Recently we’ve seen a boom in AI and AI-related products. A number of firms have suddenly become very rich.

One firm in particular, Nvidia, has seen its stock price soar during the last 18 months (see the above illustration), making it the world’s most valuable company as of last Tuesday, being now valued at $3.34 Trillion.

Is Nvidia a major AI firm? No.

Nvidia sells the special chips (called GPUs) that leading AI firms like OpenAI use to train and run their AIs (source: ChatGPT 4o from OpenAI). Their chips have become the industry standard for that purpose.

There’s a lesson in that somewhere.