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New business models in LLM workloads are reshaping the interconnect landscape. While ongoing challenges such as low latency, high bandwidth, and reliability persist, the emergence of scale-up networking creates new opportunities for performance with orders of magnitude more bandwidth. On the other end of the spectrum, applications are scaling across multiple data centers, trying to harness a million endpoints. The ability of software to deliver performance across the system holistically has become more challenging than ever, pushing the need for co-design. This HotI panel assembles experts from across the hardware and software stack to foster a discussion of these complex, multi-dimensional problems. The panel will explore the trade-offs between closed, and open AI models. Simultaneously, the panel will feature bleeding edge application developers, who will share their experiences leveraging current hardware, articulate their most pressing challenges, and envision the game-changing features that could revolutionize interconnect performance for their applications.