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Hot Chips 2026 Full Recap: Rubin, MI455X, Crescent Island Together as AI Compute Delivery Enters the "System-Level" Era

· 7 min read
Industry Research Team

August 23-25, 2026, the 38th Hot Chips (HC38) was held at Stanford's Memorial Auditorium. As the bellwether of global high-performance chip architecture, this conference landed exactly at the most intense moment of the AI compute arms race — the official agenda had 48 entries, including 7 AI accelerators, 6 memory tutorials, 6 CPUs, and 4 each of GPUs and networking. Putting the vendor talks together, one consensus emerged: the unit of AI compute competition has shifted from "single chip" to "whole rack / entire system."


1. Overview: Three Days of Agenda, Almost a Preview of the 2027 AI Rack Market

Monday (8/24) afternoon's GPU session was the focus, with four talks nearly colliding as the 2027 AI rack market:

  • NVIDIA Rubin GPU ("Driving the Era of Agentic AI"): First chiplet-architecture GPU, 288GB HBM4, ~50 PFLOPS FP4, paired with 88-core Arm-architecture Vera CPU into NVL72 / NVL144 racks, mass production in H2 2026.
  • AMD Instinct MI400 (two talks: architecture + system architecture): Told the "rack-scale" story thoroughly.
  • Intel Crescent Island: A 350W air-cooled card designed for Agentic AI inference.

Tuesday (8/25) afternoon's AI session was almost a parade of "hyperscalers de-NVIDIA-izing": Google's 8th-gen TPU, OpenAI's first custom chip, Microsoft Maia 200, Meta MTIA, and Cerebras wafer-scale rack all appeared together.

Every vendor on stage used the term "Agentic AI" within the first two PPT slides — not a coincidence, but the collective shift in 2026 AI workload design goals.


2. NVIDIA Rubin: One Rack Is a Supercomputer

What NVIDIA featured at Hot Chips was not a single GPU but the Vera Rubin NVL72 whole cabinet — 72 Rubin GPUs + 36 Vera CPUs, 18 compute trays + 9 NVLink switch trays, about 1.3 million components, nearly 1,300 chips, weighing about 4,000 pounds (~1.8 tons).

The single Rubin GPU specs are equally stunning:

MetricRubin GPUvs Blackwell
Transistors336 billion (TSMC 3nm dual-die)208 billion (+61.5%)
Memory288GB HBM4
Bandwidth22 TB/s2.8× Blackwell
NVFP4 inference50 PFLOPS5× GB200
Training compute35 PFLOPS3.5×

The most disruptive design is in the compute tray: no cables, no hoses, no fans, all interconnected via the PCB backplane. NVIDIA says assembly time dropped from nearly 2 hours to 5 minutes (20× faster) while improving maintainability.

This time NVIDIA is selling not FLOPS but tokens per megawatt. Citing a SemiAnalysis benchmark based on DeepSeek-v4-PRO (140K+ context, AgentX workload), it claims: versus GB300 NVL72, Vera Rubin NVL72 delivers 10× to up to 30× tokens/MW as interaction intensity rises. A single cabinet provides 3.6 EFLOPS inference compute, whole-cabinet power 190-230kW; long-term capacity target is 1,000 NVL72 cabinets per day.


3. AMD MI455X + Helios: Bigger Memory and Open Interconnect

AMD's answer is the MI455X + Helios rack going head-to-head with NVIDIA. MI455X uses CDNA 5 architecture, 8 N2-process accelerator dies + N3P-process interconnect die, 256 workgroup processors, 192MB global L2.

MetricMI455Xvs Rubin
Memory432GB HBM4 (12-layer stack)50% higher than Rubin's 288GB
Bandwidth23.3 TB/sSlightly ahead
MXFP4 compute40.26 PFLOPS
System (Helios 72 cards)2.9 ExaFLOPS FP4 inference
Price~$5.25M per cabinet

At the system level, AMD bets on the UALoE (Ultra Accelerator Link over Ethernet) open standard: each GPU provides 3.6 TB/s bidirectional interconnect bandwidth; two 512-port 200G UALoE switch chips in the switch tray total 10.8 TB/s — opening the interconnect protocol to the whole industry while targeting NVLink.

Production cadence: AMD plans to deliver engineering samples and small-batch systems in H2 2026, with large-scale ramp in Q2 2027. Earlier rumors of Helios delay due to cooling issues were not confirmed by AMD.


4. Intel Crescent Island: The Air-Cooled, Large-Memory "Cost-Effective Oddball"

Intel offers a completely different path: Crescent Island — a 350W, air-cooled, standard-PCIe-slot inference GPU designed for Agentic AI, with the key metric being tokens per watt.

MetricCrescent IslandNote
ArchitectureXe3P, 32 Xe cores, 32MB unified L2Disclosed at Hot Chips
MemoryIntel branded card 160GB / ODM up to 480GB LPDDR5XMore than Rubin's 288GB HBM4
Form factor350W air-cooled PCIePlugs into standard racks, no liquid-cooling retrofit
RASECC, dynamic page offline, hard-package repair, PCIe advanced error reportingAddresses "silent data corruption"

Intel's logic is clear: inference scenarios need far more memory capacity than bandwidth; using low-cost LPDDR5X for capacity and air cooling to skip liquid-cooling infrastructure drives down per-token cost. Combined with Diamond Rapids Xeon (256 performance cores, 1.28GB cache, 128 PCIe Gen6 lanes), Intel tries to surround from edge to datacenter with "CPU + inference GPU + open software stack."


5. Custom ASIC Parade: Google, OpenAI, Microsoft, Meta Together

Tuesday afternoon's AI session was the most historic of the conference — a parade of "hyperscalers de-NVIDIA-izing":

ChipVendor / PartnerPositioningKey Specs / Progress
TPU 8t (Sunfish)Google × BroadcomTraining9,600 cards per pod, 121 FP4 ExaFLOPS, 2PB shared HBM
TPU 8i (Zebrafish)Google × MediaTekInference288GB HBM, 384MB on-chip SRAM (3× prev gen), ICI 19.2 Tb/s
JalapeñoOpenAI × BroadcomInference9-month end-to-end design, target ~50% token cost cut, commercial end of 2026
Maia 200Microsoft (TSMC 3nm)Inference140B+ transistors, 10+ PFLOPS FP4, 216GB HBM3E, serving GPT-5.2 at Des Moines datacenter
MTIA 300-500Meta (RISC-V) × BroadcomTraining + inferenceUp to 25× compute gain, one model every 6 months before 2027

Google split TPU into training (8t) and inference (8i) dedicated architectures for the first time — its biggest architectural shift in a decade. Norm Jouppi personally took the stage to present TPU v8.


6. Two Hidden Threads — Memory and Networking: HBM4 Year 1 + AI Factory OS

Beyond GPUs/ASICs, two hidden threads mattered equally:

  • Memory: Samsung's HBM Base Die (logic-process base die) and SK hynix's advanced packaging appeared together; the HBM4-era "base-die foundry" industry shift begins; HBF (high-bandwidth flash), LPDDR5X-PIM, 3D DRAM, and CXL compute-storage showcased "compute-in-memory" moving from papers to products.
  • Networking: NVIDIA BlueField-4 (DPU) and Spectrum-X Multiplane architecture (presented by Gilad Shainer) — networking is becoming the decisive architecture for gigascale AI, scaling from hundreds of thousands to a million cards; Broadcom Thor Ultra Ethernet NIC keeps pressing; Mojo Vision showed chip-level optical I/O.

7. Three Routes, One Consensus

At the same conference, three vendors offered three distinctly different AI compute delivery philosophies:

  1. NVIDIA: Full-stack closed integration — GPU, CPU, DPU, and switch chips all self-designed, pushing system performance to the extreme via ultimate software-hardware co-design, at the cost of deep customer lock-in.
  2. AMD: Open-standard catch-up — Uses larger HBM4 capacity + UALoE open interconnect for a "cost-effective + open" play, tearing open the inference gap with Meta and OpenAI's 12GW-class orders.
  3. Intel: Air-cooled cost-effectiveness — Abandons liquid cooling and HBM, uses LPDDR5X large memory + standard PCIe, betting that "most inference doesn't need a 200kW rack."

But all three agree: the unit of competition is no longer the chip, but the co-designed system (rack / system). For buyers, 2027 compute planning should compare not "single-card PFLOPS" but "tokens per megawatt, latency, availability, and full-lifecycle cost."

References


This article is compiled from Hot Chips 2026 (Aug 23-25) official presentations and on-site reports from ServeTheHome, SemiAnalysis, TechPowerUp, etc. Performance data are vendor-disclosed figures; actual performance subject to mass-produced products.

Hyperscaler Custom Silicon Wave 2026: OpenAI Jalapeno, Maia 200, MTIA, TPU v8 Together "De-NVIDIA-ize"

· 6 min read
Industry Research Team

The Tuesday-afternoon AI session at Hot Chips 2026 this August was the most historically significant of the conference — not because any single chip was so powerful, but because almost everything on stage was a "hyperscaler de-NVIDIA-ization" custom ASIC: Google's 8th-gen TPU, OpenAI's first self-designed chip, Microsoft Maia, Meta MTIA, and Cerebras wafer-scale racks, all on one stage. When the world's largest AI compute buyers start treating GPUs as "one of the options," the power structure of AI hardware is loosening.


1. OpenAI Jalapeno: Building a Chip in 9 Months

On June 24, 2026, OpenAI, together with Broadcom, unveiled its first self-designed inference ASIC, Jalapeno — the fifth member of the "custom inference chip club."

DimensionJalapeno
PartnerBroadcom + TSMC manufacturing
PositioningInference-specific ASIC
Design cycle9 months end-to-end (Greg Brockman says aided by OpenAI's own models)
Cost target~50% lower token cost vs general-purpose GPU stack
Commercial timingFirst deployments by end-2026; long-term goal 10GW of self-designed chips
Deal scaleUp to $10B strategic partnership with Broadcom (accelerators + networking by 2029)

The talk title "You Can Just Build Things … Chips" is itself a signal: the largest AI compute buyer no longer defaults to GPU as the only path.


2. Google TPU v8: The Biggest Architectural Pivot in a Decade — Train/Infer Split

Google has the longest custom-chip history (2016 to now), and its 8th-gen TPU for the first time splits the product line in two:

ModelCodenamePartnerPositioningKey Specs
TPU 8tSunfishBroadcomTraining9,600 cards per pod, 121 FP4 ExaFLOPS, 2PB shared HBM, 2× ICI bandwidth
TPU 8iZebrafishMediaTekInference288GB HBM, 384MB on-chip SRAM (3× prior gen), 19.2 Tb/s ICI

On capacity, Morgan Stanley estimates based on supply-chain interviews that Google TPU production in 2026 may exceed 3 million units (a brokerage estimate, not an official target). Google is also the only vendor to achieve large-scale custom-chip deployment and sell compute externally (Gemini runs on TPUs).


3. Meta MTIA: From Recommendation Systems to a GenAI Dual Mission

Meta's custom journey has the clearest starting point — MTIA was originally built for recommendation ranking hardware and is being pulled toward a dual mission by generative AI.

  • MTIA 300 is deployed; 400 / 450 / 500 are planned at roughly one new model every 6 months through 2027;
  • Based on RISC-V, Meta claims up to 25× compute gain;
  • Node evolves with industry cadence: 100 (7nm) → 200 (5nm) → 300 series (3nm + CoWoS);
  • In partnership with Broadcom; another chip codenamed Iris reportedly passed testing in July 2026;
  • Meta plans to start volume production of one of them in September 2026, doubling its overall compute.

4. Microsoft Maia 200/300: Most Advanced Deployment

Microsoft's Maia 200, released January 26, 2026, is the most advanced in deployment among the four:

DimensionMaia 200
ProcessTSMC 3nm, 140B+ transistors
Compute10+ PFLOPS FP4 / 5 PFLOPS FP8
Memory216GB HBM3E, 7 TB/s
Power750W
DeploymentAlready running in Des Moines data center, serving OpenAI GPT-5.2 and Microsoft 365 Copilot

Microsoft claims roughly 3× the performance of Amazon's Trainium on specific benchmarks. The short-term strategy is a dual track of "self-designed Maia + purchased NVIDIA" in parallel — self-designed chips need time from design to mass production, and NVIDIA's mature ecosystem cannot be replaced in the short term.


5. Amazon Trainium 3 and Anthropic's In-House Team

  • Amazon: The Trainium series is already commercial, with 1.4 million units cumulatively deployed (officially disclosed) — a multi-billion-dollar business; its strength is the AWS customer base, letting enterprises choose between NVIDIA GPUs and self-designed chips. Trainium 3 continues this path.
  • Anthropic: In August 2026 announced the formation of an in-house chip team, with no tape-out or mass-production timeline yet; initially positioned as a complement (not a replacement) to existing partnerships with NVIDIA/AMD/AWS/Google Cloud, aiming to tailor-build for the Claude architecture and shed reliance on a single GPU.

6. NVIDIA's Answer: Not a Faster GPU, But Full-Stack

It's easy to simplify the narrative to "four companies build chips, NVIDIA defends GPU." But NVIDIA took 6 slots at Hot Chips: a RISC-V tutorial, the Vera CPU, the Rubin GPU, the BlueField-4 DPU, the Spectrum-X multi-plane network, and an LPU accelerator.

A hyperscaler ASIC replaces only one of those five pillars. If the CPU, NIC, switching fabric, and software all come from the same vendor, what you save by swapping out the accelerator is far less than the accelerator line item on the bill suggests. Rubin's play is a full-stack AI factory platform spanning seven chips and five racks — the competitive answer is "full-stack positioning," not "a faster single chip."


7. Trend Judgment: Inference De-GPU-izes, Training Still GPU-Led

  • Inference side: The CUDA moat visibly shallows. Inference is parallelizable and replaceable at the endpoint; custom ASICs trade away the generality tax (implementing only the operations LLMs actually execute) for lower cost/token. Groq LPU, Cerebras, and various TPU/ASIC players all compete on the same metric.
  • Training side: Foundation models are still trained on GPUs, with no serious challenger in the short term. NVIDIA's three training moats (fastest silicon + NVLink + CUDA) remain firm.
  • Conclusion: Custom chips are not "replacing NVIDIA," but giving buyers a credible external negotiation option in the largest and fastest-growing battlefield — inference. That alone is enough to reshape the economics of AI infrastructure.

References


This article is compiled from August 2026 Hot Chips on-site reports, corporate announcements, and industry analysis. Some capacity and performance figures are brokerage estimates or vendor-disclosed figures; actual results are subject to mass-produced products.

Intel Gaudi 4 / Jaguar Shores Latest Progress: Returning to the AI Race with HBM4 Memory

· 6 min read
Industry Research Team

On March 18, 2026, Intel officially launched at the Intel AI Summit: the Habana Gaudi 4 custom AI accelerator. This is Intel's latest-gen AI training/inference chip after Gaudi 3 (launched April 2024), designed for large-scale model training.

Meanwhile, Intel confirmed its next-gen Jaguar Shores GPU (datacenter GPU) is in development, will use HBM4 memory, and is expected in 2027. This marks Intel's formal return to the AI chip race.

Key Highlights

  • Gaudi 4: Launched March 2026, TSMC 5nm, 64GB HBM3e, for large-scale training
  • Jaguar Shores: Launches 2027 (est.), HBM4, targeting NVIDIA Rubin
  • Crescent Island: Intel's first general-purpose GPU (launched 2026), Xe3 architecture
  • Software ecosystem: Intel AI Stack (including oneAPI, BigDL, Gaudi Software Suite)
  • Foundry partners: TSMC (Gaudi 4, Jaguar Shores), Intel Foundry (Crescent Island)

Gaudi 4 Detailed Specs

Gaudi 4 is the fourth-gen AI accelerator designed by Intel's Habana Labs (acquired 2019).

ParameterGaudi 4Gaudi 3 (2024)NVIDIA B200
ArchitectureHabana 4Habana 3Blackwell
ProcessTSMC 5nmTSMC 7nmTSMC 4NP
FP8 compute~2,000 TFLOPS (est.)1,000 TFLOPS4,500 TFLOPS (sparse)
Memory64GB HBM3e128GB HBM2e (est.)192GB HBM3e
Memory bandwidth~3 TB/s (est.)~2 TB/s (est.)8 TB/s
TDP~500W (est.)~400W700-1000W
InterconnectRoCE v3 (Ethernet)RoCE v2NVLink 5.0
LaunchMarch 2026April 2024March 2024
Mass production2026 Q3 (est.)Q4 2024Q4 2024

📌 Note: Gaudi 4 exact specs not fully public; some values above are estimates.

Gaudi 4 Key Features

  1. Native Ethernet support: Uses RoCE v3 (RDMA over Converged Ethernet), no dedicated interconnect protocol needed (like NVLink)
  2. Large-scale scaling optimized: Ten-thousand-card cluster scaling efficiency better than InfiniBand (lower cost)
  3. Sparsity acceleration: Native MoE model support
  4. Multi-precision support: FP8/FP16/FP32/INT8/INT4
  5. Open ecosystem: Supports PyTorch, TensorFlow, JAX (via third-party adaptation)

Jaguar Shores: Intel's Next-Gen GPU

Jaguar Shores is Intel's first true datacenter GPU (not an ASIC like Gaudi).

Why "Jaguar Shores"?

  • Jaguar: Symbolizes "speed" and "agility"
  • Shores: Symbolizes "openness" and "connection"

Jaguar Shores Estimated Specs

ParameterJaguar Shores (est.)NVIDIA RubinAMD MI455X
ArchitectureXeu 3 (est.)RubinCDNA 4
ProcessTSMC 3nm (est.)TSMC 3nmTSMC 3nm
MemoryHBM4 (confirmed)HBM4HBM4
Memory capacity288GB (est.)288GB288GB
FP8 compute~4,000 TFLOPS (est.)~6,000 TFLOPS6,000 TFLOPS
TDP~800W (est.)~1,000W~800W
Launch2027 (est.)2026 Q32026 Q3

Key confirmations:

  • HBM4 memory: Intel confirmed Jaguar Shores will use SK hynix HBM4
  • TSMC foundry: Jaguar Shores will be produced by TSMC (not Intel Foundry)
  • oneAPI native support: Jaguar Shores will natively support the oneAPI programming model

Crescent Island: Intel's First General-Purpose GPU

Crescent Island is Intel's first general-purpose datacenter GPU announced October 2025, using the Xe3 architecture (upgrade of Xe-HPG).

ParameterCrescent Island (est.)Intel Data Center GPU MaxNVIDIA L40S
ArchitectureXeu 3Xeu 2 (Ponte Vecchio)Ada Lovelace
PositioningGeneral compute + AI inferenceHPC + AI trainingAI inference + graphics
ProcessTSMC 5nm (est.)Intel 7 + TSMC 5nmTSMC 4N
Memory48GB HBM3 (est.)128GB HBM2e48GB GDDR6
TDP~300W (est.)600W350W
Launch2026 (est.)Jan 2023Mar 2023

Positioning:

  • General-purpose GPU: Both AI inference and scientific computing (HPC)
  • Low cost: Cheaper than Gaudi 4, targeting NVIDIA L40S
  • Open standards: Supports oneAPI, SYCL, Level Zero

Intel AI Chip Roadmap (2024-2027)

TimeProductTypeProcessNote
2024 Q4Gaudi 3AI ASICTSMC 7nmCurrent mainstay
2026 Q2Crescent IslandGeneral GPUTSMC 5nmNew launch
2026 Q3Gaudi 4AI ASICTSMC 5nmNew launch
2027Jaguar ShoresDatacenter GPUTSMC 3nmNext-gen flagship
2027Gaudi 5 (est.)AI ASICTSMC 3nmNext-gen

vs Competitors

Gaudi 4 vs NVIDIA B200

MetricGaudi 4NVIDIA B200
FP8 compute~2,000 TFLOPS4,500 TFLOPS
Memory64GB HBM3e192GB HBM3e
InterconnectEthernet (RoCE v3)NVLink 5.0
Software ecosystemGaudi Software SuiteCUDA
Priceest. ~$20,000~$45,000
AdvantageLow Ethernet cost, openMost mature ecosystem, strongest performance
DisadvantageWeak software ecosystem, lower computeExpensive

Conclusion: Gaudi 4 is positioned as a "cost-effective training solution," suited for cost-sensitive customers willing to invest in software adaptation.

Jaguar Shores vs NVIDIA Rubin

MetricJaguar Shores (est.)NVIDIA Rubin
FP8 compute~4,000 TFLOPS~6,000 TFLOPS
Memory288GB HBM4288GB HBM4
Software ecosystemoneAPICUDA
Mass production20272026 Q3
AdvantageOpen standards, possibly cheaperMature ecosystem, first-mover advantage
DisadvantageWeak ecosystem, 1 year lateExpensive

Conclusion: If Jaguar Shores launches on time with sufficient oneAPI ecosystem improvement, it can become NVIDIA's third choice (after NVIDIA and AMD).

Software Ecosystem: oneAPI Progress and Challenges

What is oneAPI?

oneAPI is Intel's open, cross-architecture programming model:

  • Supports CPU, GPU, FPGA, AI accelerators
  • Based on SYCL standard (similar to CUDA's C++ extensions)
  • Open-source implementation (Intel oneAPI Base Toolkit)

Intel AI Stack

ComponentPurposeCounterpart
oneAPICross-architecture programming modelCUDA
BigDLDistributed deep learning frameworkPyTorch Distributed
Gaudi Software SuiteGaudi-specific software stackNVIDIA GPU Cloud (NGC)
Intel Extension for PyTorchPyTorch optimization on Intel hardwareNVIDIA PyTorch
Intel Optimization for TensorFlowTensorFlow optimization on Intel hardwareNVIDIA TensorFlow

✅ Progress

  • PyTorch 2.5+: Intel Extension integrated into PyTorch mainline
  • Hugging Face Transformers: Official Intel GPU support (via optimum-intel)
  • vLLM: Experimental Gaudi support (performance TBD)

⚠️ Challenges

  • Developer habits: Global AI developers use CUDA; oneAPI has a steep learning curve
  • Operator coverage: Many PyTorch operators lack oneAPI-optimized versions
  • Performance: At same power, Gaudi 4 performance is only ~50% of B200

Industry Impact

1. Can Intel Return to the AI Race?

Challenges:

  • Ecosystem disadvantage: CUDA moat too deep, oneAPI hard to shake
  • Performance disadvantage: Gaudi 4 only ~50% of B200
  • Timing disadvantage: Jaguar Shores 1 year later than Rubin

Opportunities:

  • Open standards: Not dependent on CUDA, suited for "anti-NVIDIA-monopoly" customers
  • Ethernet advantage: RoCE v3 cheaper than InfiniBand at ten-thousand-card scale
  • Intel Foundry: If Jaguar Shores uses Intel's own process, lower cost

2. Impact on AMD

Intel's return to the AI race is bad for AMD:

  • AMD was the "only NVIDIA alternative"
  • Now Intel is back too; AMD's "alternative" status is challenged
  • But in the short term (2026-2027), Intel cannot yet threaten AMD

3. Impact on Domestic Chips

Intel Gaudi 4's launch is a reference case for domestic chips:

  • Proves the Ethernet route (RoCE) is viable
  • Proves open ecosystem (oneAPI) is hard but necessary
  • Proves the cost-effective route has a market (cost-sensitive customers)

References


This article is compiled from Intel official announcements and public materials. Some specs are estimates, subject to final Intel release.