The Chip Was Never the Moat. The Software That Boots It Is.

A $15M seed round is trying to make any AI chip inference-ready automatically. If it works, the scarcity everyone is pricing moves somewhere else, and here is the tripwire to watch for it.

The Hard Part Is No Longer Training the Model. It Is Serving It.

Moonshot shipped a competitive model and ran out of GPUs in 48 hours. The most interesting companies in AI right now sit between the chip and the model, and almost nobody is pricing them.

AI's Money Is Moving Down-Stack: Why Silicon and Sensors Are the New Frontier

A cluster of smaller July deals — licensable GPU IP, silicon photonics, robotics perception — suggests the AI buildout is shifting from the models to the hardware beneath them.