Nvidia: Jensen Can't Spend His Way Out Of This One

What happened: Microsoft unveiled its Maia 300 chip and plans to make Maia the primary inference system for its own products. The author maintains a Sell rating on NVDA. Key numbers: NVDA's share of China's data center AI chip market fell to 34% in the first half of 2026. Gartner says more than 80% of neoclouds Nvidia finances will not survive as independent businesses much beyond 2030. Why it matters: The author argues Nvidia has spent tens of billions funding its own customers and cannot spend its way through a market now repricing those same customers. Huawei is close behind in China.

Microsoft unveiled its Maia 300 chip and plans to make Maia the primary inference system for its own products. The author maintains a Sell rating on NVDA.

The author argues Nvidia has spent tens of billions funding its own customers and cannot spend its way through a market now repricing those same customers. Huawei is close behind in China.