Introduction and Wafer Scale Technology

1. The Tale of Two Cities

2. The Nightmare Compiler

3. Yield Economics

4. PVT

5. The Bandwidth Problem

6. Unstructured Sparsity vs Mixture of Experts

7. Fast Inference

8. Pipeline Parallelism

9. The I/O Bandwidth Problem

10. SRAM Constraints and Chaining WSEs

Bear

1. Nvidia

2. Economic Unviability

3. Questionable Financials

   1. Low Gross Margins

   2. Unprofitable

   3. Warrant Dilution

4. Speculative Decode

Bull

1. Tokenomics

2. Undiscovered TAM

   1. Fast Fundamental Investing

   2. Embodied/Humanlike AI

   3. Real-Time Human Augmentation

3. No Unit Economic Ceiling

   1. Disaggregated Inference

   2. FP8 & FP4 Support

   3. Hybrid Bonding

4. The Non-Nvidia Ecosystem

5. Peers are Behind

Conclusion and What I’m Doing at IPO