# Dylan Patel

Markdown copy of https://realalpha.app/people/dylan-patel/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 7 moments of Dylan Patel (Founder & CEO, SemiAnalysis) talking, from an interview on Big Technology Podcast published Oct 9, 2026.

- Role: Founder & CEO, SemiAnalysis
- On X: https://x.com/dylan522p

## What Dylan Patel said

- [AI revenue may justify infrastructure spending sooner than expected](https://realalpha.app/s/ai-revenue-may-justify-infrastructure-spending-sooner-than/)
  Big Technology Podcast · Oct 9, 2026 · 5 min
  > “And if you look at like Amazon, for example, the biggest builder of AI infrastructure, all of their AI infrastructure investments are profitable today.” — Dylan Patel · [12:26](https://realalpha.app/v/LwMtHI7BHWI/?t=746)
- [A neocloud security gap exposed other customers’ workloads](https://realalpha.app/s/a-neocloud-security-gap-exposed-other-customers-workloads/)
  Big Technology Podcast · Oct 9, 2026 · 4 min
  > “we just accidentally ended up like seeing all of the other clients on that cluster, seeing what stuff they had in storage, see what stuff they had in slurm, etc.” — Dylan Patel · [41:07](https://realalpha.app/v/LwMtHI7BHWI/?t=2467)
- [Anthropic pairs high inference margins with low acquisition costs](https://realalpha.app/s/anthropic-pairs-high-inference-margins-with-low-acquisition/)
  Big Technology Podcast · Oct 9, 2026 · 4 min
  > “And Anthropic has near no customer acquisition cost, right? Now, obviously, they have a humongous R&D spend, but their R&D spend has grown slower than their revenue.” — Dylan Patel · [30:33](https://realalpha.app/v/LwMtHI7BHWI/?t=1833)
- [AI could shift value to capital without shrinking labor income](https://realalpha.app/s/ai-could-shift-value-to-capital-without-shrinking-labor/)
  Big Technology Podcast · Oct 9, 2026 · 4 min
  > “I believe that we will just grow the economy so fast that labor in terms of dollars will not shrink.” — Dylan Patel · [16:30](https://realalpha.app/v/LwMtHI7BHWI/?t=990)
- [Frontier labs are holding back models before public release](https://realalpha.app/s/frontier-labs-are-holding-back-models-before-public-release/)
  Big Technology Podcast · Oct 9, 2026 · 4 min
  > “Anthropic had Mythos ready in February. Their model safety cards noted that they have two other models since Mythos that have released.” — Dylan Patel · [55:47](https://realalpha.app/v/LwMtHI7BHWI/?t=3347)
- [Oracle's fixed-price deals limit its upside when GPU prices rise](https://realalpha.app/s/oracles-fixed-price-deals-limit-its-upside-when-gpu-prices/)
  Big Technology Podcast · Oct 9, 2026 · 5 min
  > “they signed them with a fixed margin, essentially. So now that the price of GPUs has gone up a lot for clouds” — Dylan Patel · [47:26](https://realalpha.app/v/LwMtHI7BHWI/?t=2846)
- [AI-related U.S. capex could approach $2 trillion next year](https://realalpha.app/s/ai-related-u-s-capex-could-approach-2-trillion-next-year/)
  Big Technology Podcast · Oct 9, 2026 · 3 min
  > “if you look at, like, next year, CapEx across the U.S. will be on the order of $2 trillion” — Dylan Patel · [1:53](https://realalpha.app/v/LwMtHI7BHWI/?t=113)

## The episode

- [Can AI Keep Growing Exponentially? Let’s Ask SemiAnalysis — With Dylan Patel and Jordan Nanos](https://realalpha.app/v/LwMtHI7BHWI/) · Big Technology Podcast · Oct 9, 2026