Part 4/11:
The infusion of such a colossal investment reinforces a critical insight: there is no bubble in AI hardware investments—at least, not within the cloud infrastructure realm. Hardware providers like Nvidia and AMD are experiencing continued outperformance because AI's competitive landscape is fundamentally driven by hardware arms races. Companies like Microsoft, Google, Meta, and Amazon are all aggressively investing in AI-specific chips and data center infrastructure to secure their foothold in the AI race.