Nvidia's a weird company. They originally started making chips for gamers to have fancy 3D graphics in their computer games, and now they are the most valuable company in the world powering the majority of intelligence that we get from all the fancy AI tools we use every single day. There's a lot of pieces that make Nvidia's borderline monopoly on compute for intelligence just impossible to crack. Things like CUDA, which is the language and system of choice for the vast majority of AI research, to the crazy deals that they're cutting with everybody from the government itself in the United States to businesses like of course OpenAI, Anthropic, XAI, and more. And it seems like everyone is realizing that Nvidia is a not great core dependency to have on your business's success. OpenAI could not function if Nvidia decided they wanted to start charging them 10 times more. The US government would be pissed if their whole plan to build this crazy set of data centers fails because Nvidia changes their mind. A whole of these businesses are struggling to work with the terms Nvidia's giving them today. And with the promise that those terms will get worse tomorrow, they're all looking for ways out. But there's one particular place that is more motivated than anywhere else to solve this. China. Nvidia chips have largely been banned from being sent to China by the US government. Some have been cleared for export, but it's a very very small set, and it's not the giant powerful GPUs that we are using for training in the US. All of this is pretty much forced the Chinese labs like ZAI to rely heavily on chips that are being made by Chinese companies like Huawei. But it's not even just the Chinese labs anymore. Even OpenAI has started developing their own chips to get faster, cheaper inference and training available to them internally. All of this has Nvidia acting pretty scared and very very weird. From crashing out on Jim Cramer's show to buying Hugging Face, a little bit absurd. But as you guys can probably guess, I have a lot of thoughts on this. I'm a big nerd about chips. I'm a big nerd about Nvidia in particular, and never been the biggest fan of them. And the opportunity to point out how their monopoly is about to be crushed and crumbled is one I have to take. But unlike my friends who invested in Nvidia early, I don't have billions of dollars to spare, so I'm going to have to take a quick break for today's sponsor.