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The Law of Large Numbers Comes for Nvidia

Nvidia’s New Normal One way to think about being a $4 trillion company is that even your spectacular successes can start to look like a slowdown. This, in essence, was the story of Nvidia's latest earnings report. The company posted another quarter of record revenue, with sales
The Law of Large Numbers Comes for Nvidia

When Car Company Tries to Be Software Company

Software Is Hard One theory about the future of the car industry is that car companies need to become software companies. The idea is that cars are becoming iPhones on wheels, and the real money won't be in selling the metal box once, but in selling high-margin software
When Car Company Tries to Be Software Company

AI Model War Is Over. Now What?

The Next AI S-Curve The funny thing about a technological arms race is that eventually, everyone’s weapons start to look the same. According to David Luan, the head of Amazon’s AGI research lab, that moment has arrived for the large language models at the heart of the AI
AI Model War Is Over. Now What?

The Lutnick Insult

Saying the Quiet Part Loud The US-China tech war entered a truly baffling phase. For weeks, Chinese authorities have been cautioning their own tech giants—Tencent, Baidu, ByteDance—against buying Nvidia's newly approved H20 AI chips. The warnings, which cited vague security concerns, made little sense. Why would
The Lutnick Insult

The Intel Bailout

Is Intel Too Big To Fail? It is becoming difficult to go a week without a new, dramatic chapter in the story of Intel. This week was no exception, as a peculiar thing happened. The US government, a vocal champion of free-market capitalism, and SoftBank, a Japanese venture capital behemoth
The Intel Bailout

DeepSeek's Nvidia Detour

China's AI Self-Sabotage? It is a feature of top-down industrial policy that you can mandate patriotism but not performance. Beijing has been encouraging its local tech champions to use Huawei's homegrown AI chips, but as the star Chinese startup DeepSeek discovered, encouragement doesn't fix
DeepSeek's Nvidia Detour

Foxconn Now Makes More From AI Servers Than iPhones

The Great AI Re-platforming For fifteen years, the story of Foxconn has been, in essence, the story of the iPhone. The Taiwanese giant became the world's indispensable manufacturer by mastering the intricate, high-volume assembly of Apple's flagship product. Its fortunes rose and fell with the iPhone
Foxconn Now Makes More From AI Servers Than iPhones

Why Is China Telling Its Companies Not to Buy Nvidia's Chips?

One of the stranger moments in the US-China tech war happened this week. After months of intense lobbying and a controversial policy reversal, the Trump administration gave Nvidia the green light to resume selling its H20 artificial intelligence chips to China. For a moment, it looked like a win for

Does China Still Want Nvidia Chips?

The Unwanted Chip The Trump administration just engineered a controversial deal to let Nvidia resume selling its less powerful AI chips to China, complete with a novel 15% tax for the US Treasury. For a brief moment, it looked like a transactional win-win: Nvidia would regain access to a massive
Does China Still Want Nvidia Chips?

Why Is the US Government Taking a Cut of Nvidia's China Sales?

The US-China chip war has entered a strange and unprecedented new phase. In a highly unusual arrangement, the Trump administration has brokered a deal where American tech giants Nvidia and AMD will pay the US government 15% of their revenue from all advanced AI chip sales to China. The move,