SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers

The conversation centers on the AI boom's impact on data centers and power demand, questioning the sustainability of current growth rates. Jeremie Eliahou Ontiveros from Semi-Analysis, highlights NVIDIA's significant role, noting the company alone accounts for five gigawatts of data center demand in 2024. He forecasts a data center supply shortage, suggesting upside for related supply chain companies. The discussion explores the potential for overbuilding, given efficiency gains in AI inferencing, with DeepSeek's model efficiency being below trend. They address the increasing use of synthetic data in AI training and the need for better quality control. The conversation also covers NVIDIA's competitive advantages, particularly in networking for inference, and the potential for Bitcoin miners to transition into AI data center providers, with Applied Digital being a credible number two behind Core Scientific.