Investing in the AI Era
A 2-part series · best read from the top, in order.
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Is the Pick-and-Shovel Play Still Safe in the AI Era? Where the Analogy Cracks
Reading AI and chip investing through the gold-rush 'sell the shovels' analogy. The trap of a cheap P/E, the lesson of Cisco, and the question of whether a shovel is general-purpose — the points where a too-perfect analogy starts to break.
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Jensen Huang's 'Zero Billion Dollar Market' Playbook: Arriving Before the Market Does
The 'Zero Billion Dollar Market' strategy Nvidia ran three times — with CUDA, the GPU, and now robots. What it means to lay the infrastructure before the market exists and wait for it to show up.