Not Investment Advice 244: Jack at Art Basel, Nvidia vs. Google TPUs, The Anti-AI Bet & Strategy’s $50B+ Bitcoin Bet
Dec 3, 2025
The hosts dive into Jack's innovative installation at Art Basel, where NFTs serve as digital receipts. They compare Nvidia and Google's tech strategies, discussing Nvidia's advantages and Google's TPU forecasts. A deep look at investment strategies emerges, including MicroStrategy's audacious Bitcoin plays and potential risks. Finally, they explore Ari Emanuel's anti-AI stance, suggesting that live experiences like sports could thrive as AI reshapes other industries.
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Art Basel Receipt Performance
- Jack built a live Art Basel installation called Self-Checkout that sells printed receipts as physical artworks.
- Each receipt unlocks a non-transferable NFT printed on the receipt and Jack funded the $74,220 production himself.
Token Costs Make Hardware Strategic
- Serving LLM tokens has real marginal costs that make hardware efficiency strategic for large providers.
- Google can use TPU efficiency as an advantage to lower token costs and potentially limit NVIDIA's margin power.
NVIDIA's Margin Is The Real Risk
- NVIDIA's high margins (around 70%) are the key competitive risk as TPU adoption grows.
- Large buyers could pressure GPU margins or split workloads across suppliers, changing NVIDIA's pricing power.