Clark Tang
Partner at Altimeter Capital · Co-host/analyst on the BG2 podcast
“when the monetization per gigawatt is actually increasing from, you know, call it like 20, 20 billion in the best, best of cases for at the beginning of the year to now like 30 to even pushing 40 per gigawatt per gigawatt. All of that is very heavy fixed cost base. But all of that is like pure margin flow through now.”
“everyone assumed that Nvidia was going to lose share dramatically on a revenue scale, on a gigawatt scale, on a unit scale.”
“they've actually maintained their share very, very handsomely”
“the reason why closed source models have captured so much of the value is because the models actually get the intention and actually carry through the work”
Clark Tang
One-line summary: Partner at Altimeter Capital; analyses AI-compute deal economics and Nvidia-vs-ASIC share on BG2.
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Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On token-price-inflation-favors-asset-heavy-compute, operating-profit-per-gigawatt:
"when the monetization per gigawatt is actually increasing from, you know, call it like 20, 20 billion in the best, best of cases for at the beginning of the year to now like 30 to even pushing 40 per gigawatt per gigawatt. All of that is very heavy fixed cost base. But all of that is like pure margin flow through now." — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On open-source-share-shift-bullish-for-compute:
"everyone assumed that Nvidia was going to lose share dramatically on a revenue scale, on a gigawatt scale, on a unit scale." — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On open-source-share-shift-bullish-for-compute:
"they've actually maintained their share very, very handsomely" — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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On open-vs-closed-source-model-economics:
"the reason why closed source models have captured so much of the value is because the models actually get the intention and actually carry through the work" — 2026-06-11-podcast-bg2-pod-the-spacex-ipo-fable-5-ai-capex-update-market (2026-06-11)
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