The early phase of the generative artificial intelligence revolution resembled the “picks and shovels” stage of a gold rush. The focus was on building the core tools, such as semiconductors, cloud platforms, and foundational models that made AI possible on large scale. Chipmakers such as Nvidia and Taiwan Semiconductor Manufacturing Company provided the computing power with specialized semiconductors, while hyperscalers and start-ups laid the groundwork with infrastructure and large-langu...
