NVIDIA’s licensing of a $6B model—treating this as just a normal investment is what the market is doing; I see it as an inflection point for the industry chain. A few details: Poolside is a startup building code generation models, valued at $12B. NVIDIA first pays $6B to obtain the license, then invests another $1B to take an equity stake. The structure of this deal shows that what NVIDIA wants is usage rights, not financial returns. Direct implications for the industry chain: 1. Model weights now have a clearly defined market price, and they are measured in billions of dollars. Previously, H100 was priced as hardware; now it’s the software layer that’s being priced. 2. Code generation is the area closest to the commercial closed loop of AGI. By choosing this track, NVIDIA is effectively acknowledging that “data + models” is closer to customer budgets than “chips + networking.” 3. Data compliance is no longer a cost center—it’s a strategic asset. The license chain for Poolside’s training data will become a template for future due diligence. Next validation points: If the “model licensing revenue” or a breakdown line item for “IP costs” appears as a specific account in the Q3 earnings report, that would indicate NVIDIA is reshaping its profit structure. $NVDA