GPU prices are rising despite historical deflation norms, signalling essentially infinite AI compute demand against severely constrained supply.

OpenAI's stated reason for slower AI progress, being delayed, is false; the actual bottleneck is that OpenAI has run out of compute.

“Right now, Orman's saying, "Oh, we slow down progress because we're so delayed." No, they're out of compute.”

Prices for non-frontier GPUs like the B200 are rising on a per-hour basis, which is unusual given the historically deflationary trend for compute and signals very constrained supply against essentially infinite demand.

“Things like B200, which is a non sort of cutting edge GPU prices going up on a per hour basis. That is very strange. Normally, we see these things be highly deflationary and it sort of points to very constricted supply and essentially infinite demand.”