The American firm, which makes specialist chips, briefly passed $1trn in market value this week. No firm is better placed to gain from the gold rush
, adding to the fervour. Jensen Huang, Nvidia’s boss, is unsurprisingly bullish, talking of a “new computing era”. Investors seem just as jubilant. Nvidia’s share price has more than doubled since the start of the year.
Much of the excitement is justified. Nvidia is in an enviable position. Its core business is designing high-performance chips. At first it sold these to video-game enthusiasts. The chips were also highly efficient at trainingmodels, and a new, booming market emerged. But the firm has not just been lucky. With each generation of new chips, it has improved performance many times over.
Despite all these advantages, however, Nvidia’s lasting dominance is not assured. For a start, some of the
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