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Who's Funding the $11 Trillion AI Buildout?
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SemiAnalysis Weekly
On airNew episode Oct 9, 2026Every weekSan Francisco

SemiAnalysis Weekly

Everything semiconductors and AI. Covering the spectrum.

The analysts who write the reports, on the mic every week with Jordan Nanos and Doug O'Laughlin.

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Now on the dialEp. 0371h 23mWho's Funding the $11 Trillion AI Buildout?
38 episodes31 hours247 chapters14 transcriptsEpisode guide
From the tape
“Anthropic, in some configurations, is generating over $100 million per megawatt.”Nico Bontigui · Ep. 029 at 6:17“Those 12 months are the opportunity cost of not being able to generate 12 months of tokens.”Nico Bontigui · Ep. 029 at 6:17“OpenAI has never given up an A100 GPU that they have gotten.”Jordan Nanos · Ep. 033 at 52:50“Fast forward a year and a half, and Rubin Ultra is going to have 192 gigabytes of HBM.”Myron · Ep. 030 at 0:52“That equates to well over $300 billion in total contractual value.”Jeremie Eliahou Ontiveros · Ep. 024 at 30:00“They are now bringing their one trillion dollar forecast from 2031 to 2030.”Jordan Nanos · Ep. 023 at 28:44“How many of those 5,000 do you think have never had an employee create a Codex or Claude Code account?”Jordan Nanos · Ep. 031 at 39:38“We think that should be worth 85, 88 percent, and it should get more money by bidding.”Robert Boswall · Ep. 026 at 14:55“Say you build a data center at 100 megawatt scale. I was in one of these facilities a week ago.”Jordan Nanos · Ep. 015 at 30:52“Some are doing it because they cannot get enough electricians or welders coming to the site.”Nico Bontigui · Ep. 029 at 6:17“It lowers their gross margins on a blended basis by about 20 points.”Joey · Ep. 020 at 12:36“Anthropic, in some configurations, is generating over $100 million per megawatt.”Nico Bontigui · Ep. 029 at 6:17“Those 12 months are the opportunity cost of not being able to generate 12 months of tokens.”Nico Bontigui · Ep. 029 at 6:17“OpenAI has never given up an A100 GPU that they have gotten.”Jordan Nanos · Ep. 033 at 52:50“Fast forward a year and a half, and Rubin Ultra is going to have 192 gigabytes of HBM.”Myron · Ep. 030 at 0:52“That equates to well over $300 billion in total contractual value.”Jeremie Eliahou Ontiveros · Ep. 024 at 30:00“They are now bringing their one trillion dollar forecast from 2031 to 2030.”Jordan Nanos · Ep. 023 at 28:44“How many of those 5,000 do you think have never had an employee create a Codex or Claude Code account?”Jordan Nanos · Ep. 031 at 39:38“We think that should be worth 85, 88 percent, and it should get more money by bidding.”Robert Boswall · Ep. 026 at 14:55“Say you build a data center at 100 megawatt scale. I was in one of these facilities a week ago.”Jordan Nanos · Ep. 015 at 30:52“Some are doing it because they cannot get enough electricians or welders coming to the site.”Nico Bontigui · Ep. 029 at 6:17“It lowers their gross margins on a blended basis by about 20 points.”Joey · Ep. 020 at 12:36