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Nvidia’s AI moat is shifting from chips to capital

Jensen Huang, chief executive officer of Nvidia Corp., speaks to members of the media following the company’s “Japan AI Ecosystem” reception in Tokyo, Japan, on Thursday, July 16, 2026. Kiyoshi Ota | Bloomberg | Getty Images Nvidia’s massive head start in artificial intelligence turned the chipmaker into the world’s most valuable company. Now, almost four...
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