Hot Chips takeaway: real fatigue around $NVDA, $AVGO, and $AMD hoovering up all supply-chain bandwidth. Even startups with legit tech advantages can't break through. The old model—good idea + execution = viable semi company—is dead.

Most technical sessions rehashed known info. One interesting data point: co-packaged optics (CPO) might not cost much more than pluggables, suggesting CPO ramp could accelerate faster than the Street expects.

Otherwise, great for networking. See you next year.