{
 "name": "Nvidia",
 "type": "company",
 "episodes": [
  "all-in-2026-05-01-openai-misses-targets-codex-vs-claude-elon-vs-sam-trial-big-",
  "invest-like-the-best-2026-05-13-krishna-rao-anthropic-s-cfo-on-managing-compute-scaling-to-3",
  "all-in-2026-05-15-trump-xi-summit-benioff-not-my-first-saaspocalypse-openai-vs",
  "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
  "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
  "invest-like-the-best-2026-05-28-dan-loeb-lessons-from-30-years-of-investing",
  "all-in-2026-06-02-openai-cfo-sarah-friar-ipo-ai-rivalries-new-device-and-spend",
  "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
  "all-in-2026-06-06-the-ipo-comeback-why-tech-giants-are-finally-going-public-al",
  "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
  "toplinjen-2026-06-11-apple-s-ai-letdown-tesla-fsd-arrives-in-denmark-anthropic-s-",
  "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
  "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
  "all-in-2026-07-03-ai-sovereignty-wars-palantir-nvidia-deal-scotus-birthright-r",
  "all-in-2026-07-10-open-source-wins-agi-is-here-and-scorsese-s-ai-toolkit-with-",
  "all-in-2026-07-15-former-intel-ceo-on-what-went-wrong-what-s-next-lovable-ceo-",
  "dwarkesh-podcast-2026-08-25-dylan-patel-anthropic-openai-will-have-most-of-the-world-s-c",
  "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
  "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban"
 ],
 "claims": [
  {
   "holder": "David Sacks",
   "claim": "This CapEx boom is not a repeat of the 2000 dark-fiber/Cisco bust because there are no idle 'dark GPUs' — voracious demand for compute and tokens is pulling the investment forward and just validated the AI bull thesis.",
   "stance": "opinion",
   "conviction": 0.85,
   "subjects": [
    "Cisco",
    "Hyperscalers",
    "Nvidia"
   ],
   "timestamp": "46:55",
   "quote": "There's no dark GPUs today, as Brad Gerstner likes to say.",
   "episode_id": "all-in-2026-05-01-openai-misses-targets-codex-vs-claude-elon-vs-sam-trial-big-",
   "published_at": "2026-05-01"
  },
  {
   "holder": "Marc Benioff",
   "claim": "Selling China the latest chips is irrelevant because Chinese models are already as competitive as US models without the highest-end chips.",
   "stance": "assertion",
   "conviction": 0.75,
   "subjects": [
    "China",
    "Nvidia"
   ],
   "timestamp": "20:16",
   "quote": "I think that the Chinese models are as competitive as these US models, and they've learned to make these models without having the highest end chips.",
   "episode_id": "all-in-2026-05-15-trump-xi-summit-benioff-not-my-first-saaspocalypse-openai-vs",
   "published_at": "2026-05-15"
  },
  {
   "holder": "Marc Benioff",
   "claim": "The US should just sell China whatever chips it can, since more economic cooperation brings more peace.",
   "stance": "opinion",
   "conviction": 0.7,
   "subjects": [
    "China",
    "Nvidia"
   ],
   "timestamp": "20:45",
   "quote": "We probably should just sell whatever we can at this point.",
   "episode_id": "all-in-2026-05-15-trump-xi-summit-benioff-not-my-first-saaspocalypse-openai-vs",
   "published_at": "2026-05-15"
  },
  {
   "holder": "Chamath Palihapitiya",
   "claim": "The US should sell chips to China so Nvidia wins and Huawei is denied the oxygen to emerge as a chip rival.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "Nvidia",
    "Huawei",
    "China"
   ],
   "timestamp": "24:34",
   "quote": "the reason we should sell the chips is we want Nvidia to win. We do not want to give enough oxygen for Huawei to then all of a sudden emerge",
   "episode_id": "all-in-2026-05-15-trump-xi-summit-benioff-not-my-first-saaspocalypse-openai-vs",
   "published_at": "2026-05-15"
  },
  {
   "holder": "Gavin Baker",
   "claim": "AI/tech became as cheap relative to the rest of the market as at any point in the last decade precisely when the AI fundamentals were most bullish, a striking market inefficiency.",
   "stance": "opinion",
   "conviction": 0.7,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "5:55",
   "quote": "tech essentially got as cheap as it's been versus the rest of the market, has at any point over the last 10 years.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "TSMC's wafer scarcity is what has prevented an AI bubble so far; if it fully supplied NVIDIA, demand could overbuild, so a Goldilocks zone of capacity discipline is needed to avoid a crash.",
   "stance": "assertion",
   "conviction": 0.75,
   "subjects": [
    "TSMC",
    "NVIDIA"
   ],
   "timestamp": "24:00",
   "quote": "If Taiwan Semi did what Jensen wanted, I think Nvidia could sell $2 trillion of GPUs in 26 or 27, maybe 2.5 trillion, maybe 3 trillion. But there is a limit where consumers would consume so much, they probably would be in an overbuild.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Chip startups should not try to build a better GPU; the only viable path is to do something different AND hard, because NVIDIA gets the best TSMC prices and will fast-follow any easy trade-off.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "NVIDIA",
    "TSMC"
   ],
   "timestamp": "40:21",
   "quote": "if you're trying to make a better GPU, good luck. If you are doing something different, it also needs to be hard to do.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "The disaggregation of prefill and inference will extend GPU useful lives to 10-15 years (not the 1-4 years skeptics claim), since older GPUs can be repurposed for prefill behind newer decode systems.",
   "stance": "assertion",
   "conviction": 0.7,
   "subjects": [
    "prefill/decode disaggregation",
    "NVIDIA"
   ],
   "timestamp": "46:36",
   "quote": "The disaggregation of inference means that I think these GPUs are going to have 10 or 15 year lives.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Jensen/NVIDIA could probably get pretty close to the frontier with its own model whenever it wanted; it is the logical counter-move to what OpenAI and Anthropic are trying to do to NVIDIA.",
   "stance": "opinion",
   "conviction": 0.6,
   "subjects": [
    "NVIDIA",
    "OpenAI",
    "Anthropic"
   ],
   "timestamp": "52:41",
   "quote": "I have a belief that whenever he wants, Jensen can probably get pretty close to the Frontier.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Today's open-source frontier consists of Chinese models trained on distilled/stolen American tokens; American labs' anti-distillation work and a new prisoner's-dilemma game theory will keep open source a fixed timeframe behind the frontier.",
   "stance": "assertion",
   "conviction": 0.7,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "52:42",
   "quote": "You will see that open source Frontier, which today consists of Chinese models with stolen American tokens.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Cross-sectional AI valuations cannot all be true: SemiCap equipment companies trade at ~40x next-quarter annualized earnings while DRAM companies trade at mid-single digits, a multiple gap not justified by their relative business models.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "1:00:06",
   "quote": "the valuations do not make sense. They just flat out do not make sense. They cannot all be true.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "AMD, Microsoft, and Meta show essentially zero engagement with chip startups (unlike NVIDIA, Amazon, Google, Broadcom), which Baker thinks will become a meaningful disadvantage because the best teams are now at startups.",
   "stance": "opinion",
   "conviction": 0.65,
   "subjects": [
    "NVIDIA",
    "Amazon",
    "Google"
   ],
   "timestamp": "1:05:52",
   "quote": "you see essentially zero engagement with startups from AMD, Microsoft, and Meta.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "claim": "The AI market is cross-sectionally inefficient: the multiples on memory, Nvidia, and on power/cooling/optical names can't all be right.",
   "stance": "opinion",
   "conviction": 0.85,
   "subjects": [
    "Nvidia",
    "AI valuations"
   ],
   "timestamp": "1:14:22",
   "quote": "The AI market is cross-sectionally inefficient right now",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "If the power/cooling/optical multiples are correct, Nvidia and memory go up a lot; if Nvidia and memory multiples are correct, everything else underperforms.",
   "stance": "prediction",
   "conviction": 0.7,
   "subjects": [
    "Nvidia",
    "AI valuations"
   ],
   "timestamp": "1:14:22",
   "quote": "If the multiples on the power, cooling, optical names are correct, Nvidia, memory, they're going up a lot. If the multiples on Nvidia and memory are correct, everything else is probably going to underperform",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "On a true apples-to-apples (Western, ex-China) basis, Nvidia is growing faster than hyperscaler CapEx — so the ASIC share-loss narrative is wrong and Nvidia is gaining share.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "Nvidia",
    "Broadcom"
   ],
   "timestamp": "1:14:22",
   "quote": "it is indisputably true that he is growing faster than hyperscaler CapEx",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Rival ASICs aren't submitted to clean benchmarks (MLPerf, InferenceMax) because they would lose, and you can't fight shadows.",
   "stance": "opinion",
   "conviction": 0.7,
   "subjects": [
    "Broadcom",
    "Nvidia"
   ],
   "timestamp": "1:17:13",
   "quote": "I think the reason they're not being submitted is they will lose",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Chamath Palihapitiya",
   "claim": "The expected shift to domain-specific architectures is actually happening inside Nvidia via its co-design programs with every lab — the key, surprising takeaway from the quarter.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "1:19:00",
   "quote": "that DSA market evolution is actually happening inside of Nvidia. That's what's so insane to me",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Disaggregated accelerators in front of older GPUs extend GPU useful life to 10-15 years, which refutes Michael Burry's short-amortization bear case and makes GPUs cheaply financeable.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "Nvidia",
    "CoreWeave",
    "Michael Burry"
   ],
   "timestamp": "1:20:48",
   "quote": "those older GPUs, they have a useful life for 10 or 15 years. And this means that you can finance GPUs",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "An asset-backed financing for GPUs at a lower rate than other chips is a profound competitive advantage.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "CoreWeave",
    "Nvidia"
   ],
   "timestamp": "1:21:22",
   "quote": "if you can get an asset-backed loan, an asset-backed financing for GPUs at a lower rate than other chips. That's a profound advantage",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Rising rates are concerning, but the tech bubble happened with higher 10- and 30-year yields, and Nvidia trades at only a low-teens multiple of real earnings versus Cisco's 100x — so it's not comparably bubbly.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "Nvidia",
    "US economy"
   ],
   "timestamp": "1:28:22",
   "quote": "the tech bubble happened with, the 10-year and the 30-year, much higher than they are today",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Selling deprecated Nvidia GPUs to China lowers the odds China develops its own (more power-hungry) chip ecosystem and is the best path to keeping America ahead and in control of AI.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "Nvidia",
    "China"
   ],
   "timestamp": "1:36:16",
   "quote": "selling in deprecated Nvidia GPUs to China, lowers the odds of them developing their own alternative ecosystem",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "holder": "Dan Loeb",
   "claim": "The three most consequential companies today are NVIDIA, Anthropic, and Elon Musk's companies taken collectively.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "NVIDIA",
    "Anthropic",
    "Elon Musk"
   ],
   "timestamp": "4:53",
   "quote": "I also think about what's going on in the three most consequential companies today, NVIDIA, Anthropic, and Elon World, all of his companies collectively.",
   "episode_id": "invest-like-the-best-2026-05-28-dan-loeb-lessons-from-30-years-of-investing",
   "published_at": "2026-05-28"
  },
  {
   "holder": "Dan Loeb",
   "claim": "The semiconductor selloffs on strong results (NVIDIA, Micron) happened because expectations had gotten too high, not because fundamentals weakened — a recurring expectations anomaly.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "semiconductors",
    "NVIDIA",
    "Micron"
   ],
   "timestamp": "18:02",
   "quote": "Why is the SOX up so much? It's up so much because all the evidence pointed to the fundamentals in semiconductors, semi-cap equipment, memory, everything around it being super strong. What happened? Expectations were too high.",
   "episode_id": "invest-like-the-best-2026-05-28-dan-loeb-lessons-from-30-years-of-investing",
   "published_at": "2026-05-28"
  },
  {
   "holder": "Dan Loeb",
   "claim": "NVIDIA remains a buy — a catch-up trade at 15x 2027 and 12x 2028 earnings for the most dominant, fast-growing company of its size.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "37:07",
   "quote": "You can still buy NVIDIA, maybe the multiple's slightly higher right now, but there's such a catch up trade in NVIDIA at 15 times 27, 12 times 28 for the most dominant, very fast growing company at its size.",
   "episode_id": "invest-like-the-best-2026-05-28-dan-loeb-lessons-from-30-years-of-investing",
   "published_at": "2026-05-28"
  },
  {
   "holder": "Sarah Friar",
   "claim": "A multi-CSP, multi-chip 'Rubik's Cube' strategy maximizes optionality and keeps OpenAI on the frontier, because being locked to a single chip guarantees a moment when you fall behind.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "OpenAI",
    "NVIDIA"
   ],
   "timestamp": "23:09",
   "quote": "if you're only on one chip, there's just inherently a moment where you can't be on the frontier because there's some leapfrogging that happens.",
   "episode_id": "all-in-2026-06-02-openai-cfo-sarah-friar-ipo-ai-rivalries-new-device-and-spend",
   "published_at": "2026-06-02"
  },
  {
   "holder": "Dan Loeb",
   "claim": "Treating NVIDIA's size as a valuation ceiling is foolish given its dominant position, and will look misguided in hindsight.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "21:18",
   "quote": "I think we'll look back at some point in time and say that was a foolish way to think about NVIDIA given its dominant position and its valuation relative to everyone else.",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "holder": "Dan Loeb",
   "claim": "NVIDIA is undervalued on its earnings over the next two to three years.",
   "stance": "opinion",
   "conviction": 0.9,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "21:35",
   "quote": "Yeah, absolutely, on earnings over the next two or three years.",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "holder": "Dan Loeb",
   "claim": "NVIDIA is a 'safe short' only because long/short pods are structured to always be short something, just as Google and Amazon were once safe shorts before breaking out.",
   "stance": "assertion",
   "conviction": 0.75,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "21:46",
   "quote": "the long short pods are structured such that they have to be short something. So NVIDIA feels like a safe short. By the way, Google was a safe short.",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "holder": "Andrew Feldman",
   "claim": "If you build a GPU-shaped architecture, your odds of beating NVIDIA are approximately zero, because they have eaten all the low-hanging fruit.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "Cerebras",
    "NVIDIA"
   ],
   "timestamp": "19:42",
   "quote": "if you build a GPU, the odds that you're better than NVIDIA in our view are approximately zero",
   "episode_id": "all-in-2026-06-06-the-ipo-comeback-why-tech-giants-are-finally-going-public-al",
   "published_at": "2026-06-06"
  },
  {
   "holder": "Andrew Feldman",
   "claim": "To be 20x better than an incumbent, your architecture fundamentally cannot resemble theirs.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "Cerebras",
    "NVIDIA"
   ],
   "timestamp": "19:42",
   "quote": "if you want to be 20 times better than somebody, your architecture can't look like them",
   "episode_id": "all-in-2026-06-06-the-ipo-comeback-why-tech-giants-are-finally-going-public-al",
   "published_at": "2026-06-06"
  },
  {
   "holder": "Alex Sacerdote",
   "claim": "AI is driving the decommoditization of the hardware industry — workloads growing 10x a year push every server component to its physical limits, creating both unit growth and durable IP.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "AI",
    "NVIDIA",
    "Celestica"
   ],
   "timestamp": "44:41",
   "quote": "Not only are you creating tremendous unit growth, but we call it the decommoditization of the hardware industry.",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "holder": "Jensen Huang",
   "reported_by": "Alex Sacerdote",
   "claim": "If good enough is good enough, NVIDIA won't have a business — the franchise depends on people always wanting the best.",
   "stance": "assertion",
   "conviction": 0.75,
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "55:48",
   "quote": "But Jensen said this years ago when he was talking about his graphics chips, if good enough is good enough, I won't have a business.",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "holder": "Alex Sacerdote",
   "claim": "Jensen Huang really wants open source to take off — it was all he kept mentioning at his last GTC.",
   "stance": "assertion",
   "conviction": 0.7,
   "subjects": [
    "Jensen Huang",
    "NVIDIA",
    "open-source AI models"
   ],
   "timestamp": "55:48",
   "quote": "Jensen really wants open source to take off. It's all he kept on mentioning at his last GTC.",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "holder": "Alex Sacerdote",
   "claim": "There is tremendous alpha in the largest-cap tech stocks because endowments and allocators are structurally underweight them and it takes 100 diversified PMs to move a mega cap.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "WhaleRock MegaCap Tech Fund",
    "Google",
    "NVIDIA"
   ],
   "timestamp": "1:04:04",
   "quote": "I think there's tremendous Alpha in the largest cap, because if you think about it, a small cap, it just takes one person to figure out it's good and move it up.",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "holder": "Mikkel",
   "claim": "'TANGOS' (Tesla, Anthropic, Nvidia, Google, OpenAI, SpaceX) could become the new must-own group of AI stocks, succeeding the Magnificent Seven.",
   "stance": "opinion",
   "conviction": 0.4,
   "subjects": [
    "TANGOS",
    "Tesla",
    "Anthropic",
    "Nvidia",
    "Google",
    "OpenAI",
    "SpaceX"
   ],
   "timestamp": "04:25",
   "quote": "altså tangos, kan jo være, det bliver det nye. Og det det, skal have aktie af.",
   "episode_id": "toplinjen-2026-06-11-apple-s-ai-letdown-tesla-fsd-arrives-in-denmark-anthropic-s-",
   "published_at": "2026-06-11"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Open-source models are not bad for AI — they shift economic value from frontier-lab margins to infrastructure providers.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "GLM 5.2",
    "NVIDIA"
   ],
   "timestamp": "48:21",
   "quote": "They just shift economic value from the margins of the frontier labs to the infrastructure.",
   "episode_id": "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
   "published_at": "2026-06-26"
  },
  {
   "holder": "Gavin Baker",
   "claim": "NVIDIA is the American open-source champion and could release a GLM-5.2-or-better model whenever it wants.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "NVIDIA",
    "GLM 5.2"
   ],
   "timestamp": "51:54",
   "quote": "NVIDIA is the American open source champion.",
   "episode_id": "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
   "published_at": "2026-06-26"
  },
  {
   "holder": "Gavin Baker",
   "claim": "Frontier model companies should think very carefully about ASICs because of the incentive that creates for NVIDIA.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "NVIDIA",
    "OpenAI"
   ],
   "timestamp": "52:30",
   "quote": "I think these frontier model companies should think very, very carefully about ASICs and the incentive that creates for NVIDIA on the model perspective.",
   "episode_id": "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
   "published_at": "2026-06-26"
  },
  {
   "holder": "Rob Wachen",
   "claim": "In-house hyperscaler and lab chips (TPU, MTIA, Maia, Jalapeño) are not existential to their companies, which is why the best chip in the world is built by a company that only builds that chip.",
   "stance": "opinion",
   "conviction": 0.85,
   "subjects": [
    "Nvidia",
    "Google",
    "OpenAI",
    "Etched",
    "AI chips"
   ],
   "timestamp": "55:43",
   "quote": "It is completely unsurprising that the best chip in the world is built by a company that only builds that chip. It's Nvidia, right?",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "holder": "Rob Wachen",
   "claim": "AI chip supply is not zero-sum: because Etched built gen-1 on a different supply chain than Nvidia's Rubin, customer deployments are additive — two gigawatts rather than a choice between one or the other.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "Etched",
    "Nvidia",
    "supply chain"
   ],
   "timestamp": "1:15:31",
   "quote": "So it actually is not a zero-something. It's a positive something.",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "holder": "David Sacks",
   "claim": "Government should refrain from entrenching the Anthropic/OpenAI model-layer duopoly and instead keep the model layer competitive, since competition benefits chip makers, developers, enterprises, and consumers alike.",
   "stance": "opinion",
   "conviction": 0.85,
   "subjects": [
    "Anthropic",
    "OpenAI",
    "NVIDIA"
   ],
   "timestamp": "26:48",
   "quote": "they should do everything they can to keep the model layer competitive because competition is what brings out the best and it's good for the ecosystem.",
   "episode_id": "all-in-2026-07-03-ai-sovereignty-wars-palantir-nvidia-deal-scotus-birthright-r",
   "published_at": "2026-07-03"
  },
  {
   "holder": "Jason Calacanis",
   "claim": "NVIDIA's open-source Nemotron model is now indistinguishable from Claude for the vast majority of everyday searches.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "NVIDIA",
    "NemoTron",
    "Anthropic"
   ],
   "timestamp": "25:08",
   "quote": "You will not be able to tell the difference between Jensen Wong's open source, LLM Sacks and Claude for 95% of your searches. I guarantee you.",
   "episode_id": "all-in-2026-07-03-ai-sovereignty-wars-palantir-nvidia-deal-scotus-birthright-r",
   "published_at": "2026-07-03"
  },
  {
   "holder": "Andrew Feldman",
   "claim": "Hyperscalers build their own chips mainly to avoid dependency and control their destiny, not necessarily to make the fastest chip.",
   "stance": "opinion",
   "conviction": 0.75,
   "subjects": [
    "NVIDIA",
    "Amazon",
    "OpenAI"
   ],
   "timestamp": "15:46",
   "quote": "mostly it's about an opportunity to control at least an important part of your destiny.",
   "episode_id": "all-in-2026-07-10-open-source-wins-agi-is-here-and-scorsese-s-ai-toolkit-with-",
   "published_at": "2026-07-10"
  },
  {
   "holder": "Pat Gelsinger",
   "claim": "Killing Intel's Larrabee project — an attempt to make x86 do what NVIDIA's GPUs did — was a pivotal error; had it survived, the industry would look very different.",
   "stance": "opinion",
   "conviction": 0.6,
   "subjects": [
    "Intel",
    "Larrabee",
    "NVIDIA"
   ],
   "timestamp": "8:37",
   "quote": "the project was killed a week after I left. And the world would have been so much different.",
   "episode_id": "all-in-2026-07-15-former-intel-ceo-on-what-went-wrong-what-s-next-lovable-ceo-",
   "published_at": "2026-07-15"
  },
  {
   "holder": "David Sacks",
   "claim": "China is far more optimistic about AI than the US (~80% vs ~30% on 'more beneficial than harmful'), and that optimism gap is the biggest risk to the US winning the AI race.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "China",
    "Nvidia"
   ],
   "timestamp": "5:00",
   "quote": "China is over 80%. meaning they pull on the question, do you think AI will be more beneficial than harmful?",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "David Sacks",
   "claim": "Nvidia's print and 70% guide shred the 'AI capex is a bubble that ends soon' narrative — the boom has legs, and the stock is still only ~12x.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "30:13",
   "quote": "the AI boom is continuing. The other narrative that's getting shredded today is that this AI capex is a bubble.",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "Chamath Palihapitiya",
   "claim": "Jensen is going all-in on open source via Hugging Face and Poolside after Sam Altman poked him with the AMD / custom-inference-chip announcement.",
   "stance": "opinion",
   "conviction": 0.8,
   "subjects": [
    "Jensen Huang",
    "Nvidia",
    "Hugging Face",
    "Poolside",
    "Sam Altman"
   ],
   "timestamp": "30:54",
   "quote": "all in on open source based on these two acquisitions, Hugging Face and Poolside.",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "Chamath Palihapitiya",
   "claim": "The old customer/supplier split is melting: Nvidia already has a Neocloud book comparable to hyperscaler revenue, and every large firm will own cloud, models, silicon, and data centers.",
   "stance": "prediction",
   "conviction": 0.8,
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "32:07",
   "quote": "customer and supplier I think is melting away.",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "Chamath Palihapitiya",
   "claim": "Nvidia's Hugging Face deal will be one of the most important transactions in AI because it puts the largest, best-capitalized competitor on the side of an open market structure against a closed-source oligopoly.",
   "stance": "assertion",
   "conviction": 0.85,
   "subjects": [
    "Nvidia",
    "Hugging Face",
    "Jensen Huang",
    "open source"
   ],
   "timestamp": "44:06",
   "quote": "This Hugging Face thing will go down as one of the most important transactions in AI.",
   "episode_id": "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban",
   "published_at": "2026-09-04"
  },
  {
   "holder": "Jason Calacanis",
   "claim": "Starting now Nvidia is the number-one competitor to OpenAI and Anthropic for both tokens and enterprise compute, offering sovereign racks at 80-90% lower prices because it profits from hardware.",
   "stance": "assertion",
   "conviction": 0.8,
   "subjects": [
    "Nvidia",
    "OpenAI",
    "Anthropic",
    "Jensen Huang"
   ],
   "timestamp": "45:22",
   "quote": "NVIDIA is the number one competitor for OpenAI and Anthropic, not just for tokens, but for enterprise compute.",
   "episode_id": "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban",
   "published_at": "2026-09-04"
  },
  {
   "holder": "Jason Calacanis",
   "claim": "Jensen will become the leading open-source provider in America and catch up to and blow past the Chinese models by the end of 2027.",
   "stance": "prediction",
   "conviction": 0.75,
   "subjects": [
    "Nvidia",
    "Jensen Huang",
    "China",
    "open source"
   ],
   "timestamp": "45:22",
   "quote": "He's going to catch up and blow past China and the Chinese models, I think, by the end of 2027",
   "episode_id": "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban",
   "published_at": "2026-09-04"
  }
 ],
 "predictions": [
  {
   "holder": "Gavin Baker",
   "prediction": "If TSMC fully supplied NVIDIA's demand, NVIDIA could sell $2-3 trillion of GPUs in 2026 or 2027.",
   "timeframe": "2026-2027",
   "subjects": [
    "NVIDIA",
    "TSMC"
   ],
   "timestamp": "24:00",
   "quote": "If Taiwan Semi did what Jensen wanted, I think Nvidia could sell $2 trillion of GPUs in 26 or 27, maybe 2.5 trillion, maybe 3 trillion.",
   "due": "2027-12-31",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "prediction": "The disaggregation of prefill and decode will extend the useful life of GPUs to 10-15 years, lowering financing costs and helping rescue private credit.",
   "timeframe": "unspecified",
   "subjects": [
    "prefill/decode disaggregation",
    "NVIDIA",
    "private credit"
   ],
   "timestamp": "46:36",
   "quote": "The disaggregation of inference means that I think these GPUs are going to have 10 or 15 year lives.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Gavin Baker",
   "prediction": "Frontier labs will increasingly stop releasing their best models via API (anti-distillation game theory), keeping open source a fixed timeframe behind the frontier.",
   "timeframe": "unspecified",
   "subjects": [
    "NVIDIA",
    "OpenAI",
    "Anthropic"
   ],
   "timestamp": "55:03",
   "quote": "I do think Jensen is going to keep open source a certain timeframe behind the frontier.",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "holder": "Sarah Friar",
   "prediction": "OpenAI's next big training run in the fall will run on NVIDIA's Vera Rubin chips, with the Feynman series being plotted next.",
   "timeframe": "fall 2026",
   "subjects": [
    "NVIDIA",
    "OpenAI"
   ],
   "timestamp": "23:09",
   "quote": "Our next big trading run in the fall will be done on Vera Rubin's. We're really excited about that, and now we're plotting the Feynman series that's coming.",
   "due": "2026-12-21",
   "episode_id": "all-in-2026-06-02-openai-cfo-sarah-friar-ipo-ai-rivalries-new-device-and-spend",
   "published_at": "2026-06-02"
  },
  {
   "holder": "Dan Loeb",
   "prediction": "NVIDIA will be seen as undervalued on its earnings over the next two to three years, and the view of its size as a ceiling will look foolish in hindsight.",
   "timeframe": "next two to three years",
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "21:35",
   "quote": "Yeah, absolutely, on earnings over the next two or three years.",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "holder": "Dan Loeb",
   "prediction": "NVIDIA will eventually break out of its perceived valuation ceiling, just as Google and Amazon did after being 'safe shorts'.",
   "timeframe": "unspecified",
   "subjects": [
    "NVIDIA"
   ],
   "timestamp": "21:46",
   "quote": "And sometimes the language at a valuation, then they break out. I think that'll eventually happen with NVIDIA.",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "holder": "Jason Calacanis",
   "prediction": "NVIDIA may start an OpenAI competitor once OpenAI moves into making its own chips.",
   "timeframe": "unspecified",
   "subjects": [
    "NVIDIA",
    "OpenAI"
   ],
   "timestamp": "52:40",
   "quote": "Don't be surprised if NVIDIA starts an OpenAI competitor.",
   "episode_id": "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
   "published_at": "2026-06-26"
  },
  {
   "holder": "David Sacks",
   "prediction": "AI capex continues well into the future rather than ending soon; Nvidia's guide is the tell.",
   "timeframe": "well into the future / next year+",
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "30:21",
   "quote": "AI capex is going to continue well into the future. It's got real legs.",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "David Sacks",
   "prediction": "In five years the large tech companies will each have their own cloud, models, silicon, and data centers — soup to nuts.",
   "timeframe": "in five years",
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "33:12",
   "quote": "You're going to look at these big companies in five years. They're all going to have their own cloud.",
   "due": "2031-08-29",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "holder": "Jason Calacanis",
   "prediction": "Nvidia, as the leading American open-source provider, will catch up to and blow past the Chinese models.",
   "timeframe": "by the end of 2027",
   "subjects": [
    "Nvidia",
    "Jensen Huang",
    "China",
    "open source"
   ],
   "timestamp": "45:22",
   "quote": "He's going to catch up and blow past China and the Chinese models, I think, by the end of 2027",
   "due": "2027-12-31",
   "episode_id": "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban",
   "published_at": "2026-09-04"
  }
 ],
 "facts": [
  {
   "statement": "Anthropic is a customer of three chip platforms—Amazon's Trainium, Google's TPUs, and NVIDIA's GPUs—used fungibly.",
   "subjects": [
    "Anthropic",
    "Amazon",
    "Google",
    "NVIDIA"
   ],
   "value": "3 chip platforms (Trainium, TPU, GPU)",
   "timestamp": "5:14",
   "quote": "we are customers of Amazon's Trainium chip, Google's CPUs and NVIDIA's GPUs",
   "source": "Krishna Rao",
   "episode_id": "invest-like-the-best-2026-05-13-krishna-rao-anthropic-s-cfo-on-managing-compute-scaling-to-3",
   "published_at": "2026-05-13"
  },
  {
   "statement": "The current AI buildout is overwhelmingly funded out of operating cash flow, with every GPU running at ~100% utilization — unlike the year-2000 fiber buildout where ~99% of fiber was unutilized.",
   "subjects": [
    "TSMC",
    "NVIDIA"
   ],
   "value": "100% GPU utilization vs. 99% unutilized fiber",
   "timestamp": "24:00",
   "quote": "every GPU is running at 100% utilization when 99% of fiber was unutilized.",
   "source": "Gavin Baker",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "statement": "Baker's venture rule of thumb is that 1% market share in AI chips is worth about $100 billion, a good venture outcome.",
   "subjects": [
    "NVIDIA"
   ],
   "value": "1% share ≈ $100B",
   "timestamp": "40:21",
   "quote": "my rule of thumb is 1% market share is going to be worth 100 billion. 100 billion is a pretty good venture outcome.",
   "source": "Gavin Baker",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "statement": "GPU financing is being underwritten on roughly 3-4 year lives, and CoreWeave's lowest financing was around the low 7% range — versus a potential 5-6% if useful lives extend.",
   "subjects": [
    "private credit",
    "NVIDIA"
   ],
   "value": "3-4 yr underwriting; ~low-7% financing",
   "timestamp": "46:36",
   "quote": "they were underwriting that to, I think, three or four years.",
   "source": "Gavin Baker",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "statement": "Cross-sectionally, SemiCap equipment companies trade at ~40x next-quarter annualized earnings while DRAM companies trade at mid-single-digit multiples — a gap far wider than the 5-vs-12 (and once 3-vs-45) seen at prior cycle peaks.",
   "subjects": [
    "NVIDIA"
   ],
   "value": "~40x vs. mid-single-digit P/E",
   "timestamp": "1:00:06",
   "quote": "you have SemiCAP equipment companies trading at 40 times next quarter's annualized earnings and DRAM companies trading at mid-single digit.",
   "source": "Gavin Baker",
   "episode_id": "invest-like-the-best-2026-05-20-gavin-baker-watts-and-wafers",
   "published_at": "2026-05-20"
  },
  {
   "statement": "There is a working Nvidia H100 GPU in space today that Andrej Karpathy both trained a model on and used for inference.",
   "subjects": [
    "Nvidia",
    "Andrej Karpathy"
   ],
   "timestamp": "1:09:17",
   "quote": "there is a working H100 and Nvidia H100 GPU in space today",
   "source": "Gavin Baker",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "statement": "Nvidia posted $81.6 billion in revenue (up 85% YoY, 20% QoQ), $58 billion net income, $48 billion free cash flow, at 75% gross margins, and is the most valuable company in the world at a $5.3 trillion market cap.",
   "subjects": [
    "Nvidia"
   ],
   "value": "$81.6B revenue, $58B net income, $5.3T market cap",
   "timestamp": "1:11:17",
   "quote": "Eighty one point six billion in revenue up 85 percent year over year",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "statement": "Nvidia announced another $80 billion in buybacks (on top of $100 billion at the start of 2023), raised its quarterly dividend 25x from one cent to 25 cents per share, and will return 50% of free cash flow to shareholders.",
   "subjects": [
    "Nvidia"
   ],
   "value": "+$80B buybacks; dividend 1c -> 25c; 50% of FCF returned",
   "timestamp": "1:11:17",
   "quote": "They've announced another 80 billion in additional buybacks on top of the 100 billion in buybacks they did at the start of 2023",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "statement": "Nvidia's stock is up only about 16% this year despite its growth.",
   "subjects": [
    "Nvidia"
   ],
   "value": "+16% YTD",
   "timestamp": "1:11:17",
   "quote": "But 16 percent year this year with all that growth",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "statement": "Nvidia said it expects its CPU business to be about $20 billion this year, instantly making it one of the world's largest CPU manufacturers.",
   "subjects": [
    "Nvidia"
   ],
   "value": "$20B CPU business",
   "timestamp": "1:18:24",
   "quote": "they said if they thought their CPU business was going to be $20 billion this year",
   "source": "Gavin Baker",
   "episode_id": "all-in-2026-05-22-spacex-s-2t-case-nvidia-s-shock-selloff-america-turns-on-ai-",
   "published_at": "2026-05-22"
  },
  {
   "statement": "OpenAI now runs on every major CSP (Oracle, CoreWeave, Microsoft, GCP, AWS plus smaller neo-clouds) and has chips from NVIDIA, AMD, Cerebras, and its own Broadcom-built chip in the pipeline.",
   "subjects": [
    "OpenAI",
    "NVIDIA",
    "AMD",
    "Cerebras",
    "Broadcom"
   ],
   "timestamp": "23:09",
   "quote": "today we sit on top of every CSP, Oracle, CoreWeave, Microsoft, GCP, AWS, and a bunch of small Neo scalars.",
   "source": "Sarah Friar",
   "episode_id": "all-in-2026-06-02-openai-cfo-sarah-friar-ipo-ai-rivalries-new-device-and-spend",
   "published_at": "2026-06-02"
  },
  {
   "statement": "NVIDIA is a roughly $5 trillion company that people feel has a ceiling on its valuation.",
   "subjects": [
    "NVIDIA"
   ],
   "value": "$5 trillion (stated as '$5 billion')",
   "timestamp": "21:06",
   "quote": "that's a rub against NVIDIA, which is a $5 billion company. People feel like it's sort of a ceiling on it.",
   "source": "Dan Loeb",
   "episode_id": "all-in-2026-06-05-dan-loeb-the-lost-art-of-short-selling-and-why-stock-picking",
   "published_at": "2026-06-05"
  },
  {
   "statement": "Planet is partnering with Google to launch Google's TPUs into space and has already launched NVIDIA GPUs into space.",
   "subjects": [
    "Planet Labs",
    "Google",
    "NVIDIA"
   ],
   "timestamp": "13:16",
   "quote": "we're partnering with Google to launch some of their TPUs into space",
   "source": "Will Marshall",
   "episode_id": "all-in-2026-06-06-the-ipo-comeback-why-tech-giants-are-finally-going-public-al",
   "published_at": "2026-06-06"
  },
  {
   "statement": "On Whale Rock's underwriting, NVIDIA in 2023 was bought at four times earnings, Tesla in 2019 at five times earnings, and Apple at four times earnings.",
   "subjects": [
    "NVIDIA",
    "Tesla",
    "Apple"
   ],
   "value": "NVIDIA 4x, Tesla 5x, Apple 4x forward earnings",
   "timestamp": "19:36",
   "quote": "When we were buying NVIDIA in 2023, we were paying four times earnings.",
   "source": "Alex Sacerdote",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "statement": "Every new NVIDIA chip or rack uses 50-125% more power, driving up ASPs for power-supply makers Delta and Advanced Energy.",
   "subjects": [
    "NVIDIA",
    "AI"
   ],
   "value": "+50-125% power per rack generation",
   "timestamp": "51:32",
   "quote": "But in the power supplies, every NVIDIA chip or rack uses 50 to 125% more power. That drives the ASPs of Delta and Advanced Energy.",
   "source": "Alex Sacerdote",
   "episode_id": "invest-like-the-best-2026-06-09-alex-sacerdote-how-to-invest-through-technology-cycles",
   "published_at": "2026-06-09"
  },
  {
   "statement": "The hosts coin 'TANGOS' as a new AI-focused stock acronym standing for Tesla, Anthropic, Nvidia, Google, OpenAI and SpaceX, succeeding the Magnificent Seven.",
   "subjects": [
    "TANGOS",
    "Tesla",
    "Anthropic",
    "Nvidia",
    "Google",
    "OpenAI",
    "SpaceX"
   ],
   "timestamp": "02:15",
   "quote": "Og det nye hedder Tango's.",
   "source": "Mikkel",
   "episode_id": "toplinjen-2026-06-11-apple-s-ai-letdown-tesla-fsd-arrives-in-denmark-anthropic-s-",
   "published_at": "2026-06-11"
  },
  {
   "statement": "Nvidia is Mikkel's largest stock holding.",
   "subjects": [
    "Nvidia"
   ],
   "timestamp": "03:50",
   "quote": "Min største aktiebeholdning.",
   "source": "Mikkel",
   "episode_id": "toplinjen-2026-06-11-apple-s-ai-letdown-tesla-fsd-arrives-in-denmark-anthropic-s-",
   "published_at": "2026-06-11"
  },
  {
   "statement": "NVIDIA acquired Groq, the inference-chip company Chamath had invested in.",
   "subjects": [
    "Groq",
    "NVIDIA"
   ],
   "timestamp": "1:23:04",
   "quote": "Chamath was an investor in Grok, which NVIDIA bought",
   "source": "Gavin Baker",
   "episode_id": "all-in-2026-06-26-socialists-sweep-nyc-china-catches-up-in-coding-ai-memory-cr",
   "published_at": "2026-06-26"
  },
  {
   "statement": "Point-to-point chip-to-chip hops on Nvidia Blackwell take about 4,000 nanoseconds.",
   "subjects": [
    "Blackwell",
    "Nvidia"
   ],
   "value": "~4,000 ns",
   "timestamp": "12:29",
   "quote": "on Blackwell chips, it can be about 4,000 nanoseconds to go point to point",
   "source": "Gavin Uberti",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "statement": "Brian Loyler, who built all of Nvidia's HGX and DGX systems (about 80% of Nvidia's revenue, tens of billions of dollars a quarter), joined Etched to build its rack team.",
   "subjects": [
    "Brian Loyler",
    "Nvidia",
    "Etched"
   ],
   "value": "~80% of Nvidia revenue (HGX/DGX)",
   "timestamp": "27:27",
   "quote": "we brought over Brian Loyler, who built all of NVIDIA's HGX and DGX systems, which is like 80% of their revenue",
   "source": "Rob Wachen",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "statement": "Chips built by labs and hyperscalers have lower FP8 flop density than Nvidia's B300.",
   "subjects": [
    "AI chips",
    "Nvidia"
   ],
   "timestamp": "56:10",
   "quote": "the flop density for, say, FB8 times FB8 is lower than the black hole B300",
   "source": "Gavin Uberti",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "statement": "Etched's first-gen product uses a different supply chain than Nvidia's Rubin — 4nm versus Rubin's 3nm, and a different HBM.",
   "subjects": [
    "Etched",
    "Nvidia",
    "supply chain",
    "Rubin"
   ],
   "value": "4nm vs 3nm",
   "timestamp": "1:15:31",
   "quote": "We're on four nanometer Rubens on three nanometer.",
   "source": "Rob Wachen",
   "episode_id": "invest-like-the-best-2026-06-30-etched-building-ai-hardware-to-make-inference-faster-and-che",
   "published_at": "2026-06-30"
  },
  {
   "statement": "Palantir will use NVIDIA's NemoTron open models to build a custom frontier-quality model for the US government, under a platform Palantir calls a 'sovereign AI operating system,' with government agencies owning the hardware, data, and model weights.",
   "subjects": [
    "Palantir",
    "NVIDIA",
    "NemoTron"
   ],
   "timestamp": "0:00",
   "quote": "Palantir is going to use NVIDIA's NemoTron, NemoTron, like the Pixar film, open models to build a custom frontier quality model to serve the US government.",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-07-03-ai-sovereignty-wars-palantir-nvidia-deal-scotus-birthright-r",
   "published_at": "2026-07-03"
  },
  {
   "statement": "Current-generation accelerators deliver 3-5x more performance per watt than the prior generation.",
   "subjects": [
    "NVIDIA",
    "Google",
    "AI compute"
   ],
   "value": "3-5x perf/watt",
   "timestamp": "5:52",
   "quote": "which are way, way, way more efficient, 3X, 5X more performance per watt than the prior generation chips",
   "source": "Dylan Patel",
   "episode_id": "dwarkesh-podcast-2026-08-25-dylan-patel-anthropic-openai-will-have-most-of-the-world-s-c",
   "published_at": "2026-08-25"
  },
  {
   "statement": "A gigawatt of Vera Rubin compute requires roughly 55,000 N3 wafers, 6,000 N5 wafers and 170,000 DRAM wafers.",
   "subjects": [
    "NVIDIA",
    "TSMC"
   ],
   "value": "55k N3 + 6k N5 + 170k DRAM wafers per GW",
   "timestamp": "7:14",
   "quote": "you said in order to make a gigawatt of, I think Vera Rubin's, you need 55,000 N3 wafers, 6,000 N5 wafers and 170,000 DRAM wafers",
   "source": "Dwarkesh Patel",
   "episode_id": "dwarkesh-podcast-2026-08-25-dylan-patel-anthropic-openai-will-have-most-of-the-world-s-c",
   "published_at": "2026-08-25"
  },
  {
   "statement": "Nvidia guided for 70% growth next year versus a Wall Street expectation around 45%.",
   "subjects": [
    "Nvidia"
   ],
   "value": "70% vs ~45%",
   "timestamp": "9:37",
   "quote": "They guided for 70% growth next year. That is well above what Wall Street was expecting at 45%.",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "statement": "Nvidia printed about $60 billion of net profit, described as the most profitable core-business quarter of any public company.",
   "subjects": [
    "Nvidia"
   ],
   "value": "$60B net profit",
   "timestamp": "9:46",
   "quote": "60 billion in net profit. That is the most profitable core business quarter",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "statement": "Nvidia is described as the world's most valuable company at $5.5 trillion.",
   "subjects": [
    "Nvidia"
   ],
   "value": "$5.5T",
   "timestamp": "10:20",
   "quote": "Nvidia is the world's most valuable company. 5.5",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "statement": "Nvidia is reported to be buying Hugging Face for $12 billion and doing a ~$6 billion Poolside aqua-hire.",
   "subjects": [
    "Nvidia",
    "Hugging Face",
    "Poolside"
   ],
   "value": "$12B + $6B",
   "timestamp": "27:55",
   "quote": "He bought Hugging Face for 12 billion.",
   "source": "Jason Calacanis",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "statement": "Nvidia's Neocloud revenue in the quarter is cited as comparable to ~$24 billion of hyperscaler revenue.",
   "subjects": [
    "Nvidia"
   ],
   "value": "~$24B hyperscaler book; Neocloud equivalent",
   "timestamp": "32:15",
   "quote": "Nvidia still relies meaningfully on the hyperscalers for their revenue. I think it was $24",
   "source": "Chamath Palihapitiya",
   "episode_id": "all-in-2026-08-29-nvidia-s-historic-quarter-saas-comeback-bessent-vs-druck-ame",
   "published_at": "2026-08-29"
  },
  {
   "statement": "Hugging Face is about to be acquired by Nvidia.",
   "subjects": [
    "Hugging Face",
    "Nvidia"
   ],
   "timestamp": "34:11",
   "quote": "I guess Hugging Face's friends are about to be acquired by NVIDIA.",
   "source": "David Sacks",
   "episode_id": "all-in-2026-09-04-gpt-6-hits-agi-tech-euphoria-2-0-sf-mansion-shortage-nyc-ban",
   "published_at": "2026-09-04"
  }
 ],
 "first_seen": "2026-05-01",
 "last_seen": "2026-09-04"
}