# NVIDIA in Podcasts, Apr 27โ€“May 3: Demand Story Collides With Margin Questions > The core NVIDIA bull case still looked intact this week: hyperscaler demand remains enormous, supply is tight, and the next wave of agentic AI keeps reinforcing the infrastructure buildout. The market debate has shifted to a harder question: how much of today's margin structure survives once custom silicon matters. # NVIDIA Intelligence Newsletter **Week of April 29 โ€“ May 3, 2026** --- ## ๐ŸŽฏ Executive Summary NVIDIA remains at the center of the AI infrastructure boom, with podcast discussions this week revealing a growing tension: historic demand and supply constraints versus emerging margin pressures from custom silicon competition. While the company remains sold out through 2027 and hyperscalers are spending $700B+ annually on AI infrastructure, Amazon's Tranium chip hitting a $20B run rate has raised questions about whether NVIDIA's 56% net margins are sustainable. --- ## ๐Ÿ“Š Key Developments This Week ### China Gray Market Pricing Surge Strong demand for Nvidia's B300 servers in China has doubled prices to approximately $1M per unit, with prices rising sharply after the grey market came under pressure[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjnamAo84r9E9QIVecavvjzacaNFjaCxngI0WTFbynJdAoKZFabFOKjaAAAt7RkXOLZnkkk6EnmGxq4y9jCgMTFjxis_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K4SxSubp5hE9i0x4oR2q2FjxihScBjYdxOT4GJZBvuqtyQY4OWOhjNHyhQT8PlvLKmloNt-2FDmu2S-2BPInvhIi1QenyunHoV9MJNgoZP583AoRkvDJD-2FAp1BPs0o1V-2FVoXYw-3D-3D), according to Reuters reporting on April 30, 2026. **Context from podcasts:** This aligns with Jensen Huang's comment on **Memos to the President** (April 30) that NVIDIA's China market share has "dropped to zero" due to export controls. The gray market premium demonstrates continued Chinese demand despite U.S. restrictions. ### European Semiconductor Investment Push The European Union is planning a Chips Act II overhaul expected in late May that would allow the European Commission to invest directly in manufacturing and prioritize developing new technologies, with proposals intended to empower investment in large, cross-border projects[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjnamAo84r9E9QIVecavvjzacaNFjaCxngI0WTFbynJdAoKZFabFOKjaAAAt7RkXOILhWL64a5TkQRcwO8vmrn9mc7E_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K-2Bkb3u5-2B4WF2rBghPn-2Bj0Bg9QsvLC9HfEIZ-2BSGFFFyHGqkrs1EKFRBbQFMbFDBsNxjXrcPxIu7uk7xuAi3GdRCrKSHKZaM8PxZOA1ag2A8yDIZ5OBRCPUUr-2F0FXYTuMSXg-3D-3D), Bloomberg reported May 1, 2026. **Implication:** This represents additional government-backed demand for semiconductor equipment and manufacturing capacity, though Europe's focus on fab investment may benefit equipment makers more than NVIDIA directly. --- ## ๐ŸŽ™๏ธ Podcast Intelligence: The Custom Chip Debate ### **Featured: Jensen Huang on "Memos to the President"** (April 30, 2026) NVIDIA's CEO delivered a wide-ranging interview covering: - **Market dominance claim:** "90 some odd percent of the world's market share" in AI chips (excluding China) - **U.S. manufacturing:** Committed "half a trillion dollars of consumption" to reshore semiconductor supply chain - **Robotics timeline:** Humanoid robots going mainstream in "one to three years," with mechatronics as the bottleneck, not AI - **Robo-taxi:** "The science is completely solved" as of April 2026 - **Export policy critique:** Current China controls have "largely backfired" by conceding the entire market - **Job creation defense:** "AI has created more than half a million jobs in the last couple of years" **Investor takeaway:** Jensen's optimism on robotics/autonomous vehicles suggests new demand drivers beyond cloud AI, but his export control pushback signals ongoing regulatory friction. --- ## ๐Ÿ”ฅ The Amazon Tranium Question ### **"Squawk on the Street"** (April 30, 2026) **Jim Cramer** acknowledged Amazon's custom chip progress but dismissed the competitive threat: > "They can have all the Traniums they want. And I think that that's great that they went on their own. But NVIDIA is the dominant player still. I'm sorry." Cramer noted Amazon stated Tranium has reached a **$20B annual run rate** (growing triple digits YoY), and "if sold externally, the run rate would be $50 billion." Yet he emphasized: "The only reason they had a good night is because nobody has enough. They don't have enough." **Meta CapEx increase:** Meta raised guidance to $125โ€“145B (up $10B at the high end). Cramer: "Believe me, a lot of that's going to go to NVIDIA." --- ### **"Motley Fool Hidden Gems Investing"** (April 30, 2026) **Tom Gardner** (Motley Fool CEO) took a more cautious stance: > "I do think we're going to see a flattening out of NVIDIA's margins and their returns on invested capital... if we see any material margin declines, then you need to start getting worried about valuations." Gardner noted hyperscalers are moving "repetitive AI workloads onto their own chips," but clarified the threat is **limited to hyperscalers**โ€”enterprises, startups, governments, and researchers "are completely locked in with NVIDIA" and "can't spend $5 billion to build their own custom chip." **Demand signal:** Amazon reported AWS Bedrock "processed more tokens in the first quarter than in all prior years combined." **Agent wave coming:** Hyperscaler earnings calls mentioned "agents" 33โ€“45 times each (Microsoft: 38, Meta: 33, Alphabet: 36, Amazon: 45). --- ### **"Shooting the Bull"** (April 30, 2026) **John Rotonti** (Bastion Fiduciary, holds 3.5% NVDA position) argued the market is overestimating margin compression: > "On paper, it's the highest quality business you will ever see... the returns on invested capital are above 100%. It's just an incredible business." **Key bull case points:** - Hyperscalers announced **$700B+ in 2026 CapEx**, with estimates reaching $800B+ in 2027 - Jensen Huang projected **"$3 or $4 trillion through 2030"** for AI infrastructure - NVIDIA is "not at peak earnings" yet - Custom chips are for "repetitive workloads," while NVIDIA dominates cutting-edge inference/training **Co-host Drowsy** revealed a **44% portfolio concentration** in NVIDIA, viewing it as the best single-ticker AI ecosystem exposure. Rotonti explored (but didn't endorse) a $20 trillion scenario: "If AI is the technology that ushers in a fourth industrial revolution... then maybe a 20 trillion dollar valuation on one company isn't so gut-wrenchingly outrageous." **Contrarian view:** Co-host Bear noted that on 2โ€“3 year forward estimates, NVIDIA trades at "like a 12 to 15 PE," suggesting margin compression is already priced in. --- ## โš ๏ธ The Bear Case: "$10 Trillion Is the Ceiling" ### **"Motley Fool Hidden Gems Investing"** (May 1, 2026) **Lou Whiteman** and **John Quast** both predicted NVIDIA will be **under $10 trillion** market cap by January 1, 2030 (current: ~$4.8 trillion). **Whiteman's concerns:** - **Historical cyclicality:** "NVIDIA has had negative revenue growth for years and almost six years in the past 20 years" - **ROI math doesn't work:** Cited analysis showing "AI companies are going to have to generate $7 trillion, with a T, in AI revenue through 2029 to just get a really, really paltry 7% return on invested capital," while total global enterprise software spending is only ~$1.5 trillion - **CapEx limits:** "AI spending can't continue to go up through 2030. There's just not enough money on the planet" - **Electrification constraints:** Infrastructure can't support unlimited growth **Travis Hoye** flagged **token price deflation:** Google Cloud's token production was up 60% QoQ, but revenue was only up 13%โ€”"tokens are deflationary." Hoye also noted the ecosystem is being "built out for other chips," and OpenAI-AWS deals will "obfuscate away what the actual chip is." **Quast's take:** "When you look at a company that is commanding 56% net profit margins, there is incentive for these other companies to come in." --- ## ๐Ÿ›ก๏ธ The Bull Rebuttal: "$5 Trillion Is the Floor" ### **"The Reasoning Show"** (May 3, 2026) **Brandon Wichert** selected NVIDIA as a "cornerstone" draft pick: > "It's not complicated at NVIDIA. Just sell what's on the truck and you're going to do great." **Key points:** - NVIDIA is "already sold out for chips for the whole next year" - Worst-case scenario: "Even if they were to quote unquote do poorly, it means they're probably only a $5 trillion-ish company" - "I believe in Jensen" (echoing Gardner's leadership praise) --- ## ๐Ÿค– Product & Partnership Updates ### **"AI For Humans"** (April 29, 2026) NVIDIA released **Nemotron 3 Nano Omni**, a 30-billion-parameter multimodal model capable of running on phones and small robots, natively handling audio, video, and text. **Kevin Pereira** raised depreciation concerns: "You spend billions of dollars to have all these servers and these high-end chips, and then the next year NVIDIA releases something new. And now your chips are half as capable." **Gavin Purcell** countered: Older chips "may not be as capable as the brand new chips, but they're better serving the new models than they were serving the old models." **Hosts flagged circular funding:** "Oracle writes a big check to OpenAI... OpenAI writes a check to NVIDIA. NVIDIA writes a check to Oracle. It's like six companies all handing money around." --- ### **"NVIDIA AI Podcast"** (April 29, 2026) **Dassault Systรจmes partnership results:** - Using NVIDIA's **Nemotron 3 Super** improved reasoning performance by **20%** - **Parse** improved document throughput by **30%** - Jensen Huang attended Dassault's conference in February 2026 --- ### **"Shooting the Bull"** (April 30, 2026) Rotonti noted NVIDIA is expanding beyond GPUs: At GTC, "they said they're putting out a rack of just CPUs." --- ## ๐Ÿ’ฐ Valuation Spectrum (as of May 3, 2026) --- ## ๐ŸŽ“ Consensus Themes 1. **Supply scarcity = pricing power intact** (at least through 2027) 2. **Custom chips are real but scope-limited** (hyperscaler repetitive workloads only) 3. **Margin flattening is consensus** (question is magnitude and timing) 4. **Jensen Huang is viewed as irreplaceable** (Gardner: "greatest leader in American history in business") 5. **Agentic AI is the next demand wave** (mentioned 33โ€“45x per hyperscaler earnings call) 6. **Energy/electrification is the real constraint** (not chip design or capital) --- ## ๐Ÿ“‰ Risk Dashboard --- ## ๐Ÿ“ข Notable Quotes of the Week > **"Jensen Wang is arguably the greatest leader in American history in business."** > โ€” Tom Gardner, Motley Fool CEO > > **"You can't model Jensen... he's a one of one... there's just optionality with Jensen that you just don't know and you can't imagine."** > โ€” John Rotonti, Bastion Fiduciary > > **"We should export like crazy... Why shouldn't we have AI also be in that camp?"** > โ€” Jensen Huang on China export policy --- ## ๐Ÿ”ฎ What to Watch - **Late May:** EU Chips Act II details (could signal incremental European demand) - **Q2 FY2027 earnings:** First test of whether margin compression is accelerating - **Hyperscaler Q2 calls:** Track mentions of "custom silicon" vs. "NVIDIA" - **Energy policy:** U.S. electrification plans will determine infrastructure ceiling - **China gray market:** $1M B300 pricing sustainability as enforcement tightens --- **Sources:** - [Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi8vgoypvGM0f4EzQKRneYMPePwYXyfpA2xlcbZg3wFgWuPm2uVQdV0B-2BqhB0zVs7kyzlfV9OAlQcFHejyW5kqAUsYBQHLbFlA5ZiYaYeDCkQ-3D-3DaNZs_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K4tVNOXQFLvdQ9aNCIpYJVowVQPJOyYvlDZfTKP45BBxLEaZjTm5OYokKSby1U4RnPMWeH9mg5ukHzAf97s1OtpjLDsV9Ba14mXxvoXfDdtbtS7t-2FsmBJBX3YDhDEItfhg-3D-3D) - April 30, 2026 - [Motley Fool Hidden Gems Investing](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjxXdZN-2Fv9lTsKSmJ6QuriYvx-2BdCffkWxXLEDCUxA-2B8JaTOiVNElfdG2687xEy8zDdffBpCFaZtTGdTGLz0GBrN6GXJyBTPmwyyOZ-2BajrkNRg-3D-3DPe3l_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K-2BguEJKlFEcrC6U5pN19itX41oTIqR4oVLvfQDEVGfiTc0qp-2BVkLQdXRXUMo1fRTK89pHHJ7lxCJgxoTmnnyK5mtzEc7msy-2Fj3IWkaDed6kAHQNaOX6xHnLjsMkplH9guQ-3D-3D) - April 30, 2026 - [Motley Fool Hidden Gems Investing](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjU2A162viwJ5f-2BmTL5yZewAURs3j6SvRY3kMINJLjWMJckNT8YIlmp-2FAo0px7KEHN3bfb1A7Y6ddqphteoJeJqD5Of4pfQYaJu1sDGpez1pA-3D-3DVf3Z_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K9K7xko5LitqqbtsOssJqeCsxp-2BZZfHVL8Scf5kEByqA0RsbCP7ogc9BGt04eg9ml7R4FbvrUgrZTaPirJwaPzIVM6agRg-2FQfsPRWvDxhUB0cyabEiVzpV-2FeglYoeZAbHw-3D-3D) - May 1, 2026 - [Shooting the Bull](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjf9m0C8SAWR2NrcxMUCkGYGQBSo6MVgygSVhPIexLHM5YGJ4uBP9CyFw-2Fucz7ccDOR3YlbhIxYtcdqxoZhnjVx65u-2FGYeF0u0ymgVbTpR6zA-3D-3DgLYB_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K60WwvIp8bDEV3cvoWZP4IChuzfvdZiNLIWa3JblQt6VbJlqJQvJJoFgQyVvax8XnnXlVcOLYLCkW8nRkvxjvEdiHLTG2-2FxfH4nWBrCecoaSozHss5iykYm9Buc5REqldQ-3D-3D) - April 30, 2026 - [The Reasoning Show](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOimC-2FO3f-2Fbl7lf6q0DyjxKvEXGE04DPGVDvPDdSQSAGcj5gAVwK9hu7d0zZmUiwG4D5I3dfqRJRVCPmXB1WKQ9qsoWXY19knMjs04jAFiGK8g-3D-3DrNtR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1Ky0aXRzxm4uOBVUlW1sJLtU2WlKMr63aO4AyZ6Ym87NUwze1K1-2B-2F0TzyrkM59qFcjzosSEU-2BOVhhAub1syTkBdKIWguax1MgWQfvSHHnHBKODkkCdnIVggSHgiHa5zJt9Q-3D-3D) - May 3, 2026 - [Memos to the President](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjdr3kjf1wC5aeHbajJMDr5E56hkAyFtcdowgl8FLuNbhzqmFDzhz3Vf2oHEsPg0RAUPo-2BX-2FeQ5Z6K8rLhWJZAyyWUyMobmD5PfafFM9QjhXQ-3D-3D8Ul0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K5GFrSPOpN3QnYlzE5SD8BWuIaxJR8xFCFlL1I1zJ7kL1y4kOE0zGnEMKidctKBVoWjf-2FFh7G9W5i6RIWEwi-2BvakJTw61e7YQtULrs5pvCHgM2LHYpLEerfoc8XIL7lKpQ-3D-3D) - April 30, 2026 - [AI For Humans](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgpQX94rySoulhMBrTD-2FJBbxnJa65j36Gbd0E6LeTjrctPn9MwDWI4lXqLaNol-2Fzuy-2BAMO9NU1KKJiDEhbXIXWVg2ecRRuqNpvERj-2FC-2BrfKEA-3D-3DQNyY_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K-2BIVrB3lex808TuomrJnTEyNPa6WlxJ5aulGe09-2FKpmFnQOqfNKNu-2F3gkOro40Z-2FYFF5Vf-2Fk-2BRezQJL-2BFIbpQgugbvtpp1GTqlMhjD1mvfvM-2FReQFJ87j3OFlCOEWC2AZA-3D-3D) - April 29, 2026 - [NVIDIA AI Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi-2BS6b6qwzx3e0kFu0GYTjlclegLU4zGkoCZuYNs9gcpnJCjQUMV7f-2FLWSVVN9uPP0Jljsn4W6xHJEYSgbjOVsQkYV4YJWuho9pcgkXJ7uZ4A-3D-3DH6OI_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K2JTFUNgBuZMMGnUa5W-2FfS2E3uTMywQMvWy3ZRvbYtZsbpMGEVEAYhly0bIGDI9mwqX5YqvgWfmdgQ2e6hLb4-2Ba-2BrrXFklZWBqcicfz0y26sYXRIZnQs5WdTzRvC5iaqoQ-3D-3D) - April 29, 2026 - [The Mark Moss Show](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhU1y9A7fIZxHvrD6zLV7AfYBHlFBL4uk5ZL5ChhJdnH8qWZ7nKPSzX-2BZAwZLrEPGKf79WjiV3RUNgyqYARoQsFe37WrrK8GHzvO-2FB4Hg4C9g-3D-3Dv9A5_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K8f47zbuRh9Ft4G8oRo4YdnDaKRUdaOtlWcADIJNqvM8UOPkQMnaVkneHirMRLDVb-2Bi-2BkbNlqZFyhXhSd0TI2RCK0Sz1sK3-2FMRxODouJxEGGZa6G1uMX-2FHjiAbxFxF3s-2FQ-3D-3D) - April 29, 2026 - [Reuters](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NpeKJbqi1xHn-2BFeix4-2FtwJpwIp0yjT95BA-2FT9Mb-2FVXcHnzawdAvw9W1a-2BR7Y9PdfZzgQqtEesUYgWZ60l-2BPAYlKVqLs6skQz6rvvuW74-2BGnH3hHFwHoemV1eCWFe2z9UtNuqlcuCE3-2FVua9WpYGe2uA-3DPYn8_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K-2FLb3cisIBccLO-2B9b1PLKSvu6vyCSJhzEc3YtdcOxh1UhhLxvmPQcKRRZrrLRAlDadrV0i4LPbXgc-2BEIZLtJf98xNw-2FqBcwcDZzHLu9bBUjgp5Y2o0KBD3nxZJT7p-2Fl-2BDw-3D-3D) - April 30, 2026 - [Bloomberg](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NlSp5ufABuWMKvXuNiUHbZ9gRBQt0YS8RXMUgJyAj-2FDPrfcG-2FuYvvocy1ZexMSWxYA6fViq-2Fx3qepq72adJVwte3u1JdHc2olTTzV52nXiUeNyMH8TgZxEckaE-2FzEoCd785636nmAxajihZt6hJwGQg-3DleMQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K6bmlY-2Fd6B-2BVciIMDQEoEpZPtyUWXx2aAPHwhLM3r4xCROxVmJ1nTrnKOJ2OhoBELVdroNzC-2FV89WRbMhzBXRcyvClM7qrRNmKt1S3NwrBEWyHgB-2BSmKIEscYiYBnrTm-2FQ-3D-3D) - May 1, 2026 --- *This newsletter synthesizes podcast discussions and news from April 29 โ€“ May 3, 2026. Views expressed by podcast guests do not constitute investment advice.* ## Additional web sources used: web[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NtZralukHHMhclp7GyUQv-2FE1mZVxzUcjMTAtntYfAjrD5z7ldRICwq1pdsUz-2BQo-2FzscZUb6q4nWZSAzaZA-2FFyF6LC2NOx982DIf8upvy3iyDXcY-2FXCbDOxlsKEFZ2Xarkg-3D-3DSuwW_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K2YV-2F22WwWjIlR9DEIX-2FSh7dl2I3U-2BfAU65s36-2FD5rnaYkgax0seX9GD2-2FjVk5l1n6KGPD8RUVcBdUC-2BXBKOXpe-2BVb0mCagdiyWOm9gcqLW2WbHzUC5dD7U7rC5aasCRnQ-3D-3D), web[2](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NqMD7gMXE5PbavtEVqCHZ2-2F864xMhnSew7qehgqNS3JWTlnXIyUNec3eYJ8NZn4JVrXigESltV9G-2BbJEfbNtPsAvkL8GourTsZjNTX-2BR0o8gXWfMJiSOzdDbwDzuPTw4Pv0Ml34cjNmgLPIXQazV4AEcRO-2FxGq0I0H24s9c8ESqL9qKq_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1KxuhNrSuT4TsJgVDoB-2FjQd7SbGpjwXDfBxlSVB05viqyDO3EeD1vKxmX7PXxZo-2BUNE1eu07PHHRTnA-2FLAx9jeRj-2FjZ4xMCQ8bX1MXOpldRcy1-2Bq-2Fpam5vuP7amPVlz2LNg-3D-3D), web[3](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nn7ax1xL4K-2B0EAOL4IqN4YuxVQaWzP-2F9unQsdELnTk-2Ba5CICUm3VskyEX9hfmFKeKodtMwSPQYHAoPBUDwPVwTzogZRVzLzlx23UvH0QUQy2JGvbjy4CPXoX3Hb-2BBoxQt1wBJ8mWn0zDQc3hpfxEMDOuy1LA-2BqrNXA-2BHHvY0bTzuYYeIxQucop-2BeqHCAP0ClDA-3D-3Dm_oe_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K46NtOvQZwB-2BZuDr-2Bq9MpbJg6lKNtmHIiQL5m5974b8ngCdL5Ic7zgEqqC-2BeofVHN6-2F5WQYxIA5YKWrL8YGiFy8b5pHLH0tw7-2B87F6ORTXv4IWIjW6KRHj8EdXxwbuKkFw-3D-3D), web[4](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nku6b8lXScgKcmoD9uVbQ3Nrgn-2BCZDkOiz1azB7Q72xeXEJS4QTSbSdMPf-2Bh73Osx68NAt0VylRjbfL0Rk3IY5Fu2N5vs-2F7oW-2FcXDx5artfApPISycQamCUV593JvirfDw-3D-3DCZHD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1KxH1cLHfR6NaWdddSe-2BPK4LBwhFRB-2BeXtGEESTs39TiwghqqJdKDxerMvhcciYXVRjJMu0HEXd-2BNVkaofumOYqgKUCWIu3uYSc5Csq-2FEYXgYQ6vbYEFad5PnRljB37gylg-3D-3D), web[5](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NtZralukHHMhclp7GyUQv-2FGbj-2BBCcb-2B6B9Wlww9ER-2Ba5flnrhhc6y59GG5Xr6ZHjM4v1YaZgLuljiAJ94iPKz0hfa0Cf19Sq14K30Ujsq0ZIJJXngMq8Iuem2b-2FGHgOkNA-3D-3Djp12_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K4Zm87kN7MHMEU-2FFY01INWOoCCMQjPEem4NyOywqx-2Fbu0s0u0bLPoq74iEGhh731bOQ80eTd6UXyJlnCUxXBA95BjOqP5ySjm8kSXWGPCO-2B453WgVdp1Q1Vq0A3hT9GWpw-3D-3D), web[6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NitLe813IZTZ4Lhf-2BkY1AwKo3tNQ3XC1Ewnq-2Fp6LalaSf9vkVcEAy51iRIbqyDZfXg-3D-3DFmI9_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K8HGA14D-2FhEIBjkbZlUNfvWHZ5KxS7jOhSkO0-2BdYqiAHssi6PlAgFbdfGNnYhHC7oQk8kA1LqgR0-2FzqEknsaPDxiIyNNu4b4-2BZ8BOAWLxLw-2FFn3hrX8h6eCg-2BYtiwz7e9w-3D-3D), web[7](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NjOrEpzkIkNl1FqaF7m4-2FYAX2aqCLDjL-2FcaLePoe349ogzaC94j5LJY-2FWVQw2AF5cw-3D-3DZHiu_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K6hUqaYcYWo8nb4rhfJ-2BpGG9jZDKNLd8HuF46CJoJTE7IWCCRbrkC05hEtfiFwQ9ocu-2FoDYHVRU0o0e1h4CIykUgUOmoP6LRiKVSJUcP1KW4prWyw9tuZWKeBdXI1yQ77Q-3D-3D), web[8](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nh1IKBSgVCD8X0wZUB0nQJuhjBfGlRhFYCsDSkWw-2Fhyf22-2BM83Z15BQLMIn818JZ1A-3D-3Dy6bD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1Kz3ZSNQH9JRbZExlSGCuUNZvrsBOKmKBrPc4Bx9vQJvkTpBrvEEFDDwzyLF4iaOuJG2qzLu8U8ThWnzlgrChpABEgmy95IR5ts7LXV-2BPpPD9UWVs4p-2FGKSQBkbpOES4n2w-3D-3D), web[9](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NqBtcrVVjFhw9GEF3Ehl1EVJicN5LaPqu2fyZ3ifVHcVEqv4XY6sgf48qVRs97XbYrxCAfxBAiwxgI5ByMYhYPt6yuhj-2FkbeMUnj1MHwHmhlt6Nexdlag-2B-2B9sPGfldcXmspdUR1T3OJjLYNC-2BEIireYFQCyjL-2BMyVouEkFKkWNuQejvd_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1KwUE8kjJY7IbhLeCUsyBZOf0dZnDCaEcIJDqyB98Px6JRRhEswzI5uW4bpRzVCiCbyzObQH5SFoYSyfh5kX4INIQwL5LD9Uqw6IiRBFJk7LKG4SpphTewxHasGTTDlk-2B7A-3D-3D), web[10](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NgzViS9i5NmxyUXCGlHz1Xbo647Gilj2kYIY8BvK8pYhdno3Sb9zeqpFl78-2BEdOamg-3D-3Dcfrb_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K-2B2SRnObk7c-2BaznRYf7G6pbvQqNhT3hemdH9K-2Bk5iAGSow1LBGxKm9PFLRfanKXppwB-2FSBb3bnZCCEsV4z6rTBLqVLm3bV8bgHSOWDA5K3npxhfZjeq6jHjD8S8WCVgJyw-3D-3D), web[11](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nkpa62sQ9yFm0YnhkKAn58mtscFczmUUC6bIiMaJ0XGC7v-2F4uGSz-2FSUYOPxVPRHDGJBOtpDuEcEQw4HGTp3N0C-2Ftif7XVNgWi4pJMZICP41QQw-o_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1K23G-2FnbJCr46coZ6bUkb-2FbHGb5ODcRjlqmg2ExtYDciJgF-2BxP2MpGH5Hre4xG8KcsUhAshvrAB8Em0caS7VA5GwgQ5ezzC-2FLu4-2FHZamxRIf3TtJNvDl3N2J3cIz0ApRgwg-3D-3D), web[12](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nuw1UVs0Qp4iC-2BwyJaCG04uds79oqdnOCLNlm18-2FsxTJiCrHKUIZ2inEWzo44rKD7tFH5CEusbVd0BHXfdFqLdorxgZp8V73NG610NQWX1Tdh8k6g-2FX04NIqG697GcLm66l6-2FnMExy6CeVyr8SJ93qtZ4XyuYpWnfx5s12rfIxc0RAs3bCCYnq0GR5Qb-2BKjo-2FA-3D-3DbrPY_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1KwDgS7Lv491xvL6hJoxBlhRWNOg0MqBGq4GA3DrUhfbUihEH2N4C0-2B9bwcQ-2FdPOmrVe3Z898GjeYDd-2FY8BXUIrlJO0C0tAgT4UL4pMlgmZdKz6Y-2B9Njlf6AUQg4cug2qfw-3D-3D), web[13](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nkpa62sQ9yFm0YnhkKAn58mtscFczmUUC6bIiMaJ0XGCAqjc3oRQL23sZjJ5NQMTK9jyR7rZRFhyidARIZefDleAx9mu7HdJjwzeggw90So1TpUS_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV9Wczw30ApqsqtjQheWzPx3AsLbj0CZ41D9q5ovaW1KzK-2BIXoNZmNtLKpII8-2FMsYt-2FWf8WHbv6eww17-2Bkbz3zKYXl7kqDfpIMS-2FbD84rwPG-2BvrasLfh8PL3MDIi9KM4W8puVxvnzmNvKM-2F-2BZo-2BhEIpIR2SETEekE3hpDKVWclfEw-3D-3D)