On the surface, Nvidia Corp.’s $900 billion selloff since its June record would suggest the artificial intelligence spending boom that propelled it there is cooling. But the undercurrents tell a far less dire story.
Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — together accounting for more than 40% of Nvidia’s revenue — have all said they will keep investing billions into AI infrastructure. Meanwhile, Super Micro Computer Inc. — which makes data center servers used in AI — told investors it expects to generate up to $30 billion in sales over the next year, blowing away analyst expectations. And yet, Nvidia — the prime beneficiary of AI spending — has seen its shares tumble 27% in less than two months.
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