Chamath says all the AI companies will compete on all fronts. He's wrong. The model companies are way behind on chips and data centers. Models are an intensively competitive business with questionable moats and software itself is not supply constrained. Margins will be hard to sustain. Chips, hardware and hyperscalers are competitive, but demand is growing faster than supply from the bottom of the supply chain all the way up through compute. 3 companies have a huge advantage over all the rest: Nvidia - the 800 pound gorilla of chips with a growing presence in open source models. Biggest thing everyone missed - Nvidia grew its market share. 👀 Google - The biggest hyperscaler with the biggest history of custom hardware TPUs etc., a frontier model, a massive customer base and monster data flywheels. SpaceX - Fast growing cost efficient hyperscaler with a frontier model, super fast innovation, reasonable customer base (X, Cursor), the best path to long term AI compute beyond Earth, and soon to have its own fab They won't be the only winners but they are the most likely to win big.