Chip Execs: AI Demand 'Almost Unlimited'
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- Pat Gelsinger, former Intel CEO and now general partner at Playground Global, told CNBC AI demand is "almost unlimited," calling energy availability "the only real limiter."
- Marc Boroditsky, CRO at Nebius, said demand far exceeds what the company can fulfill and described a shift from "tokenmaxxing" to "valuemaxxing," with CFOs bringing "the hammer down" on AI spending without clear ROI.
- Andrew Feldman, CEO of Cerebras Systems, called Meta and xAI selling excess compute capacity a "unique" case, saying industry-wide demand for compute "far outstrips available capacity."
- Michael Hurlston, CEO of Lumentum, said the company's photonics and optical products are sold out for the next five years, with the stock up roughly 600% over the past 12 months.
- Samsung, one of the world's biggest memory chip companies, forecasted a "gigantic rise" in profit but its stock fell after a 360%+ rally over 12 months.
- Sungyun Park, CEO of Rebellions, said AI infrastructure momentum is "still huge," pushing back against the idea that hyperscalers are overinvesting in infrastructure.
Why it matters: If CEOs are right that compute demand outstrips supply, the Meta and xAI overcapacity concerns driving chip-stock volatility may be overstated—but the execs' own comments confirm enterprises are moving from speculative "tokenmaxxing" to ROI-driven "valuemaxxing," signaling a maturing AI spending cycle.
