Eiso Kant

Well, that's the people who have as much of that vertically integrated and who have as much of that infrastructure already online and brought into the world. And this really is the hyperscalers. This is Amazon in number one, Microsoft in number two, Google in number three. But there's something interesting about all of those.

Each of those at different moments in time understood that they couldn't be reliant on hardware built by NVIDIA or AMD by someone else that also built their own. Furtest along that has been Google with their TPUs. Things currently at their fifth generation. They started early on this and they've been improving it ever since.

Each of those at different moments in time understood that they couldn't be reliant on hardware built by NVIDIA or AMD by someone else that also built their own. Furtest along that has been Google with their TPUs. Things currently at their fifth generation. They started early on this and they've been improving it ever since.

Each of those at different moments in time understood that they couldn't be reliant on hardware built by NVIDIA or AMD by someone else that also built their own. Furtest along that has been Google with their TPUs. Things currently at their fifth generation. They started early on this and they've been improving it ever since.

Then you have Amazon who's been working on their Tranium and Inferentia chips, their Neuron cores for some time. And Amazon has an incredible background, by the way, in manufacturing chips. And this is something I don't think people take enough credit to because while Google has to work with Broadcom to be able to bring TPUs into the world,

Then you have Amazon who's been working on their Tranium and Inferentia chips, their Neuron cores for some time. And Amazon has an incredible background, by the way, in manufacturing chips. And this is something I don't think people take enough credit to because while Google has to work with Broadcom to be able to bring TPUs into the world,

Then you have Amazon who's been working on their Tranium and Inferentia chips, their Neuron cores for some time. And Amazon has an incredible background, by the way, in manufacturing chips. And this is something I don't think people take enough credit to because while Google has to work with Broadcom to be able to bring TPUs into the world,

Amazon is working with the fabs directly and they have an incredible skill, right? They've done an amazing job in the cloud and Microsoft still earlier in their own chip journey.

Amazon is working with the fabs directly and they have an incredible skill, right? They've done an amazing job in the cloud and Microsoft still earlier in their own chip journey.

Amazon is working with the fabs directly and they have an incredible skill, right? They've done an amazing job in the cloud and Microsoft still earlier in their own chip journey.

Now, I know this is again a preamble to your question and I'm sorry for bringing this there all the time, but I think it's an important thing to understand because when you are buying Nvidia hardware and you're putting it in a data center and you're working with an Oracle or you're working with whoever it is in the space or even a Google or an Amazon or Microsoft,

Now, I know this is again a preamble to your question and I'm sorry for bringing this there all the time, but I think it's an important thing to understand because when you are buying Nvidia hardware and you're putting it in a data center and you're working with an Oracle or you're working with whoever it is in the space or even a Google or an Amazon or Microsoft,

Now, I know this is again a preamble to your question and I'm sorry for bringing this there all the time, but I think it's an important thing to understand because when you are buying Nvidia hardware and you're putting it in a data center and you're working with an Oracle or you're working with whoever it is in the space or even a Google or an Amazon or Microsoft,

you are taking that margin of that chip, right, the H100, the H200, the Blackwell generation coming up, and that has to be baked into your costs. The way that I think about this is that at the extreme end of it, Amazon and Google and Microsoft, as well as they come out with their own silicon, have a lot more margin to play with. And now then it comes down to business decisions.

you are taking that margin of that chip, right, the H100, the H200, the Blackwell generation coming up, and that has to be baked into your costs. The way that I think about this is that at the extreme end of it, Amazon and Google and Microsoft, as well as they come out with their own silicon, have a lot more margin to play with. And now then it comes down to business decisions.

you are taking that margin of that chip, right, the H100, the H200, the Blackwell generation coming up, and that has to be baked into your costs. The way that I think about this is that at the extreme end of it, Amazon and Google and Microsoft, as well as they come out with their own silicon, have a lot more margin to play with. And now then it comes down to business decisions.

And right now, since this is a war, and it's a total, you know, like it's an incredible race that's happening. I often refer to it as a drunken bar fight that's happening in our industry. is that we are, you know, all these companies are massively incentivized to drop the cost of their models as quickly as possible. And they do that in two ways.

And right now, since this is a war, and it's a total, you know, like it's an incredible race that's happening. I often refer to it as a drunken bar fight that's happening in our industry. is that we are, you know, all these companies are massively incentivized to drop the cost of their models as quickly as possible. And they do that in two ways.

And right now, since this is a war, and it's a total, you know, like it's an incredible race that's happening. I often refer to it as a drunken bar fight that's happening in our industry. is that we are, you know, all these companies are massively incentivized to drop the cost of their models as quickly as possible. And they do that in two ways.

They do that by cutting more and more of their margin down to their actual cost, right, their hardware. And then you can see a big difference between, you know, what an Amazon is able to do and a Google and a Microsoft and OpenAI and Anthropic. But they also do it on the intelligence layer. We spoke earlier about large capable models that distill down into smaller models.