On Wednesday evening, Nvidia, the chip firm at the center of the world, reported its quarterly earnings. It was by any measure a blowout for the world’s largest company: the company made 65 percent more profits than in the same quarter last year, sales were even higher than analysts expected, and leadership is forecasting at least $500 billion in AI chip sales by the end of 2026. Permanently pumped CEO Jensen Huang bragged that the company was “sold out” before going oracular: “We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”

Things couldn’t be going much better for Nvidia, which is one of the few large

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