I joined David Goldman on @CelestaCapital's TechSurge podcast to talk about the race to build the next trillion-dollar AI chip company. The main idea we dig into is that no one has yet brought a chip to market designed specifically for LLMs. Blackwell is a GPU that morphed toward the workload. Nobody has yet stood up a gigawatt of clean-sheet LLM silicon, and that gap is where the next trillion-dollar chip company comes from. We cover: • Why AI infrastructure now sells as full systems, and how Nvidia got to rack scale first • Prefill vs. decode, and why the SRAM bets Groq and Cerebras made years ago suddenly paid off • How neoclouds built $125B+ of public-market value while most investors missed them • Circular financing, and why I land on the demand being real • My four conditions for the next trillion-dollar chip company • Clean-sheet architectures: @OpenAI's Jalapeno, @TensordyneInc's log math, @Etched's low-voltage inference • Why enterprise and on-prem inference could end up bigger than the cloud Full episode: