There will be no hw product able to run inference in purely analog domain in foreseeable future. There’s simply no good practical way to store analog signals yet. And unfortunately activations must be stored in models like transformers or convolutional networks.

We already have mixed signal accelerators (e.g. Mythic) which are not much faster than digital competition (for many reasons).

From this point of view there’s no difference between inference and training, especially as FP8 format is being adopted by Nvidia and others.