Why Nvidia Is the King of AI Chips, and Can It Last?: QuickTake

The blistering share rally that for a time made Nvidia Corp. the world’s most valuable company has stalled. Investors have become wary of pouring more money into the chipmaker now that it’s clear the adoption of artificial intelligence computing won’t be a straight path, and won’t rely solely on Nvidia technology.

For now, Nvidia remains the preeminent picks-and-shovels seller in an AI gold rush. Revenue is still soaring, and the order book for the company’s Hopper chip lineup and its successor — the Blackwell — is bulging.

Its continued success hinges on whether Microsoft Corp., Google and other tech ...