Nvidia

Nvidia closed April with the cleanest market-implied trade of the AI cycle: while software stocks plunged on ServiceNow's worst day on record, the semiconductor index hit an all-time high. The picks-and-shovels thesis won the quarter — SK Hynix posted a record $35.6B quarter on 198% YoY HBM demand, and the CFO said HBM demand exceeds supply for at least three more years.

Strategic: Nvidia and Google Cloud expanded their partnership with Vera Rubin NVL72 deployments, and CEO Jensen Huang reframed the labor debate at Stanford GSB ("most people will lose their job to somebody who uses AI — not to AI itself"). AI Weekly tracks every Nvidia release, partnership, and chip-supply signal.