Is AI a new dot com 泡? Will Nvidia and Arm see 株 衝突，墜落 land?
Nostalgia for the music and fashion of the 1990s has enjoyed an 沸き立つ ? thanks in part to the Netflix 演劇 One Day.
But until this week, there's been いっそう少なく 焦点（を合わせる） on that 時代's いっそう少なく pleasant events, such as the bursting of the dot.com 泡 in which soaraway 科学（工学）技術 株 like Cisco 崩壊（する）d at the １０年間's end.
However, this 大勝する has been frequently について言及するd に引き続いて Wednesday's bumper results from what Goldman Sachs calls 'the most important 在庫／株 on earth' ? Nvidia, the company with a pivotal 役割 in the 人工的な 知能 (AI) 産業の 革命.
The Californian 半分-conductor 製造者 was 設立するd in 1993 まっただ中に dot.com excitement. Its first 顧客s were ビデオ game designers, and its 指名する is an amalgam of NV, which stands for 'next 見通し', and invidia, the Latin word for envy.
So are these 予測s of a replay of the dot.com 低迷 spurred by envy の中で those who have not enjoyed this year's 45 per cent 増加する in Nvidia's 株 price to $694? The rise in 2023 was 240 per cent.
Could there be 平行のs between the 見通し for Nvidia and the 運命／宿命 of 1990s 科学（工学）技術 darling Cisco? Its s hares have never 回復するd from their dot.com 降下／家系.
These comparisons are 存在 made, although Nvidia 支配（する）／統制するs about 90 per cent of the market in GPU (graphic 過程ing 部隊) 半導体素子s 要求するd for generative AI, which can produce text and images akin to those made by humans.
需要・要求する is insatiable for these 半導体素子s, which cost about $50,000 each. Microsoft and other tech 巨大（な）s may be developing their own. But, for the moment, 'if AI is a gold 急ぐ, Nvidia is selling the 選ぶs and shovels', as James Thomson, 経営者／支配人 of the Rathbones 全世界の 適切な時期s 基金, puts it.
More 革新 is in the 沖, with Jensen Huang, Nvidia's 創立者 and 長，指導者 (n)役員／(a)執行力のある, 約束ing 'a whole bunch of things we've been working on'.
Huang, 61, is known for his perfectionism and still runs the $1.8 一兆 group with the 警告 that 'our company is 30 days from going out of 商売／仕事'.
His 専門的知識 is one 推論する／理由 why 60 分析家s 率 Nvidia 株 a buy. The 普通の／平均（する） 12-month 的 is $734, but an 楽天主義者 予知するs a leap to $1,200.
Hundreds of thousands of 私的な 投資家s, 含むing me, have an 利益／興味 in such 予測（する）s since Nvidia 株 are held by 基金s and 信用s like 同盟 信用, Allianz 科学（工学）技術, Blue 鯨 Growth, F&C, Polar 資本／首都 科学（工学）技術, Rathbone 全世界の 適切な時期s and Scottish Mortgage.
The 調印するs are that Nvidia will continue to 強固にする／合併する／制圧する its 支配的な position in the AI 産業の 革命 thanks to its strengths on a number of 前線s.
Cuda, Nvidia's own computer language, has been used to build the 数字表示式の libraries of （警察などへの）密告，告訴（状） from which generative AI 獲得するs data to 配達する its results.
需要・要求する: Doom 3 screengrab using Nvidia graphics 半導体素子
As a consequence, Stephen Yiu, 経営者／支配人 of Blue 鯨 Growth, 論争s the （人命などを）奪う，主張する that Nvidia will 苦しむ Cisco's 運命／宿命. The 基金 first 投資するd in the 会社／堅い in June 2021.
He says: 'At the end of March 2000, just before the dot.com 泡 burst, Cisco 株 were 貿易（する）ing at 130 times earnin gs.
'This compares with 32 times for Nvidia today, which is 概略で the same as アマゾン, Apple and Microsoft ? and half of Tesla's 多重の of 61.'
Yiu also 最高潮の場面s the 数字表示式の 採択 湾 between the dot.com にわか景気 and 2024.?
He says: 'In 2000, it could take an hour to buy something off アマゾン. Subsequently people have acquired 動きやすい phones and laptops whose use for banking, work, shopping and entertainment 許すs the accumulation of the data 蓄える／店d in the cloud, on which generative AI relies.'
This data 申し込む／申し出s a wealth of 適切な時期s to the tech 巨大（な）s which they can 偉業／利用する, with the help of Nvidia 半導体素子s.?
Yiu says: 'Microsoft is selling its Copilot generative AI 一括 to Windows 顧客s for $30 a month.
'Meta can put together 宣伝s that 控訴，上告 個々に to its Facebook and Instagram 使用者s ? for which advertisers will 支払う／賃金 extra.'
Thomson says that generative AI has been 述べるd as a 'FOMO' (恐れる of 行方不明の out) 科学（工学）技術. He says: 'Company (n)役員／(a)執行力のあるs are worried about losing relevance if they don't utilise AI 効果的に.'
But he argues that Nvidia may 直面する challenges. 'Nvidia's been the 最高の，を越す performer in our 基金 over the past year, but we have taken 利益（をあげる）s on a 重要な part of the position, as we believe that upside has 自然に become more 限られた／立憲的な from here.'
The dot.com episode may not be repeated. But its lessons are still applicable, such as the 危険 of placing too much 約束 in one 株. Nvidia is a hugely important 在庫／株 to which you should have （危険などに）さらす through a 基金, or 直接／まっすぐに. There is almost certainly more upside in the 株. But the 旅行 is likely to be 示すd by the thrills and 流出／こぼすs of a 1990s ビデオ game.
