I can see the big chip makers making out like bandits - a la Cisco and other infra providers with the rise of the internet.

They are facing competition from companies making hardware geared toward that inference that I think will push their margins down over time.

On the other end of the competitive landscape, what moat do those companies have? What is to stop OpenAI from pulling a Facebook and Sherlocking the most profitable products built on their platform?

Something like Apple developing a chip than can do LLM inference on device would completely upend everything.