Scenario
Merchant GPU vs wafer-scale and custom silicon: where Ark's fund flow votes AI capex hyperscalers + labs Merchant GPU Nvidia · AMD GPU HBM HBM high volume price competition Wafer-scale Cerebras WSE one wafer · single die no HBM join skips HBM bottleneck structurally tighter Custom ASIC Broadcom custom die by contract hyperscaler-owned contract allocation tight supply AMD trim Nvidia add Cerebras add Broadcom add Ark fund flow · actively managed aug rotation votes the tighter-supply lanes AI capex keeps rising all paths win · sector beta AMD the marginal trim GPU pricing compresses tighter-supply lanes hold AMD the marginal loser de-risked since late Apr toggle the scenario — fund votes re-route to the tighter-supply lanes