Patrick O'Shaughnessy

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Hello and welcome, everyone.

I'm Patrick O'Shaughnessy, and this is Invest Like the Best.

This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money.

If you enjoy these conversations and want to go deeper, check out Colossus Review, our quarterly publication with in-depth profiles of the people shaping business and investing.

You can find Colossus Review along with all of our podcasts at joincolossus.com.

My guest today is Dylan Patel.

Dylan is the founder and CEO of Semi Analysis.

At Semi Analysis, Dylan tracks the semiconductor supply chain and AI infrastructure build out with unmatched granularity, literally watching data centers get built through satellite imagery and mapping hundreds of billions in capital flows.

Our conversation explores the massive industrial build-out powering AI, from the strategic chess game between OpenAI, NVIDIA, and Oracle, among others, to why we're still in the first innings of post-training and reinforcement learning.

Dylan explains infrastructure realities like electrician wages doubling and companies using diesel truck engines for emergency power, while making a sobering case about U.S.-China competition and why America needs AI to succeed.

We discuss his framework for where value will accrue in the stack, why traditional SaaS economics are breaking down under AI's high cost of goods sold, and which hardware bottlenecks matter the most.

This is one of the most comprehensive views of the physical reality underlying the AI revolution that you'll hear anywhere.

Please enjoy my conversation with Dylan Patel.

I was going to lay out this idea of going through the past, present and future of compute as like the big, big idea for our conversation.

But since it just happened, I don't think I've heard you talk about it anywhere.

I'd love to start by asking about this whole open AI and video thing.

Sounds exciting, seems vague, not really sure what's going on.

Maybe you can explain it to us as you see it and what the strategic implications are of the big announcement.