Anyone with a stock portfolio has invariably noticed that semiconductor companies are on a tear this year. Massive AI spending has helped push earnings and valuations for industry leaders to record levels. In turn, semiconductor giants are investing record sums in startups. So far this year, the sector's most valuable companies have participated in rounds collectively valued at over $250 billion, per Crunchbase data. That's multiples above prior high marks. Large cap chip companies are also leading and co-leading some of the biggest financings. This includes OpenAI's record-breaking $122 billion March funding round, in which Nvidia was one of eight lead investors. Still, there are plenty of other big rounds with semiconductor backing this year that, by any other comparative benchmark, would also be considered enormous. Take July's $5 billion corporate financing from Nvidia for foundational AI startup Safe Superintelligence. It should surprise no one that Nvidia is the most active...
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