The star of GTC Taipei wasn't Vera Rubin, but Jensen Huang's new definition of computing: agentic AI is a computer taken completely apart. Once compute is disaggregated, the optical links that stitch it back together turn from a cost item into the critical path to revenue. The real signal hides in one line: every watt is revenue.

In gigawatt-scale AI factories, the variable that decides what a GPU is worth has shifted from the GPU to the network. NVIDIA is turning "open" into a moat across four custom networks — opening Ethernet, the layer hardest to monopolize, while holding on to the most profitable layers: NVLink and CPO packaging. Taiwan's supply chain should track three milestones, not pretty numbers.