▶ 14:32 · $NVDA · Hyperscalers building own chips need Eliyan's interconnect to compete with Nvidia

episode briefing

Inside Kalshi’s $4B+ in Annualized Revenue, Chip Infrastructure Startup Eliyan Hits Unicorn Status

2026-08-13 · 16 company · 11 thematic

sentiment

7 bull2 bear7 neu

speakers

Co-founded Eliyan, a chiplet interconnect startup that raised $145M at $1B valuation; focuses on die-to-die and optical rack-to-rack connectivity for AI systems.

patrick soheili

Co-founded Eliyan; previously worked in semiconductor industry; provides deep technical perspective on memory bottleneck, hyperscaler custom silicon, and interconnect landscape.

yuechi yang

Covers crypto and prediction markets; broke exclusive story on Kalshi's financials and fundraising.

leo schwartz

Covers intersection of AI, crypto, and Washington policy; reported on David Sacks' return to Craft Ventures and White House AI policy dynamics.

laura bratton

Writes the Applied AI newsletter for The Information, reporting on enterprise AI adoption, coding agents, and frontier model competition.

quote

“Vera Rubin does have a significant presence in the marketplace. But on top of that, a lot of these guys are developing their own chips coming up with their own solutions. I mean, TPUs are now in generation 8 going to 9, eventually 10. Same…”

—patrick soheili

now playing · $NVDA

$KALSHIbullish· highyuechi yang

Kalshi hits $4B+ annualized revenue, raising at $40B valuation

Kalshi's annualized revenue doubled to over $4B in three months driven by World Cup event contracts, with advanced talks to raise at a $40B valuation (nearly 2x May's $22B), thoug…

$HOOD···neutral· lowyuechi yang

Robinhood cuts Kalshi dependence, backs rival exchange Rosera with SIG

Robinhood reduced its share of Kalshi trading volume from ~50% to <20% over the past year after directing orders to Rosera, an exchange it backed with SIG, signaling strategic shi…

$ELIYANbullish· highramin farjadrad

Eliyan raises $145M at $1B valuation for chiplet interconnect

Eliyan's die-to-die, chip-to-chip, and rack-to-rack interconnect solves the connectivity bottleneck for next-gen AI systems, with fastest high-speed die-to-die at lowest power and…

$NVDA···neutral· highpatrick soheili

Hyperscalers building custom silicon to reduce Nvidia dependency; Vera Rubin rollout progressing but ecosystem fragmenting

Nvidia's Vera Rubin rollout is going well, but all major hyperscalers (Google TPU v8→v9→v10, AWS Trainium, Microsoft Maia, Meta MTIA, Alibaba/Tencent/Baidu) are developing proprie…

$MU···bullish· highpatrick soheili

Memory bottleneck persists: only Samsung, SK Hynix, Micron have capacity; new fabs take years and billions

AI memory demand remains insatiable with only three suppliers (Samsung, SK Hynix, Micron) able to produce at advanced nodes; capacity is concentrated among few hyperscaler custome…

$AVGO···neutral· mediumramin farjadrad

Eliyan claims technology lead over Broadcom in die-to-die and optical rack-to-rack interconnects

Eliyan competes directly with Broadcom in AI connectivity but asserts a multi-year lead in high-speed die-to-die and optical rack-to-rack solutions that match copper's reliability…

$GOOGL···bullish· mediumpatrick soheili

Google TPU roadmap advancing to v10 as hyperscalers vertically integrate custom AI silicon

Google's TPU program is now at generation 8 moving to 9 and eventually 10, exemplifying the hyperscaler trend of building proprietary accelerators to reduce Nvidia reliance and op…

$AVGO···bearish· mediumramin farjadrad

Eliyan claims years-ahead lead over Broadcom in die-to-die and optical interconnect

Eliyan co-founder asserts they are years ahead of Broadcom in die-to-die interconnect (fastest at lowest power) and have optical rack-to-rack solutions replacing copper, positioni…

$MU···bullish· highpatrick soheili

Memory bottleneck structural: only 3 suppliers, years to add capacity

Memory supply remains a structural bottleneck with only Samsung, SK Hynix, and Micron having capacity at leading-edge geometries; building new fabs takes years and billions, while…

$NVDA···neutral· mediumpatrick soheili

Hyperscalers building own chips need Eliyan's interconnect to compete with Nvidia

Nvidia's Vera Rubin rollout is going well, but hyperscalers (Google TPU v8-v10, AWS, Microsoft, Meta, Alibaba, Tencent, Baidu) are developing custom accelerators to reduce Nvidia…

$CRAFT-VENTURESneutral· mediumleo schwartz

David Sacks targets $1B later-stage fund for Craft Ventures

David Sacks is raising a $1B sole fund for Craft Ventures focused on Series A and later (no seed), down from prior $1.3B across two funds, reflecting industry shift to larger late…

$CRM···bearish· mediumlaura bratton

USDA cuts Salesforce spend for C3.ai, signaling SaaS pricing power risk

USDA reduced its largest Salesforce enterprise agreement from $294M to $277M over five years and shifted a correspondence tracking workload to C3.ai despite higher cost ($9M vs $6…

$AI···neutral· mediumlaura bratton

C3.ai wins USDA AI contract but revenue halved in April quarter; one deal insufficient to turn trajectory

USDA chose C3.ai over Salesforce for a $9M/year correspondence-tracking contract citing better AI capabilities and forward-deployed engineers; however C3.ai's revenue fell >50% in…

$PLTR···bullish· mediumlaura bratton

Palantir lands $300M USDA contract for AI overhaul of farmer acreage reporting, emerging as government AI winner

USDA awarded Palantir a $300M contract to completely rebuild its farmer acreage reporting application using AI, signaling broader government AI adoption where Palantir is a primar…

$AI···neutral· lowlaura bratton

C3.ai wins USDA contract but revenue fell >50%, M&A speculated

C3.ai secured a $9M USDA contract for correspondence tracking with forward-deployed engineers, but revenue fell more than half in April quarter and CEO called results unacceptable…

$PLTR···bullish· mediumlaura bratton

Palantir wins $300M USDA contract for AI overhaul

USDA awarded Palantir a $300M contract to recreate its acreage reporting application, signaling government AI adoption accelerating with Palantir as a major beneficiary.

←

▶ 14:32 · $NVDA · Hyperscalers building own chips need Eliyan's interconnect to compete with Nvidia

episode briefing

The Information

Inside Kalshi’s $4B+ in Annualized Revenue, Chip Infrastructure Startup Eliyan Hits Unicorn Status

2026-08-13 · 16 company · 11 thematic

sentiment

7 bull2 bear7 neu

speakers

ramin farjadrad

Co-founded Eliyan, a chiplet interconnect startup that raised $145M at $1B valuation; focuses on die-to-die and optical rack-to-rack connectivity for AI systems.

patrick soheili

Co-founded Eliyan; previously worked in semiconductor industry; provides deep technical perspective on memory bottleneck, hyperscaler custom silicon, and interconnect landscape.

yuechi yang

Covers crypto and prediction markets; broke exclusive story on Kalshi's financials and fundraising.

leo schwartz

Covers intersection of AI, crypto, and Washington policy; reported on David Sacks' return to Craft Ventures and White House AI policy dynamics.

laura bratton

Writes the Applied AI newsletter for The Information, reporting on enterprise AI adoption, coding agents, and frontier model competition.

quote

“Vera Rubin does have a significant presence in the marketplace. But on top of that, a lot of these guys are developing their own chips coming up with their own solutions. I mean, TPUs are now in generation 8 going to 9, eventually 10. Same…”

—patrick soheili

now playing · $NVDA

$KALSHIbullish· highyuechi yang

Kalshi hits $4B+ annualized revenue, raising at $40B valuation

Kalshi's annualized revenue doubled to over $4B in three months driven by World Cup event contracts, with advanced talks to raise at a $40B valuation (nearly 2x May's $22B), thoug…

$HOOD···neutral· lowyuechi yang

Robinhood cuts Kalshi dependence, backs rival exchange Rosera with SIG

Robinhood reduced its share of Kalshi trading volume from ~50% to <20% over the past year after directing orders to Rosera, an exchange it backed with SIG, signaling strategic shi…

$ELIYANbullish· highramin farjadrad

Eliyan raises $145M at $1B valuation for chiplet interconnect

Eliyan's die-to-die, chip-to-chip, and rack-to-rack interconnect solves the connectivity bottleneck for next-gen AI systems, with fastest high-speed die-to-die at lowest power and…

$NVDA···neutral· highpatrick soheili

Hyperscalers building custom silicon to reduce Nvidia dependency; Vera Rubin rollout progressing but ecosystem fragmenting

Nvidia's Vera Rubin rollout is going well, but all major hyperscalers (Google TPU v8→v9→v10, AWS Trainium, Microsoft Maia, Meta MTIA, Alibaba/Tencent/Baidu) are developing proprie…

$MU···bullish· highpatrick soheili

Memory bottleneck persists: only Samsung, SK Hynix, Micron have capacity; new fabs take years and billions

AI memory demand remains insatiable with only three suppliers (Samsung, SK Hynix, Micron) able to produce at advanced nodes; capacity is concentrated among few hyperscaler custome…

$AVGO···neutral· mediumramin farjadrad

Eliyan claims technology lead over Broadcom in die-to-die and optical rack-to-rack interconnects

Eliyan competes directly with Broadcom in AI connectivity but asserts a multi-year lead in high-speed die-to-die and optical rack-to-rack solutions that match copper's reliability…

$GOOGL···bullish· mediumpatrick soheili

Google TPU roadmap advancing to v10 as hyperscalers vertically integrate custom AI silicon

Google's TPU program is now at generation 8 moving to 9 and eventually 10, exemplifying the hyperscaler trend of building proprietary accelerators to reduce Nvidia reliance and op…

$AVGO···bearish· mediumramin farjadrad

Eliyan claims years-ahead lead over Broadcom in die-to-die and optical interconnect

Eliyan co-founder asserts they are years ahead of Broadcom in die-to-die interconnect (fastest at lowest power) and have optical rack-to-rack solutions replacing copper, positioni…

$MU···bullish· highpatrick soheili

Memory bottleneck structural: only 3 suppliers, years to add capacity

Memory supply remains a structural bottleneck with only Samsung, SK Hynix, and Micron having capacity at leading-edge geometries; building new fabs takes years and billions, while…

$NVDA···neutral· mediumpatrick soheili

Hyperscalers building own chips need Eliyan's interconnect to compete with Nvidia

Nvidia's Vera Rubin rollout is going well, but hyperscalers (Google TPU v8-v10, AWS, Microsoft, Meta, Alibaba, Tencent, Baidu) are developing custom accelerators to reduce Nvidia…

$CRAFT-VENTURESneutral· mediumleo schwartz

David Sacks targets $1B later-stage fund for Craft Ventures

David Sacks is raising a $1B sole fund for Craft Ventures focused on Series A and later (no seed), down from prior $1.3B across two funds, reflecting industry shift to larger late…

$CRM···bearish· mediumlaura bratton

USDA cuts Salesforce spend for C3.ai, signaling SaaS pricing power risk

USDA reduced its largest Salesforce enterprise agreement from $294M to $277M over five years and shifted a correspondence tracking workload to C3.ai despite higher cost ($9M vs $6…

$AI···neutral· mediumlaura bratton

C3.ai wins USDA AI contract but revenue halved in April quarter; one deal insufficient to turn trajectory

USDA chose C3.ai over Salesforce for a $9M/year correspondence-tracking contract citing better AI capabilities and forward-deployed engineers; however C3.ai's revenue fell >50% in…

$PLTR···bullish· mediumlaura bratton

Palantir lands $300M USDA contract for AI overhaul of farmer acreage reporting, emerging as government AI winner

USDA awarded Palantir a $300M contract to completely rebuild its farmer acreage reporting application using AI, signaling broader government AI adoption where Palantir is a primar…

$AI···neutral· lowlaura bratton

C3.ai wins USDA contract but revenue fell >50%, M&A speculated

C3.ai secured a $9M USDA contract for correspondence tracking with forward-deployed engineers, but revenue fell more than half in April quarter and CEO called results unacceptable…

$PLTR···bullish· mediumlaura bratton

Palantir wins $300M USDA contract for AI overhaul

USDA awarded Palantir a $300M contract to recreate its acreage reporting application, signaling government AI adoption accelerating with Palantir as a major beneficiary.