So even if he's talking against his own book, Ho is publicly standing on business. Like most in the industry, he believes that demand for inference will rise dramatically; that there will be a compute crunch soon; that the data center buildout is necessary. But what he's "paranoid" about is that competition from cheap models is forcing frontier labs onto a faster and faster treadmill of spending, and that revenue will never quite catch up. Ho doesn't buy the RSI dream What Ho describes is what analysts, wit ...