For the same reason shovels were a better business than mining for gold. The foundational model providers are hemorrhaging VC cash, with no certain path to pro

For the same reason shovels were a better business than mining for gold. The foundational model providers are hemorrhaging VC cash, with no certain path to profitability. And for such a profitable business as Nvidia, the opportunity cost is massive. Any dollar burned trying to compete with them is a dollar Nvidia can’t invest in its cash cow business that’s currently generating whopping returns with little uncertainty.