0:00 - Introduction

1:02 - Crypto's impact on hardware pricing

2:38 - Cloud vertical integration and power dynamics

5:09 - Nvidia's competitive advantage

8:01 - Broadcom's earnings from Google TPU orders

11:29 - Vertical integration dynamics

12:16 - ARM IPO and pricing

19:25 - Capital cycles and AI investment

22:30 - Chips Act and subsidies

27:01 - AI "head fakes"

30:10 - Geopolitics and supply chains

35:10 - CHIPS Act allocation

42:34 - Intel's government backing

45:09 - Broadcom and VMware

51:21 - Dylan's "secret sauce" research

54:31 - Open source technology dynamics

56:57 - Geopolitical winners and losers

59:06 - OpenAI's suboptimal choices

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NCI: AI & Silicon Wars, CHIPS & Crypto w/ Dylan Patel, Founder Semianalysis & Meltem Demirors