This market is all about tech. That goes for US as well as global markets.
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$640 billion has been wiped out from Nvidia's market cap over the same period. Huawei's new chip architecture is now directly challenging the hardware scarcity narrative that supported Nvidia's $5 trillion valuation. Source: Bull Theory
$SNOW +27% IN AFTER-HOURS Q1 Adj EPS: $0.39 vs $0.32 est Q1 REV: $1.391B vs $1.324B est Source: Trend Spider
You don't pour billions into massive forward-deployed joint ventures if you think the next model release is going to take care of it. In the cloud supercycle, semis led and software followed (and you didn't need Qualcomm or ARM to tell you the value was migrating up the stack). In AI, the infra layer itself is telling us the application layer is a separate, massive opportunity they can't fully capture. Source: a16z @a16z

