player during the smartphone transition. Understanding Nvidia’s role in 2025, however, requires investors to view the Magnificent Seven firm in a different light. “The key misunderstanding about Nvidia is that it’s a chip provider. Looking at the company through this framework … looking at this company through the framework of a backward looking hyperscaler capex [capital expenditure] is fundamentally the wrong way to be looking at this company,” said Pleydell-Bouverie. Apple co-founder Steve Jobs is credited with integrating a failing operating system with sleek hardware in the mid-1990s, laying down the foundations for it to eventually take advantage of the smartphone boom that would emerge at the turn of the millennium. Pleydell-Bouverie sees Nvidia accelerating similarly to Apple. “Nvidia is actually positioning itself to be the operating system for this new AI-infused software that we’re going to really start to see come to market from next year,” she added. Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom, with its next-generation AI chip Blackwell now in focus. Shares of the company have nearly tripled so far in 2024 — up more than 180% in the year-to-date — making it one the world’s most valuable companies.