Jonathan Ross

Jonathan Ross × John Yetimoglu

Memory’s pricing power may be self-limiting: Deep Seek’s V4 reportedly compressed likely KV cache by 90%, while the proposed response is to build more memory fabs as bottlenecks attract solutions.The unresolved intelligence debate matters for AI economics, with agentic systems and self-training potentially favoring the smartest model despite humanly invisible differences.

Jonathan Ross

Nvidia-Groq’s LPX rack is already in production for Q3 availability, splitting inference between LPU FFN layers and GPU attention layers to improve utilization, latency, and throughput per megawatt.Ross expects fast-tier pricing to remain super-linear because speed increases iteration capacity, while inference revenue scales with users; energy supply, networking, and whether customers can support ultra-tier token spending remain the watchpoints.

Harry Stebbings × Jonathan Ross

Jonathan Ross says OpenAI, Anthropic and every hyperscaler will build chips for control over their own destiny, while Nvidia could be worth $10 trillion in five years.Doubling inference compute could nearly double their revenue within one month as rate limits suppress engagement, making HBM, energy, Groq’s six-month supply chain and the United States’ 2-3 year away-game window key signals.

Harry Stebbings × Jonathan Ross

Groq’s differentiated inference wedge avoids scarce HBM, supporting claimed 5x lower cost and one-third the energy per token while Nvidia concentrates on training.Aramco-backed capex and $1.5B in revenue—not fundraising—support a target of at least half of global inference compute by end-2027, but a power bottleneck in three to four years and Nvidia’s uncertain trajectory remain risks.

Harry Stebbings × Jonathan Ross

DeepSeek’s real breakthrough was fully automated verifiable-reward RL, while its $6M training figure excludes substantial distillation or scraping costs.Ross argues LLMs are now commoditized with no switching cost, pushing OpenAI toward open source while inference—not training—could reach 95% of compute spending.That expands the Nvidia opportunity through Jevons paradox, but CCP data access and cloud-based GPU workarounds leave export controls unresolved.