Thompson: Hyperscalers' lower cost of capital and external chip sales commoditize AI compute, eroding Nvidia's moat
Google selling TPUs to Anthropic, Amazon selling Trainium externally — both have lower cost of capital than neo-clouds, sell chips as commodities not differentiated products, don't cannibalize cloud appeal; CUDA moat diminishing as models become hardware-agnostic; Nvidia's circular financing masks margin compression.