NVIDIA · strategyFree to read
The Only Company That Can Afford Free
What NVIDIA’s role in open source AI means for the economics of compute.
Independent AI infrastructure research
From silicon
to cash flow.
Understand the technology. Follow the economics.
BEP connects engineering, market data, and investment research to explain the businesses being built around AI.
Selected research
Ideas worth spending time with.
Memory · engineeringFree to read
The Write Problem: Which AI Bytes Actually Belong on NAND
Ben Pouladian and Rick Xie examine the constraints behind AI memory demand.
NVIDIA · earningsFor subscribers
The Audit: Nvidia Answers on August 26
A review of BEP’s published NVIDIA work ahead of the company’s earnings.
An observation from The Stack
AI changes fast.
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LLMflation follows a weighted basket of model output prices against GPT-4’s March 2023 launch price. It’s one way our research moves from a narrative to a number.
Explore the market dashboard The full dashboard is included with a paid subscription.LLMflation
As of 2026-09-10
21.4GPT-4 launch = 100
How to read this comparison
A price-basket comparison, not a measure of equivalent model quality or task success. Weights: OpenAI 30%, Anthropic 25%, Google 20%, DeepSeek 15%, open-weight models 10%. The launch reference is $60 per million output tokens.
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01
The Stack
GPU and token prices, infrastructure costs, and the margins behind AI.
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02
Compute Scarcity Index
Track how tight compute markets are, which way they’re moving, and what drives the change.
LevelMomentumComponent drivers
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03
Open research tools
Interactive supply chains, AI task economics, and the research call sheet.
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People behind the work
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Our work brings together the BEP team and specialist research collaborators. The memory series is one example: engineering and standards analysis paired with the economics of the business.
Founder · BEP Research
Ben Pouladian
Electrical engineer, operator, and investor. Ben leads BEP Research and the investment framing of our collaborative memory series.
About Ben ↗Research collaborator · memory systems
Rui “Rick” Xie
A memory-systems researcher and co-author of our memory series. Rick leads its engineering and standards analysis, from DRAM to SSDs.
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