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First, let's zoom out a bit for some context on how the AI industry got to where it is today and why DeepSeek has proven to be so disruptive to what everyone thought they knew. Since the release of ChatGPT in 2022, AI executives have been clamoring nonstop about the need for more compute, specifically the need for more NVIDIA GPUs.

First, let's zoom out a bit for some context on how the AI industry got to where it is today and why DeepSeek has proven to be so disruptive to what everyone thought they knew. Since the release of ChatGPT in 2022, AI executives have been clamoring nonstop about the need for more compute, specifically the need for more NVIDIA GPUs.

But behind all that talk of compute has always been a much simpler, more powerful force. Money. Money is what buys all those NVIDIA GPUs and what pays the construction bills for new data centers, and importantly, what pays the exorbitantly high salaries of AI researchers developing frontier models.

But behind all that talk of compute has always been a much simpler, more powerful force. Money. Money is what buys all those NVIDIA GPUs and what pays the construction bills for new data centers, and importantly, what pays the exorbitantly high salaries of AI researchers developing frontier models.

But behind all that talk of compute has always been a much simpler, more powerful force. Money. Money is what buys all those NVIDIA GPUs and what pays the construction bills for new data centers, and importantly, what pays the exorbitantly high salaries of AI researchers developing frontier models.

And once those models are trained up, it also costs a fortune to run inference on them for businesses and consumers. And only some of those users are paying anything at all to access the models. If you've been following along, you know that the nascent commercial AI industry in the United States hasn't made any money yet, even though it's spending so much.

And once those models are trained up, it also costs a fortune to run inference on them for businesses and consumers. And only some of those users are paying anything at all to access the models. If you've been following along, you know that the nascent commercial AI industry in the United States hasn't made any money yet, even though it's spending so much.

And once those models are trained up, it also costs a fortune to run inference on them for businesses and consumers. And only some of those users are paying anything at all to access the models. If you've been following along, you know that the nascent commercial AI industry in the United States hasn't made any money yet, even though it's spending so much.

And the promise of making tons of money down the line is what's been propping up all the sky-high valuations and glossing over the steep losses of companies like OpenAI. And that all really culminated earlier this month with the big Stargate announcement. OpenAI's new joint data center venture with a handful of partners, most importantly Oracle and SoftBank.

And the promise of making tons of money down the line is what's been propping up all the sky-high valuations and glossing over the steep losses of companies like OpenAI. And that all really culminated earlier this month with the big Stargate announcement. OpenAI's new joint data center venture with a handful of partners, most importantly Oracle and SoftBank.

And the promise of making tons of money down the line is what's been propping up all the sky-high valuations and glossing over the steep losses of companies like OpenAI. And that all really culminated earlier this month with the big Stargate announcement. OpenAI's new joint data center venture with a handful of partners, most importantly Oracle and SoftBank.

The stated goal of Stargate is to, quote, secure American leadership in AI and to also, quote, provide strategic capability to protect the national security of America and its allies.

The stated goal of Stargate is to, quote, secure American leadership in AI and to also, quote, provide strategic capability to protect the national security of America and its allies.

The stated goal of Stargate is to, quote, secure American leadership in AI and to also, quote, provide strategic capability to protect the national security of America and its allies.

And while the first Stargate data center is technically underway right now in Texas, details are thin on what shape the whole project will actually take and how it's supposed to actually collect $500 billion in funding over the next four years to accomplish its goals.

And while the first Stargate data center is technically underway right now in Texas, details are thin on what shape the whole project will actually take and how it's supposed to actually collect $500 billion in funding over the next four years to accomplish its goals.

And while the first Stargate data center is technically underway right now in Texas, details are thin on what shape the whole project will actually take and how it's supposed to actually collect $500 billion in funding over the next four years to accomplish its goals.

The only thing we really know for sure about Stargate is that it was a huge success in generating a lot of PR, both for the Trump White House and for OpenAI. Here's Kylie.

The only thing we really know for sure about Stargate is that it was a huge success in generating a lot of PR, both for the Trump White House and for OpenAI. Here's Kylie.

The only thing we really know for sure about Stargate is that it was a huge success in generating a lot of PR, both for the Trump White House and for OpenAI. Here's Kylie.