After $2 trillion gain, Nvidia is still irresistible to many

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ALSO READ: AI Tracker: Intel, AMD try to catch Nvidia in AI chip race“It’s like trying to catch a marathon runner that’s running at full speed," said Adam Gold, founder and chief investment officer at Katam Hill LLC. “They’ve been in the race for a long time.

At the moment they’ve got a big lead and they’re poised to extend it this year and next year."Gold has owned Nvidia shares since 2016. It is now his largest position, and he keeps adding to it.Gold is part of a Wall Street consensus that Nvidia’s lead is unassailable, at least for now.

Rivals haven’t been able to catch up to Nvidia with chips that power artificial intelligence workloads, known as accelerators.Its rapid growth in that space has transformed Nvidia from a niche maker of graphics processing units used for gaming to the third-most valuable company in the world. It is now worth $2.94 trillion, having added more than $2 trillion of that since a landmark earnings report sent its stock into the stratosphere last year.The day after Nvidia unveiled its latest chip plans, Advanced Micro Devices Inc.

said it’s speeding up introductions of its own. On Tuesday, Intel Corp.’s chief executive spoke about new products as well.

But none of Nvidia’s competitors are close to its dominance in AI.ALSO READ: Microsoft, Meta and Intel announce AI initiative to challenge Nvidia's dominanceIts recent earnings report showed customers are still snapping up its current H100 chips despite a more advanced chip called Blackwell coming later this year. Capital spending forecasts from major technology companies revealed that they plan to spend even more than previously anticipated on AI computing infrastructure.“The only thing stopping them from selling any more is supply," said