Fortune reports Nvidia's sovereign AI revenue tripled to more than $30 billion and Huang argues sovereignty depends on who controls the data and services. Critics note that Nvidia invests in startups that then buy its chips, and that in July a proposed $250 billion guarantee for an OpenAI data center knocked 5% off its stock before it was cut to about $105 billion.
In our view, both can be true: European buyers get capacity and Nvidia gets customers. The test will be whether European projects raise their own revenue, not just their own Nvidia orders.
Source: Fortune