OpenAI unveiled its first custom chip the same week the market sold off on fears the AI buildout has gone too far. Stephen Forte argues those are the same story told from opposite ends — and that what looks like a bubble is closer to a re-pricing.

In this episode:

• OpenAI's "Jalapeno" chip — built with Broadcom, purpose-made for inference, roughly 50% more cost-efficient than standard AI GPUs in early tests, designed in nine months, deploying at gigawatt scale by year-end.
• The selloff — Nasdaq off about 2.2%, Nvidia down roughly 4%, Alphabet's worst day in over a year, on AI-buildout cost fears, rate jitters, and a memory-chip wobble.
• Why it is a re-pricing, not a bubble — the cost of inference has fallen about 10x a year for three years; sof ...