Industry Overview - The global artificial intelligence (AI) market is projected to grow from approximately $372 billion in 2025 to over $2 trillion by 2032, indicating a compound annual growth rate (CAGR) of over 30% as AI transitions from pilot projects to real-world applications [1]. Company Insights: Nvidia - Nvidia has experienced strong demand entering 2026, with companies increasingly adopting its accelerated computing solutions for AI workloads [3]. - The management highlighted that the Blackwell and Rubin platforms together support revenue visibility of around $500 billion through 2026, with $150 billion in orders already shipped by the third quarter of fiscal 2026 [4]. - Nvidia is shifting its focus to selling complete AI server systems, which include computing hardware and supporting infrastructure, rather than just individual chips, enhancing its role in global data center construction [4]. - The Rubin platform is designed as a six-chip system that integrates CPU and GPU capabilities, networking hardware, and data center infrastructure, improving the economics of running AI systems [5]. - The Rubin system offers significant improvements in processing AI workloads and reduces costs per unit of AI output compared to the Blackwell system, which is crucial as AI workloads shift towards real-time deployment [6]. - Nvidia is well-positioned to capture a substantial share of the estimated $3 trillion to $4 trillion in global AI infrastructure spending expected by the end of 2030, despite not repeating the extraordinary returns of previous years [7]. Company Insights: Alphabet - Alphabet has a highly profitable digital advertising business that funds its broader AI ambitions, with digital ads accounting for nearly three-quarters of its revenue [10]. - The global digital advertising industry is expected to grow at a CAGR of approximately 15.4% through 2030, positioning Alphabet for sustained growth in the coming years [10].