Reportedly structured a ~$20B non-exclusive license plus team hire with Groq — CEO: "we are not acquiring Groq" — a shape apparently chosen to avoid antitrust review, folding the chip into its serving stack and shipping inference racks. The moat shifts from hardware toward software-orchestration lock-in. The claim that custom inference chips already take $20-50B revenue failed verification. Verified: chips ship, aggregate revenue displacement not yet evidenced. Value concentrates on memory and interconnect layers; the incumbent extends its grip.