Ep. 25 - DYLAN IS HERE, LIVE! | Dylan Patel & Jordan Nanos artwork

Ep. 25 - DYLAN IS HERE, LIVE! | Dylan Patel & Jordan Nanos

SemiAnalysis Weekly

August 17, 2026

Dylan joins the pod today, recorded live from our SF office. Jordan and Dylan discuss SemiAnalysis's AI spend, the model that escaped during training, AI rollups eating private equity, new accelerators vs NVIDIA, and whether the pod gives away too much information for free.
Speakers: Jordan Nanos, Dylan Patel

Topics: Business

**Jordan Nanos** (0:00)
We're gonna have a little video of you walking in yelling, I'm so excited.

**Dylan Patel** (0:04)
Oh, really?

**Jordan Nanos** (0:05)
No.

**Dylan Patel** (0:06)
We had so much fun on these podcasts. I don't know.

**Jordan Nanos** (0:09)
Did you see the one last week?

**Dylan Patel** (0:11)
I hadn't had any feedback, though. So do you want to start this podcast?

**Jordan Nanos** (0:14)
Let's do feedback. We cut out something that was going to be in the Cold Doze the last time where I said, I'm no longer listening to the comments because on one episode with Doug and-

**Dylan Patel** (0:25)
Oh, Google people got so pissed.

**Jordan Nanos** (0:27)
Oh, did they?

**Dylan Patel** (0:28)
Yeah, they just hate us all now. That one clip.

**Jordan Nanos** (0:32)
And he cut out me pushing back on them.
I fully was like, okay, they built Maps in-house, they built Gmail, Google Drive, like the whole G Suite. They built all of GCP. Dude, I don't think you understand Google people.

**Dylan Patel** (0:47)
All my DeepMind friends, there's like three of them were like, yeah, I think I'm going to leave. And I've got a bunch of others who were like, fuck you guys, not fuck you guys, but you get it.

**Jordan Nanos** (0:56)
It sounds like they're in stage two.

**Dylan Patel** (0:58)
Stage two, yeah. Which I only know Cope.
So back in the form warrior days, we would get into chip arguments and there was like a private discord where there was a bunch of like people who loved anime and like people who were all around the world and many of whom were racist because it's anonymous people on the internet. But they all fucking loved anime and I did not like anime.
I never really watched it. Besides like one girl I dated, I watched the anime with her. But besides that, they would always... No, no, I've never dated anyone. I'm a pure.

**Jordan Nanos** (1:32)
So which anime did you watch?

**Dylan Patel** (1:34)
Oh, I watched. Okay, there's one I love. I love Spy X Family.
Anya.

**Jordan Nanos** (1:40)
Sure.

**Dylan Patel** (1:41)
Anya-chan. I don't forget what I was saying.

**Jordan Nanos** (1:44)
Michelle, do you know the reference? Yeah, I do.
I don't have one of the dolls.

**Dylan Patel** (1:49)
You bought me an Anya?
No. Like one of the-

**Jordan Nanos** (1:51)
What is it? A Laboum? A Lor?

**Dylan Patel** (1:53)
Yeah, something from that series. What's that? Floor? What's his name?

**Jordan Nanos** (1:57)
I don't know.

**Dylan Patel** (1:58)
Lloyd, Lloyd. There we go.

**Jordan Nanos** (1:59)
I know less anime than you, man.

**Dylan Patel** (2:01)
Well, yeah. So we're changing topics rapidly. Jordan Nanos is, and this is like HR approved because I'm HR. Jordan Nanos is the hottest man in SemiAnalysis.

**Jordan Nanos** (2:11)
Got this shit. Michelle got this shit.

**Dylan Patel** (2:14)
Oh, gosh. No, no, think about it. Think about it. Look at him. Like fucking I'm fat and look at him. Like, you know, he look at him so beautiful. Tall as fuck. Same age as me, except he's married and has a kid. Owns a home. He's not a degenerate. Like, you know, like this is just like, wow.
Ah, goals.

**Jordan Nanos** (2:32)
Thanks for the employment, man.

**Dylan Patel** (2:42)
Okay, so sorry, going back. Google people were mad at us. They were DMing me and some of them are like, you know, they're in cope.
But regardless, the feedback I've gotten from mostly just my own head. Are we giving away too much value? That's why I came on today because I need to destroy value.

**Jordan Nanos** (3:05)
All right, we can stop.

**Dylan Patel** (3:07)
No, no, no, no, don't stop. It's fine. It's fine.
But someone on the team in turn it was like, Dylan, we give a lot of value away on the weekly. And I'm like, oh, we do. I haven't listened to it, but we do. I bet. I listened to the one where we had the DG Matrix guy and I was like, this is fire as fuck.

**Jordan Nanos** (3:21)
Yeah. Who said that?

**Dylan Patel** (3:24)
Bro, come on, HR's for text anonymity. It wasn't Doug.

**Jordan Nanos** (3:28)
Okay. Jeremy?
It wasn't Doug. So I don't know who is the say. Is it just somebody who's a little upset that they haven't been on yet or what?

**Dylan Patel** (3:35)
No, no, it's someone who's been on. It was someone who's been on.

**Jordan Nanos** (3:37)
Dan?

**Dylan Patel** (3:38)
I don't want to say. Dan wouldn't say that. Dan's a sweetheart.
Anyways, regardless.

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