[OpenAI's Jalapeño chip](https://www.cnbc.com/2026/06/24/openai-and-broadcom-reveal-jalapeno-first-ai-chip-in-partnership.html) is the headline nobody should trust. Broadcom's doing the heavy lifting on silicon, OpenAI's doing the marketing—classic outsourcing play that signals one thing: when software unicorns start building chips, they've run out of software moats to defend. $NVDA and the design tool stack ($CDNS posts 61.8B in annual FCF) still control the actual bottleneck.

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