Last month, Nvidia—the maker of the go-to chips for artificial intelligence (AI) developers—crossed $5 trillion in market capitalization and followed up with a strong earnings report . Yet nagging fears of an AI bust have not gone away. The fundamentals of the AI industry—unprecedented levels of investment with little evidence of revenues in the foreseeable future—remain. By November’s end, even Nvidia’s stock fell despite strong earnings, reflecting that the market is still worried. This begs