← Dwarkesh PodcastTrade on Robinhood →Trade on Hyperliquid →Trade on Robinhood →Trade on Hyperliquid →Trade on Hyperliquid →
“We've seen the valuations of a bunch of software companies crash because people are expecting AI to commoditize software.”
@Dwarkesh Podcast
AI agents break per-seat SaaS pricing, so the software basket re-rates from premium to discount and keeps bleeding.
IGVSHORT@ $80.36
$92.84-15.53%
since call Apr 15
“Well, in the end, something has to transform electrons to tokens. That transformation, there's no— the transformation of electrons to tokens and making those…”
@Dwarkesh Podcast
Nvidia's moat is durable: electron-to-token transformation is too hard to commoditize even as software cheapens
NVDALONG@ $192.84
$199.29+3.34%
since call Apr 15
peak +8.6%
“It is very likely the number of instances of Synopsys Design Compiler is gonna skyrocket. And the number of, number of agents that are gonna be using the…”
@Dwarkesh Podcast
Agents make tool-maker software companies skyrocket as tool instances explode, not get commoditized
SNPSLONG@ $424.13
$385.36-9.14%
since call Apr 15
peak +2.7%
10:47LONG
“for a long time, co-OS was rather specialty, and HBM memory was rather specialty, but they're not specialties anymore. People now realize they're mainstream…”
@Dwarkesh Podcast
Micron is a key memory winner as HBM and LPDDR go from specialty to mainstream computing
MULONG@ $433.44
$811.37+87.20%
since call Apr 15
peak +127.6%
“the investments that we've done with Lumentum and Coherent and all of the silicon photonics ecosystem, the last several years, we really reshaped the…”
@Dwarkesh Podcast
Silicon photonics suppliers Lumentum and Coherent benefit as Nvidia reshapes the optical supply chain
LITELONG@ $826.81
$722.85-12.57%
since call Apr 15
peak +6.4%
“I'm not gonna make that same mistake again. And, I'm delighted to invest in OpenAI and, and I'm delighted to, to help them scale. And I believe it's essential…”
@Dwarkesh Podcast
Nvidia's OpenAI stake (~$30B pre-IPO) captures upside as the labs become extraordinary companies
OPENAILONGIDEA · NOT YET PRICED
TIMESTAMPS
0:00
0:32
3:39
10:47
12:02
40:21