The Mag 7 Goes All or Nothing on AI

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Microsoft just joined the $4 trillion club, flexing record Azure growth and a $30 billion capital spending binge to keep up with the AI arms race. Wall Street can't get enough, with shares up 50% since April and the S&P 500 hitting new highs.

Meta and Alphabet are also shoveling billions into AI, and the word “superintelligence” is starting to get thrown around unironically—and in fact, Mark Zuckerberg just wrote a letter assuring the populace that we can totally trust him with it. Even though Meta will now pick and choose what parts of its AI are open source or not.

The power players are all-in, and it’s changed the game. The message is clear: “if you're not spending big on AI, you're not getting a seat at the table.” For now, it looks like Microsoft’s keeping pace with the young blood and Meta is getting close to OpenAI and Google’s speed, but the stakes will only get higher from here.

Nvidia's H20 chips are under fire in China, with regulators grilling the company over "security risks". This one might hurt, as the US and China are still trading blows over AI chips, but neither side seems ready to fold. Meanwhile, Chinese chip manufacturer Huawei may be waiting in the wings to pounce on any Nvidia failures.

Nvidia has been summoned to explain why its “H20 chips can be tracked and turned off remotely,” according to China’s Cyberspace Administration’s website. The chip maker denies that that’s even possible with its GPUs.

So we’re back in a Rachel-and-Ross will they/won’t they type situation between Nvidia and China. Not sure who needs who more (probably China needs $Nvidia more), but we’ll let you know what shakes out.

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