Chapter 6: Valuation and Concentration - "Nvidia Risk” and the Bubble Curve

Alliance Intelligence AI Hyper-scaler Special Research Report

AI’s current buildout is a once‑in‑a‑generation capital cycle, but its risk profile is increasingly defined by concentration—both in Nvidia’s market power and in the small set of hyperscalers and custom silicon efforts (like Google’s TPUs powering Gemini 3) that can challenge it.

There is a razor’s edge between revolution and mania, and AI infrastructur…