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The "spending money on each other" part is untrue. It is mostly going in one direction, towards Nvidia, and that's the reason they crossed $5 Trillion in market

The "spending money on each other" part is untrue. It is mostly going in one direction, towards Nvidia, and that's the reason they crossed $5 Trillion in market cap recently.

alephnerd 1y ago
Also Broadcom - most enterprises with significant ML compute needs are working building their own custom ASICs, and it's Broadcom that owns the entire custom market.
simonw 1y ago
I found John Gruber's roundup of tech company profits (not revenue) interesting: https://daringfireball.net/linked/2025/10/30/apple-q4-results https://daringfireball.net/linked/2025/10/30/apple-q4-result... - Google (a.k.a. Alphabet): $35B - Microsoft: $27.7B - Apple: $27.5B - Nvidia: $26.4B - Amazon: $21.5B
- verzali 1y ago
  Is it a coincidence that 3 of 5 are so close?
  - dmoy 1y ago
    Pretty much coincidence, yes
  - NaomiLehman 1y ago
    Yes, completely different revenue sources.
- BerislavLopac 1y ago
  MANGA is the new FAANG.
  - mixmastamyk 1y ago
    Just use BigTech, then you don't have to keep shuffling letters nor inserting Netflix to prevent it becoming a slur. https://en.wikipedia.org/wiki/Big_Tech https://en.wikipedia.org/wiki/Big_Tech
    - danaris 1y ago
      I suspect they meant Nvidia, not Netflix; after all, the letters in MANGA are exactly the initials of the companies listed in the post they were replying to.
    - ghaff 1y ago
      The N was really Netflix originally when it was the poster child for AWS consumption before NVIDEA/AI was even in the conversation. But, yes, "Big Tech" is probably the best term these days to avoid debates about whether this company or that company really belongs in the category--especially given that certain companies have done very well in terms of stock relative to the the historical FAANGs.
  - raw_anon_1111 1y ago
    FANG (notice the missing A) was always a meaningless term. Cramer initially left Apple off and it was already the most valuable company, Microsoft was already in the top 5 most valuable and Netflix was t really that valuable then.
- deleted 1y ago
  [deleted]
cjonas 1y ago
Then Nvidia is turning around and investing back in the AI companies so they can in turn buy Nvidia chips...
- testdelacc1 1y ago
  At least investing in companies that will buy Nvidia makes sense somewhat, even if it feels dodgy. What possible sense does it make for Nvidia to invest in a maker of telecom equipment (Nokia) with no public plan, and the value of the investment jumps 30% as soon as it’s announced? It’s not like call routing needs to be “AI enabled” or they’re putting Nvidia GPUs in their custom silicon. Feels like Nvidia has too much money and they know whatever they invest in will appreciate thanks to the “AI premium” that investors bestow.
  - Atreiden 1y ago
    Nokia had some of the best mobile hardware (and software!) in the game until they were bought by Microsoft and promptly killed. I've been patiently waiting for their resurgence. Building embedded/mobile devices is their forte, which is also coincidentally the hardware space where AI is most poised to shine. Nvidia made a move in the same direction when they tried to acquire ARM. That got antitrusted (fairly so) but investing in a now-decimated telecom company isn't likely to ruffle any feathers this way.
    - wood_spirit 1y ago
      (Nokia went from king to pauper in the year when the iPhone and then Android launched. They death spiralled and Elop was brought in a few years later to transition them to using Microsoft Windows mobile. However, windows mobile was as old and uncompetitive as Symbian so couldn’t compete. Was very obvious at the time although the boards seem to have been living in their dream worlds)
    - dale_glass 1y ago
      > I've been patiently waiting for their resurgence. Building embedded/mobile devices is their forte Wouldn't most of those people have gone elsewhere by now? If you're a mobile device superstar, why would you stick around at Nokia once the mobile device part of it crashed and burned? A company's just a legal structure, people change over time. And that was more than 10 years ago, and didn't they sell their mobile division to Microsoft?
gradientsrneat 1y ago
Not anymore. https://www.reuters.com/business/nvidia-invest-100-billion-openai-2025-09-22/ https://www.reuters.com/business/nvidia-invest-100-billion-o...
immibis 1y ago
I think the actual reason market caps got so high is money printing. Because there are trillions more dollars, stock markets are trillions of dollars higher. Might be a conspiracy theory though.
- karmakurtisaani 1y ago
  Not really a conspiracy theory but just normal economics.

The "spending money on each other" part is untrue. It is mostly going in one direction, towards Nvidia, and that's the reason they crossed $5 Trillion in market cap recently.

alephnerd 1y ago

Also Broadcom - most enterprises with significant ML compute needs are working building their own custom ASICs, and it's Broadcom that owns the entire custom market.

simonw 1y ago

I found John Gruber's roundup of tech company profits (not revenue) interesting: https://daringfireball.net/linked/2025/10/30/apple-q4-results https://daringfireball.net/linked/2025/10/30/apple-q4-result... - Google (a.k.a. Alphabet): $35B - Microsoft: $27.7B - Apple: $27.5B - Nvidia: $26.4B - Amazon: $21.5B

verzali 1y ago
Is it a coincidence that 3 of 5 are so close?
- dmoy 1y ago
  Pretty much coincidence, yes
- NaomiLehman 1y ago
  Yes, completely different revenue sources.
BerislavLopac 1y ago
MANGA is the new FAANG.
- mixmastamyk 1y ago
  Just use BigTech, then you don't have to keep shuffling letters nor inserting Netflix to prevent it becoming a slur. https://en.wikipedia.org/wiki/Big_Tech https://en.wikipedia.org/wiki/Big_Tech
  - danaris 1y ago
    I suspect they meant Nvidia, not Netflix; after all, the letters in MANGA are exactly the initials of the companies listed in the post they were replying to.
  - ghaff 1y ago
    The N was really Netflix originally when it was the poster child for AWS consumption before NVIDEA/AI was even in the conversation. But, yes, "Big Tech" is probably the best term these days to avoid debates about whether this company or that company really belongs in the category--especially given that certain companies have done very well in terms of stock relative to the the historical FAANGs.
- raw_anon_1111 1y ago
  FANG (notice the missing A) was always a meaningless term. Cramer initially left Apple off and it was already the most valuable company, Microsoft was already in the top 5 most valuable and Netflix was t really that valuable then.
deleted 1y ago
[deleted]

cjonas 1y ago

Then Nvidia is turning around and investing back in the AI companies so they can in turn buy Nvidia chips...

testdelacc1 1y ago
At least investing in companies that will buy Nvidia makes sense somewhat, even if it feels dodgy. What possible sense does it make for Nvidia to invest in a maker of telecom equipment (Nokia) with no public plan, and the value of the investment jumps 30% as soon as it’s announced? It’s not like call routing needs to be “AI enabled” or they’re putting Nvidia GPUs in their custom silicon. Feels like Nvidia has too much money and they know whatever they invest in will appreciate thanks to the “AI premium” that investors bestow.
- Atreiden 1y ago
  Nokia had some of the best mobile hardware (and software!) in the game until they were bought by Microsoft and promptly killed. I've been patiently waiting for their resurgence. Building embedded/mobile devices is their forte, which is also coincidentally the hardware space where AI is most poised to shine. Nvidia made a move in the same direction when they tried to acquire ARM. That got antitrusted (fairly so) but investing in a now-decimated telecom company isn't likely to ruffle any feathers this way.
  - wood_spirit 1y ago
    (Nokia went from king to pauper in the year when the iPhone and then Android launched. They death spiralled and Elop was brought in a few years later to transition them to using Microsoft Windows mobile. However, windows mobile was as old and uncompetitive as Symbian so couldn’t compete. Was very obvious at the time although the boards seem to have been living in their dream worlds)
  - dale_glass 1y ago
    > I've been patiently waiting for their resurgence. Building embedded/mobile devices is their forte Wouldn't most of those people have gone elsewhere by now? If you're a mobile device superstar, why would you stick around at Nokia once the mobile device part of it crashed and burned? A company's just a legal structure, people change over time. And that was more than 10 years ago, and didn't they sell their mobile division to Microsoft?

gradientsrneat 1y ago

Not anymore. https://www.reuters.com/business/nvidia-invest-100-billion-openai-2025-09-22/ https://www.reuters.com/business/nvidia-invest-100-billion-o...

immibis 1y ago

I think the actual reason market caps got so high is money printing. Because there are trillions more dollars, stock markets are trillions of dollars higher. Might be a conspiracy theory though.

karmakurtisaani 1y ago
Not really a conspiracy theory but just normal economics.