The AI Cold War, Signalgate, CoreWeave IPO, Tariff Endgames, El Salvador Deportations

ChamathCommentary

Chamath argues Nvidia's investments in neo-clouds like CoreWeave mirror Intel's Inside program — strategically diversifying its buyer base to reduce dependence on a small oligopoly of hyperscalers and increase pricing power.

“A lot of this quote unquote round tripping from your perspective is diversifying the ownership pool of Nvidia is what you're saying.”▶ Listen · 8:30 ⚑

Gavin Baker argues Nvidia's rising accounts receivable is a normal and understandable byproduct of the historically complex Hopper-to-Blackwell product transition, not a sign of fundamental weakness, and that Blackwell will be a very successful product cycle with no demand shortfall.

“Blackwell is going to be a very successful product cycle. There is a little bit of a prisoner's dilemma where you're going to spend on Blackwell almost no matter what, because if you don't, you are afraid that you cede a big advantage to a”▶ Listen · 11:38 ⚑

ChamathCommentarytracking with the call

Chamath seconds the bullish view on CoreWeave, calling it a great business that deserves to be successful.

“I think it's a good company. I would second that. I mean, I think it's a great business and I think they deserve to be successful.”▶ Listen · 15:14 ⚑

Gavin Baker argues CoreWeave is underappreciated and likely not the commodity business the market believes — running large GPU training clusters at scale is genuinely difficult, and the NPV of their contracts and asset value offer an identifiable floor, making the bearish consensus potentially wrong.

“I do think CoreWeave runs these big GPU clusters as well as anyone, and there aren't that many people on planet Earth who can run them well. And it's kind of easy. You can just look at the NPV of their contracts and the asset value.”▶ Listen · 14:46 ⚑

ChamathCommentary

Chamath argues the $3.5-4 trillion enterprise software industry is highly vulnerable to disruption by AI agents — small teams using agents can do the work of thousands, making incumbent SaaS companies structurally unable to compete on cost and threatening their valuations.

“the software industrial complex as I call it, right? That's like a $3.5, $4 trillion industry. It grows by 10% a year. So every year it's adding $300 billion of quote unquote enterprise value. Is that value that is being created? I think a”▶ Listen · 26:59 ⚑