I haven't seen this discussed here:

So far, the accelerator is showing cost savings of roughly 50% compared with typical AI graphics processing units, Broadcom Chief Executive Officer Hock Tan said in an interview. - [0]

50% cost saving. The picture changes so quickly, there are still a lot of low hanging fruits, that I find any discussion about whether a vendor has moats, or if they can recoup investment, is moot and futile.

[0] - https://www.bloomberg.com/news/articles/2026-06-24/openai-an...