Funding & Business

Silicon, infrastructure, models and applications have completely different economics. Margin concentrates where substitution is hardest, which is not where the attention is.

The published figure is the final run. It leaves out failed runs, research compute, data licensing, annotation and salaries, which together usually cost more.

It started as a chip shortage. It is now power, permitting and financing, which is why a chip vendor ended up guaranteeing the resale value of its own hardware.

Six private capital giants signed non-binding MOUs. Nvidia backs the collateral value itself, against hardware it controls the obsolescence of.

Coatue led the round. Run-rate revenue passed $7B with 80%+ growth. But the multiple expanded faster than the business.