$BX Jon Gray reveals Blackstone's portfolio companies grew their Anthropic spend 21-fold in a year to a $525 million run rate "Now you may ask, is this really happening? Well, we have an amazing lens at Blackstone through our portfolio companies." "This data comes from our portfolio companies, our GP stakes portfolio companies, and our borrowers. We had, amongst these 1,400 companies, $25 million of run-rate revenue in September of '25. That number is up 21-fold, annualized run-rate revenue, to $525 million of spend with Anthropic." "That is what's happening out there because these companies are getting extraordinary returns on the investment." _______ For Jon Gray's full set of takeaways and slides:

From The Information’s AI Infrastructure newsletter: “A credit executive also told me recently that lenders have been exploring financing vehicles to buy and resell memory capacity for a profit.” WTF is this? A memory neocloud?

Citi: HBM Demand Outlook > Massive Market Growth: Total HBM demand is projected to surge exponentially, jumping from just 736 (1Gb eq.) in 2021 to a staggering 126,990 by 2028. > Nvidia Dominates Demand: Nvidia remains the primary driver of HBM consumption, expected to account for 40,939 out of the 126,990 total demand by 2028 (roughly 32%), down from ~40% in 2025. > Strong Cloud & Tech Player Adoption: Broadcom, Google, AMD, and AWS show sharp upward trajectories, with Broadcom experiencing massive scaling to reach 41,003 by 2028. > Rapid Technological Transitions: HBM4 12hi and HBM4e scaling heavily through 2027 and 2028. $MU $DRAM $SKHY $DISK $EWY

Last month I wrote about how we can build a positive and safe future for everyone: Every lab has the responsibility and incentive to move at the pace required to train its models safely, and the ability to take its own actions to ensure that happens. The reality is: - People won't want to use agents that are misaligned with them and that don't do what they ask, so labs have a strong natural incentive to make their models more aligned. There is a lot of debate about slowing progress on capabilities until alignment catches up. My view is that trust and alignment are quickly becoming the most important capabilities that will differentiate agents and models. Any lab that doesn't focus on alignment will fall behind. - Labs face significant liability if their models cause harm, so they have a strong incentive to prevent this as well. Meta delayed shipping Muse for several months to focus on safety and security. We didn't call for everyone else to do this before we would. We just did it as part of our day-to-day work because it was clearly the right thing for people and for us. I'm proud of the security foundations we've built. - Engaging independent evaluators and advisors is industry best practice. MSL already does this today in several areas because it helps produce better work. Other labs can just do this too. In general, it would be helpful for there to be a larger and more diverse ecosystem of evaluators. - Committing the significant majority of compute towards serving people rather than racing towards recursive self-improvement is one of the best ways to ensure we develop this technology safely. Meta has made this commitment and other labs can do this as well. I believe the key to building a positive future for everyone is maintaining the right balance of power. This is within our power to do.

#SKhynix# is reportedly in talks to lease part of #Intel’s# Ohio fab. With only a packaging facility under construction in Indiana, could this mark the Korean chipmaker’s first U.S. memory production? 💡More: 🔗

Jensen Huang: “Safety is paramount. In a lot of ways, it’s job one. However, safety is an engineering problem... If we’re not confident about the safety of the products — like all companies, like you and I, all the companies here — if you build a product or a service and you’re not confident in its functionality, capability, or safety, then don’t release it. That’s a very obvious thing to do. You pace yourself until you are confident you’re releasing something that the market would appreciate. The market forces are already there. We don’t need any new laws. We don’t need new regulations.”

$MU $SKHY $DRAM $VRT $BE $GEV $INTC CEO on memory: "the situation will get worse from here." -AI Infra Forum, Sep. 15th. “When I said early last year that memory could become a major bottleneck, I don’t think many people realized it. It actually happened, and the situation will get worse from here.” “Capacity is also very limited. Many businesses are being delayed because they cannot get enough memory, and memory prices have risen 5 to 7 times. It is very difficult to secure memory when making mid- to low-end phones or notebooks.” “Everyone knows the power problem. Power is extremely important, just as nuclear engineers and scientists once pursued it. In some applications, architecture, how systems are driven, and connectivity have also become important in order to achieve low power.” “Another part is cooling. Besides air cooling, there are liquid cooling and microfluidic cooling, and we are investing in some of those.”

The 4-hi discourse is just a psyop by the OpenAI chip team btw. It’s not wrong, it’s actually right if you have a very big scale up domain. But they are basically trying to sway the industry to do their bidding. Shot Nvidia does it is zerooooo.