There are plenty of suckers willing to gamble on a failing business (massive and rapidly growing debts, assets that can easily be cloned, no realistic path to profitability), so I don't think an IPO is off the table.
https://www.youtube.com/watch?v=0k5aVLi_yhM
When the market crashes, a lot of people lose jobs, and a lot of people die. Everyone suffers but those with money suffer the least, by far.
Don't let the term "nominal" undersell this: it's nominal inequality that locks working people out of assets and imposes upon them the need to service the (otherwise) exponentially growing profit expectations of their economic complements. At no point in the cycle is it better to be poor than rich, but the contractionary quadrant is the one where the gap shrinks.
2008 decreased inequality for a very short time, inequality increased after. The rich have the available assets to profit from instability and are able to ride out unemployment, for the poor a crash and losing their job can be existential.
Why would it? The wealthy people who haven’t allocated their capital to those assets that are depressed from a recession can reallocate to the depressed assets and end up even wealthier on the rebound. People with no money at all don’t have that opportunity to invest.
> At no point in the cycle is it better to be poor than rich, but the contractionary quadrant is the one where the gap shrinks.
That really needs to unwind.
However much potential energy has been stored in it, is going to turn into kinetic energy in the subsequent correction/crash.
The best time for this to happen is as soon as possible, causing the least amount of damage.
I pretty much expect the damage to be immense, though, but that is going to be unavoidable at this point. However big the bubble is, it needs to pop.
In retrospect, we will find that there were truly idiotic decisions made in blowing up the bubble, and in the aftermath the wrong people will almost certainly get hurt, because that is just what we do these days.
Their CEOs know it, and they must have their end game. I'd hate to think they'll just keep running until a hard crash. Hopefully small corrections will slow this down in a more controlled manner.
I thought HBMs are technically the fastest possible thing for inference.
Please don't rely on my [inferior] explanation and search for yourself (start here for insance: https://www.google.com/search?q=what+is+compute+in+memory+an...). Asking about a new field is much better done with AI these days, because you can get it to explain just the interests and questions you personally have, rather than a generic and boring explanation.
In short, better than HBM is not having to move data in and out of memory at all or at least not as much. The compute part in inference is much simpler than the data hauling part.
Couple of examples: Check out Axelera's Europa board (upcoming) or their Metis board (existing). Or check out Mythic.ai which FINALLY managed to raise funds in Nov / Dec 2025. Ironically, her PhD thesis had been gathering dust before that.
Open weight models such as Deepseek, GLM are just as good as the frontier closed models and already we have bank such as Revolut migrating off of frontier closed models and self-hosting. [0]
Micron is a different beast though.