$MU $SKHY $NVDA $TSM Open models are bullish for chips, ask @JensenHuang AI models improve at software speed. Silicon doesn't. Models improve at software speed. Each generation smarter than the last, compounding on itself. In other cases, an AI can distill its successor in weeks. There's no factory, no yield curve, no physical limit slowing it down. Silicon lives in a different universe. Leading-edge computer chips require anywhere from 500 to over 2,000 individual process steps. Every new generation of GPU and HBM takes years to qualify and to scale into reliable mass production. You can't distill a chip. You can't train a fab into existence. So intelligence races ahead while the hardware meant to run it falls further behind. Open models widen it further. Frontier capability lands in everyone's hands overnight, and suddenly the whole world is bidding for compute that hasn't been fabbed yet. You've seen it with Kimi K3, stopping subscriptions. The gap between what AI can do and what silicon can support is the defining constraint of this cycle. That's where I'm looking. AI is not cycle. It's exponential.