The Intelligence Toll: Why Every Fortune 500 Company Could Pay Nvidia by 2035

If AGI arrives, Nvidia won't sell chips. It will sell cognition itself.At 40 times forward earnings, Nvidia (NVDA 0.60%) looks expensive through a traditional semiconductor lens. But that framework collapses if artificial general intelligence (AGI) arrives by 2030, as OpenAI, Anthropic, and other labs privately expect. Nvidia won't just supply artificial intelligence (AI) infrastructure. It could collect a toll on every intelligent operation on the planet.Think of it as the intelligence toll: a per-cycle fe ...