Research briefing
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA’s CPU Bet: Where AI Agents Run Their Code
https://newsletter.bepresearch.com/p/nvidia-wants-the-computers-behind
BEP Research · videos & media
Research,
in conversation.
AI infrastructure, explained through systems and economics.
Explore BEP Research’s videos and interviews with founder Ben Pouladian. Follow the discussion from chips and memory to the cost of delivering useful AI.
Latest interview · Monetary Matters
Why AMD Is the Most Overhyped Chip Stock | Ben Pouladian on Meta’s Muse, Anthropic IPO, & Semis
Ben Pouladian joins Jack Farley on Monetary Matters to discuss Meta’s Muse, the economics of agentic AI, NVIDIA versus AMD, data center power constraints, Anthropic’s IPO filing, and AI’s move into biology.
75 minutes · Full conversation
More interviews & videos ↗· Monetary Matters on YouTube · Watch on YouTube ↗
From the channel
Interviews & perspectives.
Short video / excerpt
· BEP Research on YouTube · Watch on YouTube ↗
How AI Data Moves: From GPU Racks to Optical Networks | BEP Research
AI infrastructure gets a lot more interesting when you follow the data.
Short video / excerpt
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA GPUs: The Fifth Avenue of Compute | Ben Pouladian
I compare NVIDIA GPUs to Fifth Avenue real estate: when one tenant leaves, who wants the next lease?
Short video / excerpt
· BEP Research on YouTube · Watch on YouTube ↗
The Next Inflection Is the Lab | BEP Research AI-Science Basket
AI is moving from answering questions to running experiments.
Research briefing
· BEP Research on YouTube · Watch on YouTube ↗
Agent Wars: Grok Bot vs Muse vs Dots — Bigger AI Bill?
https://newsletter.bepresearch.com/p/devday-cheaper-ai-faster-agents-nvidia
Short video / excerpt
· BEP Research on YouTube · Watch on YouTube ↗
Anthropic passed OpenAI. Did OpenAI just take it back? #OpenAI #Anthropic #AI
Anthropic went from about $9B to $65B in annualized revenue run-rate between the end of 2025 and July 2026, passing OpenAI in the spring. Axios reports OpenAI is now approaching $70B.
Full interview
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA, OpenAI and the AI Rent-or-Own Decision
Ben Pouladian joins ETN’s Luke Knight and Ronan Chambers to discuss NVIDIA, open models, cost per task, and AI’s next inflection in the lab.
Research briefing
· BEP Research on YouTube · Watch on YouTube ↗
Free Isn't Cheap Enough: What GPU vs TPU Headlines Leave Out | BEP Research
Read the full article: https://bepresearch.substack.com/p/free-isnt-cheap-enough
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA: The Chip Is Dead, Long Live the Factory
Two days after the print, and the argument Ben Pouladian keeps making is that people are still pricing NVIDIA as a company that sells chips. What it sells is a building that turns electricity into tokens, and almost every competitive question in AI right now falls out of that one distinction.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA's Q2: Supply Is the Cap, Not the Demand
NVIDIA guided into a ceiling it cannot lift fast enough, and the market spent the next morning calling the ceiling a slowdown. Ben Pouladian's read the day after the print: the quarter never had a demand problem, and almost nobody is pricing what is arriving behind it.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
He Led People Blindly Into the Slaughterhouse: The Nebius Short
Michael Burry told his subscribers he was short Nebius. Four sessions later the company printed 454% revenue growth and the stock closed up 34%. Ben Pouladian's read on air: "He led a lot of people blindly into the slaughterhouse."
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
Google Has Become the Elder Statesman IBM of the Hyperscalers
Hours after Demis Hassabis stepped back from the DeepMind CEO seat and Jeff Dean left to found Discovery Loop, Ben Pouladian joined the European Technology Network with a four-month-old receipt: DeepMind had one talk and no booth at Google Cloud Next, and he wrote about it at the time.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
A Generation Behind: AMD's Big Helios Ramp Is Q1 2027 The Information TV
AMD grew 50% in Q2 and the stock sold off anyway. Ben Pouladian's read is that the market stopped looking at the print and started reading the ramp schedule.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
I Couldn't Find the Chip": An Open Letter to AMD's Lisa Su Ben Pouladian
AMD says its new Venice CPU beats NVIDIA's Vera by about 20% on single-core performance. Ben Pouladian of BEP Research read all 132 pages of AMD's own Advancing AI deck looking for the part behind that score and could not find it: no model number, no wattage, no price, and nothing matching it on AMD's published price list. He published an open letter to Lisa Su at 6am the morning of this interview. AMD reports Q2 the next day.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
Ben Pouladian on the Memory Crash, Bloom Energy and Open Models
Memory stocks gave back a third of a parabolic run in a month and a lot of people decided the AI trade was finished. Ben Pouladian of BEP Research reads it as leverage coming out rather than a thesis breaking, then makes the harder argument: memory was never the binding constraint anyway.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
Why Etched's Inference Chip Has a Depreciation Problem GPUs Don't
Etched came out of stealth on June 30 with $800M raised and over a billion in customer contracts, and X spent the day calling it the next NVIDIA killer. Ben Pouladian (BEP Research) joined Jack Farley and Max Wiethe on MTS Live to explain the part the hype skipped: a chip with the transformer architecture etched into fixed-function silicon is frozen at tape-out, while a GPU keeps getting faster in software over the same life. The bet Etched is making is that attention never gets displaced.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
Nebius vs CoreWeave: Debt, Equity, and Who Wins the Compute Crunch | Ben Pouladian
Ben Pouladian (BEP Research) breaks down the real difference between Nebius and CoreWeave: how Nebius rolls with equity and shorter-term contracts to capture spot pricing, while CoreWeave's debt-laden, long-term-contract model trades pricing power for stability. Plus Nebius's Yandex roots, its custom-everything build approach, the Microsoft prepay, and why the Bitcoin-miner-to-HPC crowd faces a consolidation reckoning when margin compression hits. From Ben's conversation with Jack Farley and Max
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
The AI Compute Shortage Is Worse Than You Think | Ben Pouladian
Ben Pouladian (BEP Research) joins Jack Farley and Max Wiethe to break down where we really are in the AI build-out: whether token demand is peaking, why Google reportedly paid double the market price to rent compute, how Nebius and CoreWeave differ on debt vs equity and pricing power, the coming neocloud consolidation, the photonics timing debate out of COMPUTEX, and the bear case on high bandwidth memory (and why he's still long NVIDIA). Ben is the founder of BEP Research, an institutional-gra
Short video / excerpt
· BEP Research on YouTube · Watch on YouTube ↗
NVIDIA's VP Tells Me Most People Don't Understand This Ben Pouladian | GTC 2026
An interview from BEP Research’s GTC 2026 coverage, hosted by Ben Pouladian.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
The Orchestration Layer Is the New Platform War — Ben Pouladian | GTC 2026 #nvidia #software
BEP commentary from GTC 2026 on the software layer coordinating AI infrastructure.
From the channel
· BEP Research on YouTube · Watch on YouTube ↗
GTC 2026: The Future of AI Infrastructure — NVIDIA, Groq & the Inference Revolution | Ben Pouladian
Ben Pouladian’s GTC 2026 overview of NVIDIA, Groq, and the inference stack. A starting point for BEP’s system-level perspective.
Narrated research · September 16, 2026
Cheaper tokens are not the whole investment case.
A 66-second narrated briefing with charts and English captions. Inspect the selected model prices and follow the measurement question.
Watch the briefing and read the sources ↗
Selected press
AI infrastructure in the wider conversation.
The Wall Street Journal
We’re Using So Much AI That Computing Firepower Is Running Out
Ben Pouladian was quoted on AI compute capacity in reporting by Angel Au-Yeung and Robbie Whelan.
Read the Wall Street Journal article ↗Publisher subscription may be required.
Media & speaking
Bring the AI infrastructure question.
For interviews, panels, and speaking inquiries, share the outlet or event, topic, audience, format, and timing. For a private team briefing or a scoped research project, explore our institutional services.