dwarkesh.com

Dylan Patel – Anthropic & OpenAI will have most of the world’s compute by 2028

In the case of Anthropic, the revenue has gone as high as $50 million per megawatt. What that now enables them to do is: 'Hey, if I spend 10 bucks on inference capacity, I actually generate 50 bucks of revenue, and then I can turn around and incrementally spend all of that profit on training.'

notboring.co

Base Power Company: Chapter 3

These companies were largely built around the winning assets of the previous energy system: oil fields, refineries, pipelines, tankers, centralized generation, poles, and wires. The energy transition that's been underway has already created new bottlenecks – the grid struggles matching variable supply with unpredictable demand, for example – and therefore new valuable positions. Then the most ravenous consumer of electrons in history entered the market in the form of data centers.

stratechery.com

The Nvidia AI PC, Project Solara, Microsoft AI

Three years ago we were still in the ChatGPT era of AI, and I was very excited about the possibility of local inference. Then came the reasoning era, blowing up KV cache (which increases the need for more memory) and emphasizing the importance of decode (to generate that many more tokens). Now we're in the agentic era, where CPU performance is incredibly important. To that end, the ideal setup for a local agent is strong local CPU performance and calling out to the cloud for inference.

stratechery.com

2026.20: Shifting Alliances in a Changing World

the inference that will matter most in the future, at least in terms of market size, will be "agentic inference", where humans aren't involved at all. That will lead to very different trade-offs in architectures, and is good news for both China and space (but maybe not Nvidia).

stratechery.com

2026.19: Earning & Spending

as four of the five megacaps continue to pour massive sums into AI (first quarter CapEx was more than three times that of the Manhattan Project), there are no signs of that pace slowing.

ai-supremacy.com

What AI Infographics say about the future of AI?

This acceleration of Capex directly correlates with an increased demand for compute in the age of inference. For every meme product like OpenClaw, that's a lot more tokens in the "tokenmaxxing" fad of the Generative AI movement. Large amounts of corporate bonds and Venture Capital funding are essentially subsidizing all of this burning of tokens and heating of GPUs.

ai-supremacy.com

Using NotebookLM with Gemini

Google is the one that's made the most progress in terms of building a full-stack AI ecosystem.

dwarkesh.com

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

But in reality, he's screwed the pooch compared to OpenAI, whose approach was, "Let's just sign these crazy fucking deals." OpenAI has got way more access to compute than Anthropic by the end of the year.