The lavish spending of AI champions is driving their investors crazy and is also good business for chip manufacturers. Like the shovel salesmen during the gold rush, the first to get rich are not those who find the most efficient AI models, but those who supply the processors and memory cards used to churn out the data.
With its stock market valuation that has become stratospheric in a few months, Nvidia is proving it. But Jensen Huang’s company is no longer the only one in the sector to take full advantage of investments from Microsoft, Meta, Google and others. Its Californian neighbor AMD has also been able to transform itself to capture the trend.
