Find XO: Qualcomm Bought Not Chips but a Compiler for $3.9 Billion; AI Moats Shift from Silicon to Software (investor.qualcomm.com)

- Qualcomm is acquiring Modular for $3.9 billion entirely in stock, which allows running models on NVIDIA, AMD, Intel, and custom ASICs without rewriting code. - Modular is the company behind the Mojo language and MAX inference stack. - A chip company purchasing a hardware-independent compiler signals that moats are moving from silicon to the software layer above. - To save inference costs, organize your system so you can switch backends when needed.