AI Chips

“I like to say there's no bad chips, there's only bad pricing. And I will make any chip work at the right price.”

“And we think all AI chips in the future are going to be low voltage chips. They're going to have to cram way more flops in the same silicon area, and without thermal throttling run at way lower voltages.”

“We're now bringing forward our first generation of this low voltage inference technology Which is running at under half the voltage of any other AI chip.”

“All asset management industries have some scale benefits to them. Venture traditionally had less and now has a lot. So if you're going to back a new AI startup, you can't show up with a million dollar check or two million dollar check that it's useless or let …”

“I think most AI chips will not be consumed by people programming anything for it. They will download an open source inference engine, they will download an open source model, and then they will put it on the, and it's really simple to download VLM and, like, m…”

“And so it's just, it's like pretty likely in five years that, that, you know, AI chips will be, you know, cheap and plentiful, at least in comparison to the situation today.”

“The Koreans are gonna play here. For sure the Japanese are gonna play and then you know, the Chinese in a major way as well, and, you know, they have their own, you know, native chip ecosystem that they're building up, and so they're going to be many choices o…”

“And that's where we think in a three year timeframe, three year old chips will just not be able to do enough computations to be worth keeping them on. So either we replace them or we use them for much less important things. That will generate much less revenue…”

“And then what these companies are doing is putting power, what they call behind the meter, which is to say generators and turbines and diesel trucks, because it's so lucrative that it's worth it for them to park 10 diesel trucks and run them so they can power …”

“The backstop, the guarantee that allows the financing to happen. That can really drop the cost of the financing, but also increase the loan to value, so the amount of debt that you can take on top of an equity portion for some federal backstop for chip investm…”

“By next year, China's gonna be making millions of chips.”

“Quite frankly, the biggest issue we are now having is not a compute blood, but it's a power, and it's sort of the ability to get the bills done fast enough close to power. So if you can't do that, you may actually have a bunch of chips sitting in inventory tha…”

“Unlike the dot-com boom's fiber cables, the latest AI chips rapidly depreciate in value as technology approves, much like an older model car. So yeah, that's actually a big point all this money on the depreciating asset.”

“We're looking at upgrading chips about once a year.”

“Just OpenAI and Anthropic and the compute that they have and are getting this year from Google and Amazon for Anthropic and from Microsoft, CoreWeave, Oracle for OpenAI, 30% of the chips are going to them, just those two companies.”

“One third of it is like ads, right? Whether it be ByteDance or Meta or many of the other people who are doing ads.”

“We are comfortable with allies buying significant numbers of chips, right, and having a large cluster, provided that cluster is operated by an American, a trusted American operator, and the cloud is a trusted American operator, so that we know that giant clust…”

“Everybody has a gigantic shortage of chips right now. That I know for sure from all of our private companies, public companies, there's a shortage of chip, a shortage of compute power.”

“The exact same thing is going to video people pay more money to get the chips today versus in six months from now. Opportunity. There's an opportunity cost for customers in that space. And there was one for customers in our space as well.”