Chipmakers Surpass Big Tech as Winners in the AI Era
NVIDIA's recent quarterly revenue of $96.2 billion marks a significant milestone in the semiconductor industry, surpassing all previous records. This achievement solidifies NVIDIA's position as a leader in the AI era, with its data center division generating $89 billion in revenue for the quarter, an increase of 117% from last year.
The shift towards chipmakers displacing big tech companies as winners in the AI era is becoming increasingly evident. Chip stocks such as Micron Technology and Marvell Technology have seen significant gains, with Micron up 220% in 2026 and Marvell up 185%. In contrast, big tech companies like Alphabet, Amazon, Apple, Microsoft, Meta, and Tesla have seen relatively modest gains.
NVIDIA's CEO, Jensen Huang, framed the moment by stating that 'AI has reached its inflection point' and is now a productive and profitable force. He highlighted the emergence of new AI labs and startups, as well as sovereign governments building AI infrastructure worldwide.
The divergence between chipmakers and big tech companies can be attributed to the structure of the AI economy. Big tech companies are spending heavily on AI infrastructure, but this spending is flowing directly into the pockets of companies that build AI hardware, such as NVIDIA and Micron.
NVIDIA's supply constraints, particularly with high-bandwidth memory, have contributed to its success in extracting revenue from big tech companies. The company's guidance for future revenue growth remains strong, with a 70% increase expected for fiscal 2028.