I don't know much about GPUs, but is there really any value in IP? I can learn to write HDL code all day long, but turning it into real transistors is the hard part. Code is worth nothing nowadays with AI.

not IP in particular but APIs. Putting your existing CUDA codebase into new NVIDIA generation that might be noticeably more expensive but is still faster/more energy-efficient than competition.

Competition's software stack have to be good enough that it is worth migrating over and I think till we get some kind of cross vendor API for that it won't happen for a while