Fears about the artificial intelligence boom turning into an overblown bubble have diminished for now, thanks to a stellar earnings report from Nvidia that illustrated why its indispensable chips transformed it into the world's most valuable company.

But that doesn't mean the specter of an AI bubble won't return in the months and years ahead as Big Tech gears up to spend trillions of dollars more on a technology the industry's leaders believe will determine the winners and losers during the next wave of innovation.

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