Andrew Feldman

But all of us, the whole industry, us, NVIDIA, AMD, Qualcomm, ARM,

But all of us, the whole industry, us, NVIDIA, AMD, Qualcomm, ARM,

Everybody's chips will be better in three or four years than they are today.

Everybody's chips will be better in three or four years than they are today.

They will produce more per unit power, and they will produce more per dollar cost.

They will produce more per unit power, and they will produce more per dollar cost.

So over time, the history of our industry is a massive reduction in the cost per unit compute.

So over time, the history of our industry is a massive reduction in the cost per unit compute.

There are pros and cons of that strategy.

There are pros and cons of that strategy.

The pro is you have everything from the ground, land, all the way up to tokens.

The pro is you have everything from the ground, land, all the way up to tokens.

The downside, you can only sell your TPU to yourself.

The downside, you can only sell your TPU to yourself.

And historically, volume mattered a lot.

And historically, volume mattered a lot.

And so your market is constrained by your own demand.

And so your market is constrained by your own demand.

Whereas if you were able to sell to the whole market, you might have more demand and be able to drive down the cost.

Whereas if you were able to sell to the whole market, you might have more demand and be able to drive down the cost.