NVIDIA's Biggest Customers Just Lost $1 Trillion in One Week

NVIDIA's major investors experienced a significant market cap loss due to substantial planned expenditures on AI infrastructure and chips for 2026. Companies like Microsoft, Alphabet, Amazon, and Meta announced massive capital expenditure increases, signaling an aggressive push into AI. Amazon leads with a planned $200 billion investment, while Meta is constructing a one-gigawatt factory. Despite these companies beating earnings, Wall Street reacted negatively, causing stock prices to dip, except for Alphabet, which is relatively insulated due to its in-house chip production. NVIDIA, however, is thriving, projecting massive revenue growth, as it profits from the AI infrastructure boom regardless of whether its clients monetize AI effectively. The situation exhibits bubble-like characteristics, including elevated valuations, rapid spending increases, circular financing, debt reliance, and lagging monetization.