Nvidia’s (NASDAQ:NVDA) ascent to a $4.3 trillion market capitalization has cemented its status as a titan in the tech world and the world’s most valuable company, driven by its unrivaled dominance in artificial intelligence (AI) chip production.

Nvidia shares sold off sharply this spring, fueled by increased worry that spending on artificial intelligence infrastructure, such as Nvidia’s semiconductor chips, was peaking. The argument was that hyperscalers operating massive cloud data centers were overbuilding capacity and double-ordering chips,