Gavin on how Blackwell and GB300 will end Google's position as the lowest-cost producer of tokens:
"I think it's important that Google has been the lowest cost producer of tokens. And this is really important because AI is the first time in my career as a tech investor that being the low cost producer has ever mattered.
What Google has been doing as the low cost producer is they have been sucking the economic oxygen out of the AI ecosystem, which is an extremely rational strategy for them -- let's make life really hard for our competitors.
We'll see the first models trained on Blackwell in early 2026. I think the first Blackwell model will come from xAI because they build the data centers the fastest.
The GB300 is a great chip. It is drop-in compatible in every way with those GB200 racks, and the companies that use the GB300s -- they're going to be the low cost producer of tokens.
I think this has pretty profound implications because it has to change Google's strategic calculus.
If you have decisive cost advantage, why not AI at a -30% margin. You make it hard for your competitors who need funding to raise the capital that they need. On the other side of that maybe you have an extremely dominant share position.
Well, all of that changes once Google is no longer the low-cost producer."