Bloomberg Talks Chris Miller Talks AI Demand, Chips
6 snips
Feb 26, 2026 
Chris Miller, professor at Tufts and author of Chip War, studies the geopolitics of semiconductors. He breaks down the AI-driven surge in chip spending and why this may be a step-change like smartphones. He maps which players in the GPU supply chain matter and how export controls and industrial policy are reshaping global manufacturing.
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AI Caused A Step Change In Chip Demand
- AI created a step change in baseline chip demand driven by massive data center build-outs.
- Chris Miller compares this surge to the smartphone era and says we will need far more AI-specific chips for data centers.
Keep Funding AI R&D Without Hesitation
- Do continue R&D investment in next-generation AI despite high costs because capabilities have rapidly improved.
- Miller warns the pace of improvement since ChatGPT makes slowing R&D untenable if firms want to stay competitive.
Inference Services Are Profitable Today
- Many AI inference services are already profitable with healthy margins, even before next-generation R&D.
- Miller argues it's sensible for big tech to keep investing in AI infrastructure rather than hoarding cash or buybacks.
