Nvidia

Bloomberg just published this fascinating map of the AI power network, showing how companies like NVIDIA, OpenAI, Microsoft, AMD, Oracle, and Intel are now intertwined through billions in deals, compute, and equity. It’s not just a supply chain anymore. It’s a feedback loop — where hardware, software, and capital keep feeding each other. NVIDIA sits at the center with a $4.5 trillion market cap, investing up to $100 billion in OpenAI, while selling GPUs to Oracle, AMD, xAI, and everyone else. OpenAI, in turn, signs a $300 billion cloud deal with Oracle, deploys 6 gigawatts of AMD GPUs, and gives AMD an option to buy 160 million OpenAI shares. Microsoft is still the connective tissue, part investor, part service provider, part enabler.

Nvidia dominates the AI hardware market, but The Short Case for Nvidia Stock by Jeffrey Emanuel questions whether that lead is sustainable. While Nvidia benefits from industry-standard GPUs, proprietary software (CUDA), and advanced interconnect technology, several emerging threats could disrupt its dominance. Competitors like Cerebras and Groq are developing alternative hardware, open-source AI frameworks are reducing reliance on CUDA, and tech giants are designing their own custom chips. Meanwhile, AI efficiency improvements could lessen the demand for Nvidia’s high-end GPUs. ...