According to Beating AI news, Etched, which recently completed a $700 million funding round at a $21 billion valuation, is under scrutiny in the chip industry. George Hotz, a well-known hacker and founder of the AI computing team the tiny corp, which is behind the open-source deep learning framework tinygrad, publicly questioned Etched's technical claims: while there are many investors, orders, and hardware photos, there is a lack of data to validate performance. A core selling point of Etched is its LVI technology, which allows chips to run AI inference at lower voltages. Etched claims this enables trillion-parameter sparse MoE to achieve over 80% of its theoretical peak performance. Chip designer Wesley Yue raised concerns that a high utilization ratio does not necessarily indicate strong absolute performance. The Model Floating Utilization (MFU) measures the ratio of actual computation to theoretical peak; if the chip's peak performance is lower, even an 80% utilization rate may not outperform competitors. To date, Etched has not publicly disclosed complete FLOPs, power consumption, or third-party benchmarks. Its website still states, 'Early customer tests have reached leading levels,' with detailed performance data promised for future release. However, there is currently no evidence to suggest that Etched has fabricated its claims. Both The Wall Street Journal and Reuters have confirmed that its chips have been shipped. Jane Street received its first complete rack last month and has already begun deployment. The biggest question now is not whether the chips exist, but whether they are as powerful as advertised.