Nvidia’s Good Fortune Isn’t Good for Everyone Else

Question: Is what’s good for Nvidia also good for America? That old line, originally referring to General Motors, came to mind after the stock market rallied to new records on Thursday—attributed by pundits to investor enthusiasm about Nvidia’s robust earnings. Stock of the AI chipmaker rocketed 17% on Thursday and Friday, lifting its market value briefly above $2 trillion on Friday and confirming its week-old status as the third most valuable U.S. company, behind Apple and Microsoft. 

But Nvidia’s good …

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