Saxo Bank chief investment strategist Charu Chanana said in a note that
uncertainty over NVIDIA’s leadership could accelerate shifts to alternative
suppliers. AMD, Broadcom, Alphabet and Samsung Electronics may benefit, though
meaningful market-share gains will take time. A larger risk is disruption to the
broader AI ecosystem: higher debt financing, pressure on hyperscalers’ free cash
flow and regulatory uncertainty are already testing the sustainability of AI
spending. Chanana described this as a test for AI trades rather than their end
and said investors should separate firms benefiting from ongoing infrastructure
spend from those that can generate sustainable returns from AI adoption.
