Nvidia has once again reminded investors why it remains at the centre of the artificial-intelligence boom. The latest quarter delivered another extraordinary set of numbers: revenue reached $96.22 billion, up 106% year over year, while data-centre revenue surged 117% to around $89 billion. Nvidia also guided to approximately $108 billion of revenue for the next quarter, while management expects around 70% revenue growth for the following fiscal year. (Reuters⁠) At first glance, this looks like another straightforward Nvidia victory. But there is a more interesting story underneath the headline numbers. The AI boom is becoming so large that the biggest constraint may no longer be demand for Nvidia GPUs — it is the supply chain required to build them. And that creates winners and losers far

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