Invidia is going to have better networking than you.

They're going to have better HBM.

They're going to have better process node.

They're going to come to market faster.

They're going to be able to ramp faster.

They're going to have better negotiations with, whether it's TSM or SK Hynix and the memory in silicon side or all the rack people or like copper cables. Everything, they're going to have better cost efficiency. So you can't just like do the same thing as Nvidia. have to really leap forward in some other way.

You have to be like 5x better.

Today we're talking AI. the same thing as Nvidia. You have to really leap forward in some other way. You have to be like

5x better. Today we're talking AI, hardware, chips, and the infrastructure powering the next wave

of models with three people at the center of it all. Dylan Patel, founder and CEO of Semi-analysis,

one of the sharpest voices on chips, data centers, and economics driving

AI's explosive growth. Aaron Price-Ripe, general partner at A16Z, investing in the technologies

and infrastructure shaping the future. Guido Appenzeller, partner at A16Z with decades on the

front lines of AI, cloud, and networking. From GPT5's launch to Nvidia's dominance, custom silicon and the global race for compute, we're covering what's happening behind the scenes. Let's get into it. Dylan, welcome to the podcast. Thank you for having me. We've been trying to get you for a while. You're a busy man, but it worked out. Guido, why want to you introduce why we were so excited to have Dylan on the podcast and what we're excited to discuss. I think, Dylan, you've done exceptional job in covering what's happening in the AI harbor space, AI semi-space, and now more more data center space as well. And just looking at it, currently the most valuable company on the planet is an AI semi-company, right? The I think biggest IPO so far in AI was an AI cloud company. This is currently where it's happening, right? In any gold rush in the early days is the peaks and troubles that make money. And I think this is the stage that we're in. So, super excited to have you yet today. Awesome. Thank you. Happy to talk about my favorite topics. Amazing.

Well, maybe let's start with GPD5. We just had some of the research for Christina and Isabella on here last week. You said it was disappointing. Why do you share your reactions or what capabilities you were hoping to see or overall? I think it depends on what tier of user you are. Right? GPD5 and before you were $20 or $200 a month

subscriber, you no longer have access to 4.5, which in my opinion is still a better pre-trained

model for certain things. Or you no longer have access to 03, which would think for 30 seconds

on average maybe, right? Whereas GPT5, even when you're using thinking, only thinks for like five to 30 seconds on average, maybe, right? Whereas GPD-5, even when you're using thinking,

only thinks for like five to 10 seconds on average, right?

Which is an interesting sort of phenomenon, right?

But basically, like, GPD-5 is not spending more compute per se.

The model did get a little bit better on a vanilla basis, right?

...