The Internationalism

Internationalism No. 85, March 2026 Page 14 From the series The telecommunications battle At the end of 2025, Nvidia, the Californian company founded and led by Jensen Huang, and producer of over 80% of the chips powering artificial intelligence (AI) development, was the most valuable company in the world. Its market capitalisation reached $4.532 trillion: 12% more than Apple, the next highest, and, furthermore, ten times Nvidia's level three years earlier, when ChatGPT made its international debut. The AI gold rush has turned into an astonishing windfall for businesses selling the necessary hardware, namely today's shovels and picks . Nvidia's revenue for 2025 is expected to exceed $210 billion; in five years it has grown eightfold. Net profits over the past three years will surpass $180 billion, more than 50% of total revenue. Experts of the ongoing competition explain that three conditions are required to achieve good resu...

Internationalism No. 82, December 2025 Page 8 Will the artificial intelligence bubble burst? The question mark adds to the dilemmas that the crisis in the world order is fuelling with debt, rearmament, protectionism, wars, and illusory peace agreements. After many years in which stock markets have weathered persistent headwinds, becoming the emblem of capital’s resilience to its own crises, the accumulated risks are coming to the surface. High technology, the newest sector of listed companies, has become a magnet for investment, producing in just a few years giants with unprecedented market values. The Magnificent Seven in the sector (Alphabet, Meta, Microsoft, Amazon, Apple, Nvidia, Tesla) have a combined market capitalisation of around $22 trillion, about 35% of the total of the 500 largest US corporations. The artificial intelligence (AI) champion Nvidia alone has a market capitalisation of $5 trillion. In November, when third...