Dylan Patel — Deep Dive on the 3 Big Bottlenecks to Scaling AI Compute – Dwarkesh Podcast

Dylan Patel — Deep Dive on the 3 Big Bottlenecks to Scaling AI Compute – Dwarkesh Podcast

Mentioned

$NVDA $GOOGL $TSM Anthropic OpenAI $AMZN GPU $AMD

Market views

Bullish

NVDA— NVIDIA has locked up majority of advanced semiconductor capacity and memory, creating massive competitive advantage as AI compute demand explodes.
INFRA— AI infrastructure spending reaching unprecedented levels with massive returns on invested capital as revenue growth accelerates.
ASML— ASML controls the ultimate bottleneck for AI chip production with EUV lithography tools, with demand far exceeding supply through 2030.

Bearish

AAPL— Apple facing severe headwinds from memory price increases and losing priority access to advanced semiconductor nodes as AI companies outbid them.
RETAIL— Smartphone and PC volumes collapsing as memory prices triple, with low-end phones being cut by 50% as AI consumes semiconductor supply.

Not investment advice.