Same GPU, 50% More Output: Why the Operator Matters — Oliver Kennon, SemiAnalysis

Oliver Kennon of SemiAnalysis argues that GPU hours are an input rather than the product, and that the operator determines how much useful intelligence those hours produce. The talk covers serving stacks, cluster security, ClusterMAX operator ratings, rental price versus production cost, relative cost-curve positioning, and what compute grades and futures can and cannot hedge.