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The constraint that historically defined a chipmaker's role in a technology cycle was the hardware margin.
The company's equity holdings have grown to $99 billion across AI labs, cloud providers, and infrastructure companies, establishing it as a major financial backer of the industry it also supplies with semiconductors.
A chip company holding $99 billion in equity across its own demand base occupies a structurally different market position than a pure component supplier.
The three categories Nvidia has backed correspond to the principal layers of AI deployment. AI labs develop and train large models. Cloud providers distribute compute capacity and run inference workloads.
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