SemiAnalysis(@SemiAnalysis_):OPENAI<>NVIDIA: It is clearly a good idea for OpenAI to start an ASIC program, spend hundreds of millions on R&D, present at Hot Chips, deploy some stuff, scare NVIDIA, and get some more money and backstops from NVIDIA on the order of billions of dollars. If Jalapeno does well at scale, OpenAI will increase its revenue per MW. If Jalapeno doesn't do well, they will still get a lot of financing and backstops from NVIDIA, as Jalapeno is scaring NVIDIA. @sama wins even if their chip loses.

2026.09.03 23:00

OPENAI<>NVIDIA: It is clearly a good idea for OpenAI to start an ASIC program, spend hundreds of millions on R&D, present at Hot Chips, deploy some stuff, scare NVIDIA, and get some more money and backstops from NVIDIA on the order of billions of dollars. If Jalapeno does well at scale, OpenAI will increase its revenue per MW. If Jalapeno doesn't do well, they will still get a lot of financing and backstops from NVIDIA, as Jalapeno is scaring NVIDIA. @sama wins even if their chip loses.