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Nvidia market cap has increased about 10x since the crypto-shortage years. It wasn't small before, but there's a big difference between ~1% of the market and ~10% of the market in terms of systemic risk.

Also, as of last year about 80% of their revenues were from data center GPUs designed specifically for "AI", and that's undoubtedly continuing to grow as a share of their revenues.

You’re missing the point. Whether one buys it or not to one side, the author is saying those companies, whatever their history have pushed a significant amount of their … chips into a bet on AI.

You cannot really compare Nvidia pre AI profit and market cap. As 'far' back as 2023, Nvidia was ~$15 usd per share.

Microsoft's share price has more than doubled since 2023.