Sequoia Capital

Dylan Patel × Shaun Maguire × Sonya Huang

Hardware-software-model co-design can turn three 2x gains into 100x, creating model-silicon lock-in and shifting CUDA’s moat toward ecosystem gravity.Demand is outrunning compute supply: Anthropic’s Opus 4.8 API margins exceed 80%, but leveraged buildouts remain exposed if useful model work stops expanding faster than capacity.