The "inference margin collapse" bear thesis is getting crushed right now. Blended price per 1M tokens across OpenAI, Anthropic, and the broader market peaked above $1.40 in early March 2026 before cascading downward into the $0.50–$0.80 range by September. OpenAI's aggressive price cuts across mid and lower tiers, coupled with efficiency gains from next gen architectures, have triggered a full scale unit cost compression across frontier labs.  This isn't margin destruction imo—it's classic unit cost elasticity at play. Dropping raw token prices unlocks exponential expansion in agentic, long context, and high frequency production loops, keeping aggregate demand locked firmly into the compute pipeline…

@mmoazami is coming to Farr. Mohsen Moazami is Vice Chairman of SambaNova Systems and DDN, leading providers of AI infrastructure spanning compute, storage, and data intelligence, and a Senior Advisor to Blackstone (BXN1). He is also Founder and Managing Partner of Seif Capital, a Silicon Valley technology investment and advisory firm. Previously, Mr. Moazami was a member of the Office of the CEO and President of International at Groq, where he led global growth and expansion in the period preceding Nvidia's approximately $20 billion transaction for Groq's technology and leadership team- the largest deal in Nvidia's history. Earlier, he co-founded CNTP, a global multi-stage technology investment firm with $300 million in assets under management, focused on cybersecurity, big data analytics, marketplace platforms, and SaaS. He holds a master’s degree from Stanford University and is a recipient of the Ellis Island Medal of Honor. October 5, San Francisco. Limited seats. RSVP here 🔗 luma.com/FARRsummit #FarrSummit #AIInfrastructure #SFTechWeek #SFTW #Infra #Infrastructure #NVIDIA #SambaNova #DDN #Cybersecurity

Never change Yann. Please never change.

I turn 50 today. This is a message to my kids but I offer it to you in case any of it rings useful. I was born in Sri Lanka in 1976 in a country that, at the time, was about to enter a decades long civil war. My father was able to get stationed at the Sri Lankan High Commission in Canada for four years in the early 80s - when some of the fighting was most severe - and which from our vantage point in Canada gave us some respite from an otherwise omnipresent conflict. He came as a diplomat but then my father filed for refugee status after four years when his life was threatened by militants. We stayed in Canada as refugees. My dad never really landed on his feet and we grew up on welfare. My mom stepped up. She did an incredible thing and put our family on her back and kept marching forward. Sometimes the steps were very small but she always tried to keep moving forward. I worked at Burger King starting at 14, giving my paycheck to my mom and dad to support our family in the role that I was assigned - earn enough to pay for our bus passes because we couldn’t afford a car. I was a loser growing up. Some friends, some good memories but mostly forgettable and lonely. I wasn’t very studious but did get my act together in my final year and got into a great university. I immigrated to the US soon after graduating and found an opportunity. Things clicked and I have been traveling a path to find myself ever since. Only in America is this possible… I worked hard, followed the rules, paid my taxes and stayed in California out of loyalty for the opportunities it has given me despite its dysfunction. I found my wife here. Had my kids here. Found my tribe here. There have been some very hard times as well - deaths, divorce, financial pain, mistakes of omission and mistakes of commission. You can’t dwell on these things - they are weights that will pull you down if you’re not careful. Learn from them. Respect them. BUT MOVE ON. To think 50 years ago I could have ever gotten a chance to meet the people I’ve met and have had the experiences I’ve had would have been mind boggling to my parents. It’s mind boggling to me now. We forget often and try to convince others it’s not true but America truly is the best country in the world. Everything and anything is possible here. I can testify. Be grateful to be here. This is the only place that gives EVERYONE a chance to live a great adventure. The first 50 years have been that for me - an incredible adventure. Notice there is nothing here about accomplishments or money. Because it doesn’t matter and it won’t matter. You will be dust in less than 100 years from now and the decision to be remembered won’t be yours so stop sweating it. It’s not in your control. So what is in your control? Be kind. Have fun. Work on something meaningful to you. Find your tribe. Try to find perspective. Find an incredible partner. Have a bunch of kids. Live an adventure. Forgive your parents - they were doing the best they could even if that wasn’t what you deserved. I will do what I can to make my next 50 years a wild ride. You should too. I love you and thank you. ❤️ 🙏🏽🙏🏽

An AI system can now take a chip from a written spec to working hardware on its own, and this paper argues that is what finally makes chip design fast, not better code generation. Redwood is a small, low-power inference chip. 2 human architects wrote the spec, and the AI system generated everything below it: the chip design, the tests, the firmware, and the kernels. That means a spec change was back on real hardware in under 48 hours. Redwood ran Qwen3-0.6B on an AMD FPGA board at 12.1 tokens/s, against 28 on an NVIDIA Jetson Orin Nano. Built as a real chip on Samsung 8 nm, the team projects 49 tokens/s at 1.335 W, or 3.4x more tokens per watt than the Jetson. More importantly, the speed did not come from skipping tests. Every block reached 95% coverage, and the first design sent to the FPGA had 0 bugs. Hardware could start moving at the pace of model releases, instead of models waiting on hardware. – arxiv. org/abs/2608.26418 Title: "Redwood: A Frontier AI Accelerator Designed, Verified, and Deployed from Scratch in 2 Weeks by AI"

Novak Djokovic in tears as the realization dawns upon him that Father Time has finally caught up

A milestone for our infrastructure: our first NVIDIA Vera Rubin racks are here and now running our training stack. This is an important step as we expand compute that powers OpenAI's next generation of frontier AI pre-training.

Just wow!

🚨🎬 “India is no longer an emerging market. It is an emerged market." Mohsen Moazami of DDN, speaking with us for Startup Policy Forum’s “AI in Action” series from his office in Menlo Park. A 37-year Valley veteran, Mohsen now drives global growth at DDN, the world's largest privately held data storage company, backed by Blackstone at a $5B valuation, and the data engine beneath NVIDIA's AI factories and xAI's Colossus. His key takes: 🔹 On the AI buildout: "I've never, never in my 37-year career experienced anything of this magnitude." 🔹 To the skeptics: "I don't see any slowdown in the investment." 🔹 The real bottleneck: GPUs run at just 40–50% utilisation, half the world's costliest compute sits idle. "Making infrastructure productive and profitable is the key to the game." 🔹 One-word advice to governments: Sovereignty. "AI is the new infrastructure. If you want to compete in this world, you cannot do it without having your own AI." 🔹 On India: "A country of your size and population, we cannot afford to ignore India." As players like DDN scale in India, Startup Policy Forum and the New Economy Collective are strengthening the global–India corridor,  bringing global innovation to India, and Indian innovation to the world. 🎥 Watch the conversation below: piped.video/uyEkJMsT2xk?si=Ws4R… @mmoazami @DDNintelligence

Dear America,   Starting today, on the 250th birthday of our country, millions of children will now benefit from a new & powerful American birthright - a privately owned investment account from birth. Every child a shareholder in the great American economy! American capitalism is the greatest prosperity-creating engine the world has ever known. It has unlocked unprecedented abundance for our country and untold life-advancing innovation. From clean food & water to cars & planes to vaccines & cures to computers & phones.  Through depressions & world wars, through panics & pandemics, betting on America has been the best investment in human history.  But far too many hardworking families feel like they are on the outside looking in - like the American Dream has become out of reach.  The Invest America Act changes all that. Signed into law by President Trump it establishes the Trump Accounts - launching today - making every child a shareholder from birth.  Every account seeded with $1000 in America's best companies - making every child a direct participant in our stock markets & American capitalism.   But it doesn’t stop there.  Representing the best of our civic traditions, an unprecedented outpouring of additional private  contributions into these accounts is already underway. Billions of dollars have been committed by philanthropists & corporations to tens of millions of children across the country. A new form of massive, direct philanthropy & corporate benefits directly to America’s kids is just getting started. From adopting all the kids of a school or organization to a city or state.  America is the most giving country in the history of the world - and Trump Accounts provide a new open source platform to enable anybody to contribute to anybody.   Trillions of dollars will compound in these accounts over the next 20 years.    But this is about more than just figures on an account statement. By investing in the next generation, our country is providing tangible opportunities to all future generations of Americans: an education, a first home, the ability to start a business, and the foundation for a lifetime of savings. Trump Accounts provide hope to those feeling hopeless - unlocking unlimited human potential. Trump Accounts do this through a massive public - private partnership that empower the individual not the state.  They double down on free market capitalist democracy by empowering the individual rather than growing dependency on government.  Aligning citizens with capitalism rather than pitting them against it.  Perhaps of equal importance, let us not lose sight of the fact that this is a movement that unites our country. Despite the many issues that divide us, this one big idea brings everyone together. From the most conservative to the most progressive leaders, we have found people of goodwill willing to step up and do the right thing to help the next generation.  Trump Accounts represent the very best of our democracy and the American promise issued two hundred and fifty years ago today. I am grateful to all those who have partnered with us to get this far and we dedicate our tireless efforts to make certain that the Invest America Act achieves its maximum potential.  Let us advance into the future with a renewed sense of confidence, optimism and restored faith in the American Dream for EVERY American.    Happy 250th Birthday, America! Brad Gerstner July 4, 2026 @TrumpAccounts @InvestAmerica24 @WhiteHouse @MichaelDell

Every nation now faces a new strategic question: can it adopt AI at full speed without handing over control of the data, the models, and the infrastructure beneath it? For years, the answer felt binary: sovereignty or capability, pick one. That tradeoff is beginning to break down. A new stack is emerging where trust is engineered in from the silicon up, where data residency, security, and national control are built into the architecture, not afterthoughts. Enterprises and governments can increasingly deploy AI without ceding ownership of the foundation it runs on. That is the conversation taking place on July 8 at 2:00 PM on the Ada Lovelace Stage at #RAISESummit Five leaders building the layers of the sovereign stack, from storage and data centers to the platforms running on top, come together for a panel on "Sovereign Stacks: Building Trusted AI on National Terms." @mmoazami (@DDNintelligence) | Thomas Di Giacomo (@t_di_g) (@SUSE) | Cory Hawkvelt (@Hyperstackcloud) | @Simonmuskett (@DigitalRealty) | @GlebBudman (@backblaze) Moderated by Claire Thomas-Daoulas (@BrunswickGroup) Limited tickets to RAISE Summit remain and are selling quickly. 🔗 Secure your ticket: hubs.li/Q04lqLh20

🚨 BREAKING: Joshua Kushner's @ThriveCapital is putting $1 billion into buying local accounting firms and rebuilding them around AI. The acquisition arm is a company called Current. The pitch to a decades-old CPA firm: sell us a majority stake, keep a meaningful piece for yourselves, and we'll re-engineer the back office with AI. The ownership model is the part worth a look: → Traditional PE buys to sell inside a fixed window → Thrive plans to hold for the long run, the way Berkshire Hathaway does → Local partners keep real, meaningful stakes Patient capital, pointed at a fragmented, unglamorous industry. The proof point so far is Larson Gross – one accountant, one office in Bellingham, WA in 1949, grown into a regional firm with five offices and 200 employees. In 2025 its partners sold control to Current. @Forbes reports the in-house models are hitting up to 98% accuracy on data entry. Worth being precise, though – data entry is the high-volume floor of accounting, not the judgment work clients actually pay for. The skepticism is fair, too. AI roll-ups have been hyped for years and mostly underdelivered. The gap between the pitch and the operating reality is still wide. The bet underneath all of this: that permanent capital plus AI can run a professional-services firm better than the people who spent decades building it. If it works in accounting, the same template is waiting for law, insurance, and consulting. A billion-dollar wager on the back office of American business.

With the besties as I am always All-In

Congratulations to my good friend Jensen Huang on being awarded an Honorary Doctorate in Science and Technology from @CarnegieMellon University for his outstanding contributions to accelerated computing and Artificial Intelligence. It was my honor to place upon him his doctoral hood this morning. @intel and @nvidia are collaborating to develop exciting new products!

Sharif is the #1 university in Iran. Over the last 25 years, it has been in the top 3 destinations of top Olympiad medalists.

Pete Buttigieg is so fucking good at this shit. He’s just so fucking good.

The sad thing is that Ro is the guy preaching for socialism while he is the most active insider trader in Congress. He is a terrible representative of Silicon Valley.