Hyperscalers in ‘existential arms race’ over chip spending: Analyst

Nvidia (NVDA) stock has been running and seems unstoppable as it in on the threshold to a new all-time high. The AI chipmaker announced that its Blackwell graphics processing unit (GPU) is currently sold out for the next 12 months, while Advanced Micro Devices’ (AMD) newly unveiled Instinct MI325X AI chip was met with underwhelming enthusiasm by investors. Bernstein managing director and senior analyst Stacy Rasgon sits down with Julie Hyman and Josh Lipton for a conversation around the deepening race between AI chip makers and hyperscalers. “The gap in terms of timing between what Nvidia is delivering, what AMD is delivering is still very, very wide. I think it’s still Nvidia’s game to lose,” Rasgon says. “People are foreseeing demand continuing, and they’re actually making investments to enable that. And with with all these stocks, like there’s a big worry that just the numbers have gotten so big so quickly. They’re just worried about sustainability. “But, clearly everything we’re seeing from the supply chain and the customers, it doesn’t suggest that there’s any sort of faltering of demand anytime soon.”
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