{
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  "author": "SemiAnalysis Dylan Patel",
  "title_listed": "MI300X vs H100 vs H200 Benchmark Part 1: Training",
  "keywords": "GPU,基准,训练",
  "domain": "机器学习",
  "content_type": "深度技术解析",
  "is_paid_flag": "否",
  "url": "https://newsletter.semianalysis.com/p/mi300x-vs-h100-vs-h200-benchmark",
  "publish_date": "2024-12",
  "corpus_stage": "预训练/SFT",
  "notes": "GPU训练基准对比",
  "id": "44bd84350c98",
  "collected_at": "2026-10-01T20:46:34",
  "title": "SemiAnalysis | Dylan Patel | Substack",
  "body_markdown": "[![SemiAnalysis](https://substackcdn.com/image/fetch/$s_!-cKQ!,w_40,h_40,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc56db922-37c2-4d28-baac-2f4653e1ab00_512x512.png)](https://newsletter.semianalysis.com/)\n# [![SemiAnalysis](../images/013.png)](https://newsletter.semianalysis.com/)\nSubscribeSign in\n[Home](https://newsletter.semianalysis.com/)\n[Main Site](https://semianalysis.com)\n[Models & Research](https://semianalysis.com/models-research/)\n[Die Yield Calculator](https://semianalysis.com/die-yield-calculator/)\n[Compliance](https://semianalysis.com/compliance-polices/)\n[Archive](https://newsletter.semianalysis.com/archive)\n[About](https://newsletter.semianalysis.com/about)\n## Page not found\nLatestTopDiscussions\n[How GLM5.3 Sparse Attention Affects HBM Memory Usage](https://newsletter.semianalysis.com/p/sparse-savings-persistent-demand-inside-glm53)\n[GLM-5.3, KV Cache Offloading, HiSparse, AgentX TileRT, InferenceX DeepSeek Sparse Attention, IndexShare, Single-rollout Asynchronous Optimization…](https://newsletter.semianalysis.com/p/sparse-savings-persistent-demand-inside-glm53)\nSep 28 • [Kimbo Chen](https://substack.com/@kimbobachen), [Alec Ibarra](https://substack.com/@adibarrasemi), [Wenyao Gao](https://substack.com/@wenyaogao), [Pratt Bhatt](https://substack.com/@pratt407051), [Bryan Shan](https://substack.com/@cheese01), and [Dylan Patel](https://substack.com/@semianalysis)\n80\n2\n![](../images/014.jpeg)\n[Intel Panther Lake Teardown](https://newsletter.semianalysis.com/p/intel-panther-lake-teardown)\n[Taking a look inside Intel’s latest consumer chip and 18A process node](https://newsletter.semianalysis.com/p/intel-panther-lake-teardown)\nSep 26 • [Adith Shankar](https://substack.com/@semishankar), [Daniel Sanchez](https://substack.com/@danchezsemianalysis), [Allison Elliott](https://substack.com/@allisonelliott1), [Sarah Lawrence](https://substack.com/@sarahlaw77), [Afzal Ahmad](https://substack.com/@afzalahmad), [Andrew Wagner](https://substack.com/@semiwags), [STEEL Team](https://substack.com/@steelsemi), and [Dylan Patel](https://substack.com/@semianalysis)\n103\n8\n![](../images/032.png)\n[The Chinese AI Infrastructure Boom: Introducing the SemiAnalysis China Datacenter Model](https://newsletter.semianalysis.com/p/the-chinese-ai-infrastructure-boom)\n[1,000+ facilities across 60+ operators mapped, built retail-first and flipped by AI, largest hyperscaler leases 1/5 national capacity, 100MW in 12…](https://newsletter.semianalysis.com/p/the-chinese-ai-infrastructure-boom)\nSep 25 • [Everlyn](https://substack.com/@everlyn832977), [Dylan Patel](https://substack.com/@semianalysis), and [Patrick Schaabi](https://substack.com/@patrickschaabi)\n136\n12\n![](../images/body-3e6affd0a71ab2f9fd64.png)\n[ClusterMAX 3.0: The Industry Standard GPU Cloud Rating System Returns](https://newsletter.semianalysis.com/p/clustermax-30-the-industry-standard)\n[In gory detail: reliability, performance, support, pricing—and, of course, security—in our most thorough analysis of GPU cloud providers globally.](https://newsletter.semianalysis.com/p/clustermax-30-the-industry-standard)\nSep 23 • [Jordan Nanos](https://substack.com/@jnanos), [Sam Harshe](https://substack.com/@sjharshe), [Samuel Kruse](https://substack.com/@samdkruse), [Pratt Bhatt](https://substack.com/@pratt407051), [Billy Cao](https://substack.com/@aliencaocao), [Jack Carson](https://substack.com/@jdvcarson), and [Dylan Patel](https://substack.com/@semianalysis)\n91\n9\n![](../images/body-2ef8a370ed00c578df0e.png)\n[Computation and Data Movement for Inference](https://newsletter.semianalysis.com/p/computation-and-data-movement-for)\n[Mapping MoE models onto inference hardware: structure, flow, and efficient serving](https://newsletter.semianalysis.com/p/computation-and-data-movement-for)\nSep 21 • [Tanj Bennett](https://substack.com/@tanjbennett), [Bryan Shan](https://substack.com/@cheese01), and [Dylan Patel](https://substack.com/@semianalysis)\n217\n7\n![](../images/body-05e1d617315041f4854a.png)\n[Engrams Embedding Entendre: Codesign for Efficient DRAM/SSD Offloading](https://newsletter.semianalysis.com/p/engrams-embedding-entendre-codesign)\n[New Model Architecture Implications for TAM of DRAM/NVMe, DeepSeek V4.1 Flash, AgentX, InferenceX, NVMe experiments](https://newsletter.semianalysis.com/p/engrams-embedding-entendre-codesign)\nSep 18 • [Bryan Shan](https://substack.com/@cheese01), [Cam Quilici](https://substack.com/@camjquilici), [Alec Ibarra](https://substack.com/@adibarrasemi), [Kimbo Chen](https://substack.com/@kimbobachen), [Myron Xie](https://substack.com/@myronxie), and [Dylan Patel](https://substack.com/@semianalysis)\n94\n5\n![](../images/body-360bd2b8bceb50d04d3f.png)\n[Everyone Says Datacenter Moratoriums Are Killing the US Buildout. 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TileRT InferenceX ](https://newsletter.semianalysis.com/p/ultra-high-interactivity-on-nvidia)\n[Can TileRT software on NVIDIA GPU compete with Cerebras, Groq LPU, SambaNova? Batch Size 1, Disaggregated engine, high throughput prefill engine, high…](https://newsletter.semianalysis.com/p/ultra-high-interactivity-on-nvidia)\nAug 10 • [Bryan Shan](https://substack.com/@cheese01), [Daniel Nishball](https://substack.com/@danielnishball730869), [Cam Quilici](https://substack.com/@camjquilici), [Kimbo Chen](https://substack.com/@kimbobachen), [Alec Ibarra](https://substack.com/@adibarrasemi), and [Dylan Patel](https://substack.com/@semianalysis)\n148\n1\n6\n![](../images/body-26dd4da5559a11e48984.png)\n[SpaceX 10GW in 2027 – Why It’s Real, Will Drive $300B ARR for SpaceX, and Why Microsoft Will Be the Largest Offtaker](https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real)\n[Inference at 100B/GW/year, SpaceX's stellar pace, Microsoft's 10GW 2026 Awakening, Azure Can Grow Triple-Digits](https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real)\nAug 7 • [Jeremie Eliahou Ontiveros](https://substack.com/@jeremieeliahouontiveros), [Reyk Knuhtsen](https://substack.com/@reykknuhtsen), [Jordan Nanos](https://substack.com/@jnanos), [Max Kan](https://substack.com/@mlkan), [Dylan Patel](https://substack.com/@semianalysis), and [Muhammad Zuhair](https://substack.com/@mzuhair)\n302\n11\n20\n![](../images/body-21babee2207c8b91af12.png)\n[Gemini is Cooked but GCP is Cooking](https://newsletter.semianalysis.com/p/gemini-is-cooked-but-gcp-is-cooking)\n[GCP YoY rev growth >100%, DeepMind's long term failure is Google Cloud's short term gain](https://newsletter.semianalysis.com/p/gemini-is-cooked-but-gcp-is-cooking)\nAug 7 • [Max Kan](https://substack.com/@mlkan), [Joey Brookhart](https://substack.com/@joeysemianalysis), [Doug O'Laughlin](https://substack.com/@mule), and [Dylan Patel](https://substack.com/@semianalysis)\n324\n9\n30\n![](../images/body-6d1e9ffa056c4c4ed265.png)\n[Kimi K3, The Manos, The Mythos, The Legendos](https://newsletter.semianalysis.com/p/kimi-k3-the-manos-the-mythos-the)\n[Kimi K3’s architecture: compressed memory, attention across depth, latent expert routing, and serving performance](https://newsletter.semianalysis.com/p/kimi-k3-the-manos-the-mythos-the)\nAug 3 • [Kimbo Chen](https://substack.com/@kimbobachen), [Shubham Choudhari](https://substack.com/@shubham007272), [Bryan Shan](https://substack.com/@cheese01), and [Dylan Patel](https://substack.com/@semianalysis)\n176\n12\n![](../images/body-8f7c7f667af3963accf0.png)\n© 2026 Dylan Patel · [Privacy](https://substack.com/privacy) ∙ [Terms](https://substack.com/tos) ∙ [Collection notice](https://substack.com/ccpa#personal-data-collected)\n[ Start your Substack](https://substack.com/signup?utm_source=substack&utm_medium=web&utm_content=footer)[Get the app](https://substack.com/app/app-store-redirect?utm_campaign=app-marketing&utm_content=web-footer-button)\n[Substack](https://substack.com) is the home for great culture\n",
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Patel](https://substack.com/@semianalysis)\n80\n2\n![](https://substackcdn.com/image/fetch/$s_!wR4I!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdd8de70-5e6e-493b-a311-ac69725ba234_1536x1024.jpeg)\n[Intel Panther Lake Teardown](https://newsletter.semianalysis.com/p/intel-panther-lake-teardown)\n[Taking a look inside Intel’s latest consumer chip and 18A process node](https://newsletter.semianalysis.com/p/intel-panther-lake-teardown)\nSep 26 • [Adith Shankar](https://substack.com/@semishankar), [Daniel Sanchez](https://substack.com/@danchezsemianalysis), [Allison Elliott](https://substack.com/@allisonelliott1), [Sarah Lawrence](https://substack.com/@sarahlaw77), [Afzal Ahmad](https://substack.com/@afzalahmad), [Andrew Wagner](https://substack.com/@semiwags), [STEEL Team](https://substack.com/@steelsemi), and [Dylan 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Patel](https://substack.com/@semianalysis)\n91\n9\n![](https://substackcdn.com/image/fetch/$s_!uBlF!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F247f46f3-f80c-4487-bba4-e7aa10d36e30_1448x1086.png)\n[Computation and Data Movement for Inference](https://newsletter.semianalysis.com/p/computation-and-data-movement-for)\n[Mapping MoE models onto inference hardware: structure, flow, and efficient serving](https://newsletter.semianalysis.com/p/computation-and-data-movement-for)\nSep 21 • [Tanj Bennett](https://substack.com/@tanjbennett), [Bryan Shan](https://substack.com/@cheese01), and [Dylan Patel](https://substack.com/@semianalysis)\n217\n7\n![](https://substackcdn.com/image/fetch/$s_!L_rU!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ab3a5dc-803c-4d91-b513-ca10e9ea2df6_2048x1289.png)\n[Engrams Embedding Entendre: Codesign for Efficient DRAM/SSD Offloading](https://newsletter.semianalysis.com/p/engrams-embedding-entendre-codesign)\n[New Model Architecture Implications for TAM of DRAM/NVMe, DeepSeek V4.1 Flash, AgentX, InferenceX, NVMe experiments](https://newsletter.semianalysis.com/p/engrams-embedding-entendre-codesign)\nSep 18 • [Bryan Shan](https://substack.com/@cheese01), [Cam Quilici](https://substack.com/@camjquilici), [Alec Ibarra](https://substack.com/@adibarrasemi), [Kimbo Chen](https://substack.com/@kimbobachen), [Myron Xie](https://substack.com/@myronxie), and [Dylan Patel](https://substack.com/@semianalysis)\n94\n5\n![](https://substackcdn.com/image/fetch/$s_!LKos!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32927bec-0019-418f-9d4b-2d34e397f805_1536x1024.png)\n[Everyone Says Datacenter Moratoriums Are Killing the US Buildout. We disagree ](https://newsletter.semianalysis.com/p/everyone-says-datacenter-moratoriums)\n[300+ moratoriums mapped, 20GW sits inside a restricted local boundary, 1,525MW actually slips, 2.3GW nationwide including New York](https://newsletter.semianalysis.com/p/everyone-says-datacenter-moratoriums)\nSep 15 • [Maya Barkin](https://substack.com/@mayabkn), [Reyk Knuhtsen](https://substack.com/@reykknuhtsen), [Jeremie Eliahou Ontiveros](https://substack.com/@jeremieeliahouontiveros), and [Dylan Patel](https://substack.com/@semianalysis)\n138\n12\n![](https://substackcdn.com/image/fetch/$s_!xGnO!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d6604d8-7a37-43db-9426-d899d049b747_1536x1024.png)\n[Vera Rubin NVL72 Agentic Inference: 67x better Performance per Dollar](https://newsletter.semianalysis.com/p/vera-rubin-nvl72-agentic-inference)\n[Jensen Sandbagging Performance Again, 2x more Annual Profit Per GigaWatt, The More you Buy, The More you Earn, AgentX, InferenceX, Extreme Co-Design](https://newsletter.semianalysis.com/p/vera-rubin-nvl72-agentic-inference)\nSep 14 • [Bryan Shan](https://substack.com/@cheese01), [Alec Ibarra](https://substack.com/@adibarrasemi), [Cam Quilici](https://substack.com/@camjquilici), [Wenyao Gao](https://substack.com/@wenyaogao), and [Dylan Patel](https://substack.com/@semianalysis)\n100\n6\n9\n![](https://substackcdn.com/image/fetch/$s_!JKCR!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8829d732-7361-4eaf-91b3-125f03b8083c_1448x1086.png)\n[A Brain Too Big to Carry — On-Device vs Datacenter Inference](https://newsletter.semianalysis.com/p/a-brain-too-big-to-carry-on-device)\n[Robot Models, Silicon & DRAM Efficiency, Jetson Thor vs. B300 TCO, Deployments, The Network Wall](https://newsletter.semianalysis.com/p/a-brain-too-big-to-carry-on-device)\nSep 14 • [Ivan Chiam](https://substack.com/@ivanchiam), [Gianluca Bencomo](https://substack.com/@bencomog), [Zane Fong](https://substack.com/@zanefong), [Bryan Shan](https://substack.com/@cheese01), [Dylan Patel](https://substack.com/@semianalysis), and [Reyk Knuhtsen](https://substack.com/@reykknuhtsen)\n170\n2\n10\n![](https://substackcdn.com/image/fetch/$s_!LbD2!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76d10434-1889-4ac2-9858-6bcb61090385_1672x941.png)\n[Long Live the Short King: Why 4-hi HBM Wins](https://newsletter.semianalysis.com/p/long-live-the-short-king-why-4-hi)\n[Same Bandwidth, Fewer Dies: How 4-hi HBM Cuts Inference Costs and Makes Scarce DRAM Go Further](https://newsletter.semianalysis.com/p/long-live-the-short-king-why-4-hi)\nSep 13 • [Myron Xie](https://substack.com/@myronxie), [Bryan Shan](https://substack.com/@cheese01), [Harrison Barclay](https://substack.com/@harrison905588), [Minjae Kang](https://substack.com/@minjae00), and [Dylan Patel](https://substack.com/@semianalysis)\n143\n4\n11\n![](https://substackcdn.com/image/fetch/$s_!aALj!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9a903a1-c273-4430-aa70-52a788cda431_1672x941.png)\n[Nvidia’s Backstop Universe – Heads I Win, Tails Who Loses? ](https://newsletter.semianalysis.com/p/nvidias-backstop-universe-heads-i)\n[The $11T AI Buildout, Nvidia’s Backstop Economics, and the Limits of Nvidia’s Balance Sheet](https://newsletter.semianalysis.com/p/nvidias-backstop-universe-heads-i)\nSep 11 • [Daniel Nishball](https://substack.com/@danielnishball730869), [Oliver Kennon](https://substack.com/@oliverkennon1), and [Terence Ong](https://substack.com/@tarzaniskingg)\n132\n2\n7\n![](https://substackcdn.com/image/fetch/$s_!pB4q!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d94950a-1e04-42e0-b237-830e196c667f_10117x5325.png)\n[What is So Hard About Behind-The-Meter Power For Datacenters? Part 1 ](https://newsletter.semianalysis.com/p/what-is-so-hard-about-behind-the)\n[Dumb Science Experiments vs. Money Printing Machines](https://newsletter.semianalysis.com/p/what-is-so-hard-about-behind-the)\nSep 10 • [Ellie Holbrook](https://substack.com/@ellieholbrook), [Robert Boswall](https://substack.com/@robertboswallsa), [Jeremie Eliahou Ontiveros](https://substack.com/@jeremieeliahouontiveros), [Nicolas Bontigui](https://substack.com/@nicolasbontigui), and [Dylan Patel](https://substack.com/@semianalysis)\n145\n2\n13\n![](https://substackcdn.com/image/fetch/$s_!xp5B!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0fe650d6-cdda-4d26-a83d-1e793cf406c0_1672x941.png)\n[TPU Inference Externalization Full Steam Ahead - InferenceX](https://newsletter.semianalysis.com/p/tpu-inferencex-full-steam)\n[InferenceX, Up to 50% Better Performance per Dollar, Rapid Externalization of TPU stack, Growing Customer Base, Ironwood, TPUv8i, Reducing CUDA Moat](https://newsletter.semianalysis.com/p/tpu-inferencex-full-steam)\nSep 7 • [Alec Ibarra](https://substack.com/@adibarrasemi), [Cam Quilici](https://substack.com/@camjquilici), [Bryan Shan](https://substack.com/@cheese01), [Wenyao Gao](https://substack.com/@wenyaogao), [Daniel Nishball](https://substack.com/@danielnishball730869), [Zane Fong](https://substack.com/@zanefong), and [Dylan Patel](https://substack.com/@semianalysis)\n128\n1\n10\n![](https://substackcdn.com/image/fetch/$s_!gIZi!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4e9ae33e-1cec-4f87-91a1-8e18e5cc5fd9_1672x941.png)\n[Korea’s Trillion-Dollar Sovereign AI Investment: Nvidia Wins, Hynix Loses](https://newsletter.semianalysis.com/p/koreas-trillion-dollar-sovereign)\n[Korea hosts a Squid Games, National AI Tournament, the best non-Chinese open source model gets eliminated, why Nvidia needs open source, implications…](https://newsletter.semianalysis.com/p/koreas-trillion-dollar-sovereign)\nSep 1 • [Max Kan](https://substack.com/@mlkan), [Ray Wang](https://substack.com/@rwang07semis), [Myron Xie](https://substack.com/@myronxie), and [Dylan Patel](https://substack.com/@semianalysis)\n187\n2\n14\n![](https://substackcdn.com/image/fetch/$s_!jgiU!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F161bd7c0-9c37-4634-9798-3219d0b4018b_1672x941.png)\n### August 2026\n[Most Neoclouds Suck At Security](https://newsletter.semianalysis.com/p/most-neoclouds-suck-at-security)\n[OpenAI vs HuggingFace, Container Escapes, Kernel Bypass, Network Policies, Security Keys, Multi-tenant Grafana, and a ClusterMAX 3.0 Preview](https://newsletter.semianalysis.com/p/most-neoclouds-suck-at-security)\nAug 30 • [Jordan Nanos](https://substack.com/@jnanos), [Sam Harshe](https://substack.com/@sjharshe), [Pratt Bhatt](https://substack.com/@pratt407051), [Billy Cao](https://substack.com/@aliencaocao), [Jack Carson](https://substack.com/@jdvcarson), and [Dylan Patel](https://substack.com/@semianalysis)\n147\n5\n9\n![](https://substackcdn.com/image/fetch/$s_!zWz0!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc647fca6-8c53-43a7-af27-f4396a31077b_1448x1086.png)\n[OpenAI Jalapeño: Better Than Nvidia Blackwell](https://newsletter.semianalysis.com/p/openai-jalapeno-better-than-nvidia)\n[OpenAI’s self-designed ASIC compared with Rubin, Jalapeño’s TCO, throughput per MW, and spicy deets](https://newsletter.semianalysis.com/p/openai-jalapeno-better-than-nvidia)\nAug 25 • [Bryan Shan](https://substack.com/@cheese01), [Myron Xie](https://substack.com/@myronxie), [Jordan Nanos](https://substack.com/@jnanos), [Wega Chu](https://substack.com/@wegachu), [Clara Ee](https://substack.com/@clarasemianalysis), and [Dylan Patel](https://substack.com/@semianalysis)\n275\n2\n30\n![](https://substackcdn.com/image/fetch/$s_!FdaK!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f308659-4472-47f2-bb48-10442949f1a6_1535x1024.png)\n[AgentX - InferenceXv3: Does CUDA Moat Hold up in Agentic Inferencing?](https://newsletter.semianalysis.com/p/agentx-inferencexv3-does-cuda-moat)\n[$3 Million USD dataset open sourced, 1 Mil+ Context Length, Multiturn, Sub Agents 95%+ KVCache HitRate, GB300 NVL72, MI355, B200](https://newsletter.semianalysis.com/p/agentx-inferencexv3-does-cuda-moat)\nAug 24 • [Cam Quilici](https://substack.com/@camjquilici), [Bryan Shan](https://substack.com/@cheese01), [Alec Ibarra](https://substack.com/@adibarrasemi), [Daniel Nishball](https://substack.com/@danielnishball730869), [Zane Fong](https://substack.com/@zanefong), [Kimbo Chen](https://substack.com/@kimbobachen), and [Dylan Patel](https://substack.com/@semianalysis)\n89\n1\n8\n![](https://substackcdn.com/image/fetch/$s_!wcB4!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a2e9df4-14a4-4a66-b4a1-468ed84f7411_1672x941.png)\n[Are Open Models Catching Up?](https://newsletter.semianalysis.com/p/are-open-models-catching-up)\n[Comparing open vs. closed models across the eras of frontier models, Is the gap narrowing?](https://newsletter.semianalysis.com/p/are-open-models-catching-up)\nAug 21 • [Evan Cloutier](https://substack.com/@evancloutier), [Max Kan](https://substack.com/@mlkan), [Jordan Nanos](https://substack.com/@jnanos), and [Dylan Patel](https://substack.com/@semianalysis)\n255\n4\n29\n![](https://substackcdn.com/image/fetch/$s_!FFre!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6140337-64a1-422d-b974-9af923ba0e9e_1200x630.png)\n[Cerebras's Next Generation CS-4: Fast Just Got Faster](https://newsletter.semianalysis.com/p/cerebrass-next-generation-cs-4-fast)\n[Double the Performance, Double the Power, Double the Fun](https://newsletter.semianalysis.com/p/cerebrass-next-generation-cs-4-fast)\nAug 19 • [Myron Xie](https://substack.com/@myronxie), [Bryan Shan](https://substack.com/@cheese01), [Wega Chu](https://substack.com/@wegachu), [Jordan Nanos](https://substack.com/@jnanos), and [Dylan Patel](https://substack.com/@semianalysis)\n142\n1\n6\n![](https://substackcdn.com/image/fetch/$s_!eBTS!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90818ad0-ee2b-4245-b3ef-7e2875e97add_1672x941.png)\n[$12B of US ratepayers' money wasted on a modeling mistake and PJM wants to do it again](https://newsletter.semianalysis.com/p/12b-of-us-ratepayers-money-wasted)\n[American Grid design needs an overhaul, Why it is good to be full of cold air.](https://newsletter.semianalysis.com/p/12b-of-us-ratepayers-money-wasted)\nAug 16 • [Robert Boswall](https://substack.com/@robertboswallsa), [Reyk Knuhtsen](https://substack.com/@reykknuhtsen), [Jeremie Eliahou Ontiveros](https://substack.com/@jeremieeliahouontiveros), [Oliver Kennon](https://substack.com/@oliverkennon1), [Dylan Patel](https://substack.com/@semianalysis), and [Dashboard American](https://substack.com/@dashboardamerican)\n119\n4\n9\n![](https://substackcdn.com/image/fetch/$s_!ciiL!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa5a893d5-44a1-4d3a-9a8f-3ebb6f5a07b1_1448x1086.png)\n[Ultra-High Interactivity on NVIDIA GPUs? - TileRT InferenceX ](https://newsletter.semianalysis.com/p/ultra-high-interactivity-on-nvidia)\n[Can TileRT software on NVIDIA GPU compete with Cerebras, Groq LPU, SambaNova? Batch Size 1, Disaggregated engine, high throughput prefill engine, high…](https://newsletter.semianalysis.com/p/ultra-high-interactivity-on-nvidia)\nAug 10 • [Bryan Shan](https://substack.com/@cheese01), [Daniel Nishball](https://substack.com/@danielnishball730869), [Cam Quilici](https://substack.com/@camjquilici), [Kimbo Chen](https://substack.com/@kimbobachen), [Alec Ibarra](https://substack.com/@adibarrasemi), and [Dylan Patel](https://substack.com/@semianalysis)\n148\n1\n6\n![](https://substackcdn.com/image/fetch/$s_!IlqS!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F735bcccf-dfa2-41ea-85f6-131b781511cc_1376x768.png)\n[SpaceX 10GW in 2027 – Why It’s Real, Will Drive $300B ARR for SpaceX, and Why Microsoft Will Be the Largest Offtaker](https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real)\n[Inference at 100B/GW/year, SpaceX's stellar pace, Microsoft's 10GW 2026 Awakening, Azure Can Grow Triple-Digits](https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real)\nAug 7 • [Jeremie Eliahou Ontiveros](https://substack.com/@jeremieeliahouontiveros), [Reyk Knuhtsen](https://substack.com/@reykknuhtsen), [Jordan Nanos](https://substack.com/@jnanos), [Max Kan](https://substack.com/@mlkan), [Dylan Patel](https://substack.com/@semianalysis), and [Muhammad Zuhair](https://substack.com/@mzuhair)\n302\n11\n20\n![](https://substackcdn.com/image/fetch/$s_!Fqy7!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc31bfa2-c9d7-4f88-bab6-ca5198c164dc_1672x941.png)\n[Gemini is Cooked but GCP is Cooking](https://newsletter.semianalysis.com/p/gemini-is-cooked-but-gcp-is-cooking)\n[GCP YoY rev growth >100%, DeepMind's long term failure is Google Cloud's short term gain](https://newsletter.semianalysis.com/p/gemini-is-cooked-but-gcp-is-cooking)\nAug 7 • [Max Kan](https://substack.com/@mlkan), [Joey Brookhart](https://substack.com/@joeysemianalysis), [Doug O'Laughlin](https://substack.com/@mule), and [Dylan Patel](https://substack.com/@semianalysis)\n324\n9\n30\n![](https://substackcdn.com/image/fetch/$s_!FSby!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67a15605-b600-4aa7-8634-9c4a39bdd877_1672x941.png)\n[Kimi K3, The Manos, The Mythos, The Legendos](https://newsletter.semianalysis.com/p/kimi-k3-the-manos-the-mythos-the)\n[Kimi K3’s architecture: compressed memory, attention across depth, latent expert routing, and serving performance](https://newsletter.semianalysis.com/p/kimi-k3-the-manos-the-mythos-the)\nAug 3 • [Kimbo Chen](https://substack.com/@kimbobachen), [Shubham Choudhari](https://substack.com/@shubham007272), [Bryan Shan](https://substack.com/@cheese01), and [Dylan Patel](https://substack.com/@semianalysis)\n176\n12\n![](https://substackcdn.com/image/fetch/$s_!ZE1q!,w_320,h_213,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_center/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F872a94ce-6123-4a09-bb86-4f5aa363fece_1672x941.png)\n© 2026 Dylan Patel · [Privacy](https://substack.com/privacy) ∙ [Terms](https://substack.com/tos) ∙ [Collection notice](https://substack.com/ccpa#personal-data-collected)\n[ Start your Substack](https://substack.com/signup?utm_source=substack&utm_medium=web&utm_content=footer)[Get the app](https://substack.com/app/app-store-redirect?utm_campaign=app-marketing&utm_content=web-footer-button)\n[Substack](https://substack.com) is the home for great culture\n",
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