For the past three years, investors have been obsessed with one question: Who will win the artificial intelligence (AI) race?
Most of the attention has gone to familiar names
Nvidia supplies the chips. OpenAI builds the models. Microsoft, Alphabet, Amazon, and Meta Platforms are spending billions of dollars building the infrastructure needed to power AI.
At first glance, the race seems straightforward: Build better chips and models and bigger data centers. But a surprising problem is emerging. Some of the world’s largest technology companies are discovering that having enough AI chips may not be enough.