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The constraint investors have been working through all summer is where AI inference actually runs: on a device or through a cloud-based GPU cluster.
The business model on each side of that split differs in ways that change which hardware supplier captures the durable margin.
Apple's market capitalization crossed $5 trillion for the first time, with competition between Apple and Nvidia forming the backdrop to that move.
The mechanism behind the race Apple and Nvidia sit at opposite ends of the AI inference stack.
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