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The weak point of AI hardware is supplying enough memory bandwidth to feed the cores and it seems like they aren't using HBM memory. How can it beat Nvidia without HBM?
That's what it reads like. The most successful instruction set emulator in software I'm aware of is Apple's Rosetta (now Rosetta 2) for running X86 code on its M-series processors.
Your post made me go back and read about Transmeta... I forgot it was yet another VLIW design that lost to superscalar architecture. Transmeta's lead founder, Dave Ditzel, worked at Intel for a while, apparently trying to do a follow-on generation to the Transmeta design. Apparently nothing came of it.