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Some food for thought…
What if Intel $INTC just completely got rid of their consumer business and went all in on DCAI and Foundry, just like how Micron $MU completely cut off their consumer line and has fully went all in on DC demand
INTEL $INTC:
"Strong demand across
hyperscale, enterprise and
neo clouds
Purpose Built Silicon revenue
more than doubled YoY
Agentic workloads driving
increased customer interest
across product roadmap"
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$NVDA the private credit firm?
$NVDA is in talks to provide Nscale with billions of dollars in credit guarantees to finance a 460MW data center in West Virginia for Anthropic.
Nscale has a $45B contract with Anthropic for the facility, which is expected to use NVIDIA's Vera Rubin GPUs.
The credit support could exceed $5B, based on industry estimates, and would cover power and construction costs rather than chip purchases.
The agreement has not yet been signed, and terms could change.
Source: The Information
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Revenue per GPU can increase as token prices decline if per GPU token throughput increases enough.
So both Anthropic revenue *and* margins can go up as token prices go down *if* GPU prices go up less than the product of (token price decline * per GPU throughput increase).
But I have super enjoyed all the commentary to the contrary!
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$ANT Revenue per compute dollar rose 5.2×
The bigger story is what happens when AI moves from answering questions to completing workflows.
Latest LRMI report is up!
lrmi.ai/p/anthropics-s-1-and…
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Samsung has accepted Nvidia’s request to have TSMC manufacture the base die for NVHBM (Nvidia’s custom HBM based on next-gen HBM4E), a concession to the world’s biggest HBM buyer, media report. Samsung joins SK Hynix and Micron in using TSMC’s 3nm base die to ensure consistent performance and reduce validation work across suppliers.
Among the three big memory chip makers, only Samsung has historically supplied its own base die for HBM and will continue to do so for standard products and other clients. It is also validating whether it can supply its own version of the NVHBM base die in case demand exceeds TSMC’s capacity. $NVDA $TSM $SKHY $MU $SSNLF #Samsung #semiconductors en.sedaily.com/finance/2026/…
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Up to 8x faster, and now you know why ⚡️@openai GPT-6 Astra Ultrafast runs on NVIDIA
Read the story: nvda.ws/3W2bZ5H
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An NVIDIA GPU is a high-yield asset.
An H100, bought on the secondary market in Sep 2025 for ~$19k:
Resale today: ~$20.5k
Net rent earned: ~$13.5k
Total: ~$34,000, +76% in 1 year.
A B300, bought in Jul 2026 for ~$54k:
Resale today: ~$51k
Net rent earned: ~$14k
Total: ~$65,500, +21% in under 3 months
What allows these assets continue to earn? Resale value has held as rental rates have increased and demand has grown across all hardware generations.
Resale rates have held within −5% to +7%, while Ornn's H100 index is $2.91/hr, +49% from a year ago, and our new B300 index tracks at $11.32/hr, up 66% from June. H100 marketplace utilization is 87% today. B300 is at 90%.
Ornn's forward curves predicts that in 2 years, by Sep 2028:
H100 ~$63,500 (+227%)
B300 ~$186,000 (+244%)
NVIDIA Hopper and Blackwell hardware both hold incredible residual value.
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Taiwan’s August export orders soared 71.4% year-on-year to a fresh record high US$102.96 billion, media report, beating the 63% growth expected. AI-related demand led, but a surge in custom ASIC chip design orders caused August’s upside surprise, said W.C. Huang, director-general of Taiwan’s statistics bureau.
Orders for ICT (information and communications technology) rose 100.5% year-on-year to $34.21B, while electronics +83.9% to $45.75 billion.
Orders from the US led all others, +88.9% to $42.13B, while ASEAN +70.5% to $18.35B.
September export orders are expected to top August’s, with $106B to $109.1B the official range. Third quarter orders are seen as high as $310B and full-year 2026 orders could reach $1.1 trillion. $GOOGL $AMZN $META $MSFT $AVGO $MRVL $TSM #mediatek #GUC #Alchip #semiconductors
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TSMC could create a new “Moore’s Law for CPO,” doubling bandwidth every two years as it accelerates the rollout of co-packaged optics (CPO) to meet the soaring bandwidth requirements of AI data centers, according to a media report.
TSMC will focus on three areas to scale CPO:
• Per-lane speed: Increase single-channel speeds from 200G today to 400G and beyond
• Optical channel density: Expand channel counts from 16 today to 32, then 64 and beyond
• WDM (wavelength-division multiplexing): Enable each optical fiber to carry more wavelengths simultaneously
The report forecasts that doubling bandwidth every two years could take CPO bandwidth from a 3.2T baseline today to around 410T by 2040 – 128x higher. $TSM ctee.com.tw/news/20260914700…
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As I wrote a few weeks back on my substack, the compute paradox is occurring in real time right now.
Long live the Neoclouds.
$CRWV $NBIS $IREN $CORZ
lrmi.ai/p/the-compute-parado…
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The price of intelligence is collapsing. The price of compute is not.
That divergence may be one of the most important signals in AI infrastructure right now.
I wrote about what it means for neoclouds, token economics, and CoreWeave’s hidden financial convexity.
$CRWV $IREN $NBIS $CORZ $NVDA $META $MSFT
lrmi.ai/p/the-compute-parado…
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TSMC is raising prices 5% - 10% on all leading-edge 7nm and below chip manufacturing processes (N7/5/4/3/2 etc.), which account for ~75% of TSMC’s total revenue, reports @tculpan on Culpium, adding: “Since early this year, business development and sales teams at TSMC have been told by senior leadership that they need to find ways to charge more, according to multiple sources…” $TSM $INTC $SSNLF #Samsung #semiconductors culpium.com/p/tsmc-clients-h…
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75TB of likely SK Hynix $DRAM
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Fun fact for the day!
GE Vernova $GEV "We had more orders in Electrification in the first quarter of 2026 than we had in all of 2025." The Electrification backlog went from $9B at end of 2022 to $42B by Q1 2026.
Sure hope you have Electrification exposure to your portfolios!
