Dylan PatelFounder and Chief Analyst, SemiAnalysis · The semiconductor-AI stack

Are GPUs money printers?

2 Oct 2026 · 1 min

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Two speakers debate whether GPU makers have it easy. One argues chip demand vastly outpaces supply, but the other worries specialized chip startups face pressure as GPUs get faster and token generation costs stay high, around $100 per million tokens.

People just need a lot more chips of all sorts.
Also, Jordan, people in America can barely afford Big Macs, right? So I don't know if they're going to pay like, you know, $100 per million output tokens. InfraAct and TPU had like the mega kernels and like they got like a huge performance boost out of nowhere.
Jensen's sandbagging again, huh?
But if you're, you know, a chip startup and your basically entire thesis is like fast tokens, are you a little bit like concerned right now that general purpose GPUs just becoming faster at this region?
I'm not concerned because Because I have a fundamental belief that demand completely outstrips supply, and anybody who can produce chips is going to find a customer right now.
Hey, by the way, go White Sox. I don't know if y'all watch MLB, but—
I do.
Poor Blue Jays, bro. RIP.