Jason Hall

Alphabet, I mentioned earlier, is beginning to sell their TPUs.

As we're starting to see more specific use case architecture, GPUs aren't necessarily always going to be the answer.

As we start to see some more of these products come into the market, AMD is starting to put some legitimate products into the market as well.

I think that there is a case that even if Nvidia continues to win, maybe it's not 90% of the market.

At the end of the day, no matter who wins, TSMC wins.

It is the road that everybody has to take.

to get to AI.

I don't think we can underappreciate that.

Its incentives are built for trust.

It has scale that makes it cheaper for everybody that's trying to build hardware and that needs hardware, even at a scale that it can make more money than anybody else that it's competing with.

I don't know that 2026 is the year.

I think it's going to take longer than that, because I think we've got to get to a point where monetization is more clear.

Because right now, this is just a land race.

This is a land grab.

Companies are trying to establish themselves as having dominant products that answer lots of problems, and that there's a path for not just people, but businesses to buy those AI capabilities

or the SaaS companies to start integrating AI based on those models.

I think it's just too early for that.

But I think what we are going to see is, we're going to see all of the big players continue to spend a lot of money with all of these other potential solutions to try to figure it out.

But I think we're still a few years away before we see a clear alternative answer to CUDA and Nvidia.

Yeah, so the way I think about this idea of these sorts of businesses and thinking about ethics and how businesses treat all of the different stakeholders is really focusing on incentives for management.