# SemiAnalysis 分析 OpenAI 自研 ASIC 芯片 Jalapeno 对 NVIDIA 的谈判筹码作用

- 来源：SemiAnalysis (@SemiAnalysis_)
- 发布时间：2026-09-04 07:00
- AIHOT 分数：61
- AIHOT 链接：https://aihot.virxact.com/items/cmtm51ljo016qro85qeeleh3v
- 原文链接：https://x.com/SemiAnalysis_/status/2095648259066785935

## AI 摘要

SemiAnalysis 认为 OpenAI 启动 ASIC 芯片项目、投入数亿美元研发并在 Hot Chips 上展示 Jalapeno，是对 NVIDIA 施压以换取数十亿美元级别融资和担保的好办法。如果 Jalapeno 规模化表现出色，OpenAI 每 MW 收入将提升；即使芯片失败，OpenAI 仍能从 NVIDIA 获得大量融资和担保。

## 正文

OPENAI<>NVIDIA: It is clearly a good idea for OpenAI to start an ASIC program, spend hundreds of millions on R&D, present at Hot Chips, deploy some stuff, scare NVIDIA, and get some more money and backstops from NVIDIA on the order of billions of dollars.

If Jalapeno does well at scale, OpenAI will increase its revenue per MW. If Jalapeno doesn't do well, they will still get a lot of financing and backstops from NVIDIA, as Jalapeno is scaring NVIDIA.

@sama wins even if their chip loses.