Gemini co-lead Noam Shazeer has left for OpenAI, He’s one of the authors of *Attention is All You Need*, the paper that kicked off the entire large model era. Two days later, DeepMind VP and Nobel Prize winner John Jumper also left, heading to Anthropic. Since December 2025, OpenAI and Anthropic have been way ahead of Google in model capabilities, dropping new models one after another. And Google? Between Gemini 3 and 3.5 Flash, there was a gap of a full 6 months. 6 months. The golden days for SaaS companies are over. They shouldn’t expect the same PE premiums they enjoyed in the past. The leading models will come from OpenAI and Anthropic, not Google. These two companies are going to make insane profits in the future. Once the market matures, their earnings will explode. ‘AI has no moat,’ ‘AI won’t generate returns’—all of that is wrong. Everyone should be buying semiconductor companies right now. In the coming years, compute power will never be enough. Even after data center expansion slows, there will still be local large models and humanoid robots. The world’s demand for chips will only go up, not down. Tears of joy.