Notably, software is the moat. There’s more hardware than nvidia but it takes some time to unwrap the proverbial matmul from CUDA. Much more hardware is in the

Notably, software is the moat. There’s more hardware than nvidia but it takes some time to unwrap the proverbial matmul from CUDA. Much more hardware is in the pipeline, it just (ahem) has to be much better than nvidia to make migration from CUDA worth it. groq is one such limited but extremely impressive example IMHO.