Why would investors hand $100M to a company whose whole job is making you stop waiting for ChatGPT to finish typing? Five months ago it was worth $60M. Now it’s $800M, and the reason has nothing to do with chatbots. Here’s the part that took me a while to get. With a chatbot you read the answer, so the chip is never the slow part. An agent might make 40 calls in a row and nobody reads the middle 39. Say each call writes 500 tokens. At 60 tokens a second, a typical GPU rate for a big model,…