"You just shot the central banker. That's not good for rates." SemiAnalysis President @fabknowledge warns that Jensen Huang's departure could trigger a credit contraction across the AI industry: "Jensen had one of the most profitable businesses in the world and was doing a meaningful amount of loans against his giant profitable empire, and that really expanded the potential credit in the entire AI ecosystem." "It's kind of a contraction." "Open source models I think is a much bigger risk. The biggest version of a China hawk will ban open source models." "From NVIDIA's perspective, the most powerful thing he can do to rein in the power of his customers was to support open source as full-heartedly as he can." "Now, it seems like that's not gonna be the case. So pretty much now Anthropic and OpenAI will have more power over him."