GPT-5.4 and the hardware wall

GPT-5.4 just dropped with superhuman computer use and million-token context — but it doesn't win everything. Claude leads coding, Gemini leads reasoning. The era of one best model is over.Meanwhile, DeepSeek V4 is stuck because Huawei Ascend chips can't handle frontier training. Only 8 models have ever trained on Huawei from scratch, and 5 of them are from Huawei or its closest partners. Next-gen Huawei chips will be weaker than current ones (built on smuggled TSMC dies), and domestic memory production caps at ~300K accelerators per year.Plus: the distillation threat (24K fake accounts mining Claude), Qwen 3.5's leadership exodus, GLM-5's real-world limitations, OpenAI's record $110B funding, BlackRock's $40B data center acquisition, and a 96% pricing collapse in 3 years.