Little by little, we're getting an answer to the question: "What kind of investment does an outrageous influx of capitalization spur?" One might think it would be an AI silicon-moat, and it might yet be some of that.
But it's clear that everyone's favorite goal is keretsuification. If you're looking for abnormal profits, you can't do better than to add a letter to FAANG. Nvidia already got into the cloud business, and now it's making workstations.
The era of specialists doing specialist things is not really behind us. They're just not making automatic money, nor most of it. Nvidia excelled in that pool, but it too can't wait to leave it. It knows it can always fail as a specialist, but not as a kereitsu.