TradingKey – Nvidia’s release of earnings on Aug. 26 sparked the beginning of a new trade. On Thursday, the stock jumped by 8.7%, closing at $227.98, after positive fiscal second quarter reports by Nvidia showed $96.2 billion in total revenue, with $89.0 billion from its Data Center segment, and with management expecting Q3 revenue to come in at $108 billion. The positive read-through to Nvidia extends beyond the chip segment; the demand for chips is also driving demand for CPUs, networking equipment, custom chips, and connectivity infrastructure. With the listed beneficiaries of AI spending now clear, investors are not asking if AI spending is growing, but which companies do investors believe will benefit the most from that spending.