’s AI usage explosion

Then, I talk to investor Dan Niles, who called the Nvidia bottom back in April, about what’s next for the stock and the broader AI trade.

Plus: a final word on the TACO Trade. IYKYK.