The AI Arms Race Isn’t About Technology – It’s About Electricity

Two and a half years ago, NVIDIA was a $300 billion gaming chip company.

Today it's the most valuable company in history at over $4 trillion.

Investors who saw what was coming and got positioned early made generational money.

A $10,000 stake in NVIDIA at the start of 2023 is worth more than $130,000 today.

The trade looks obvious in hindsight, but very few investors caught it in real time.

Demand for AI compute had exploded, the supply of high-end chips couldn't catch up, and NVIDIA happened to be the only company on earth capable of making what…