TSM, NVIDIA and the Frontier LLMs

TSMC's revenue report is good news for NVIDIA (NVDA), but we won't get a sense as to how NVIDIA may grow into its valuation until Blackwell goes wide.

• Separately, how long will the frontier LLM cat-and-mouse game continue? Seems as though it is Google vs. Anthropic vs. OpenAI/NVIDIA/Microsoft as far as frontier models go, with Meta’s open source Llama model in the mix. Personally, I am a fan of Meta’s open source approach. High functionality, lower cost products are usually winners.

• Second, the day will come when Anthropic will need to choose a dance partner as it will eventually become capital constrained. AWS perhaps?

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