

Not just Nvidia.
For a start of who the shovel sellers might be, you can take a look at the list in his post that Torsten Slok used to calculate his margin numbers:
Note: Data as of 2Q 2026 and for OpenAI (1Q 2026 estimate from PitchBook) and Anthropic (2Q 2026 estimate from Financial Times). Averages are equal-weighted bucket averages of Energy & Grid (Constellation Energy, Vistra, NextEra Energy, Vertiv, Eaton, Arista Networks), Silicon & Equipment (Nvidia, AMD, Broadcom, Marvell, TSMC, SK Hynix, Samsung Electronics, Micron), Compute & Cloud (Super Micro, Dell Technologies, Foxconn, Equinix, Digital Realty, Amazon/AWS, Microsoft/Azure, Alphabet/Google Cloud, CoreWeave, Nebius) and Models & Applications (OpenAI, Anthropic). Sources: Bloomberg, PitchBook, Apollo Chief Economist
In short according to his research the people currently making a profit or at least positive margins, are the people who build chips and memory, who build energy infrastructure, and who build servers and data canters.
I would like to see the distinction between Servers (Super Micro, Dell Technologies, Foxconn) and Datacenters (Equinix, Digital Realty, Amazon/AWS, Microsoft/Azure, Alphabet/Google Cloud, CoreWeave, Nebius) but he seems to have put them together.
Also I heard from our local news that ABB (which is Swiss, Edit: apparently also Swedish) is profiting too, they belong in the power category.
And I wonder why Arista goes in the Energy category, I’d see them and Cisco, and Juniper, and Extreme, and Nokia in a separate network category.











It’s the NVIDIA Jetson Orin NX 16 GB. From the Ampere family, 3.5 years old. Small Tegra SoC.
I guess something like this is a typical dual use good, and doesn’t fall under the AI Chip export restriction either because it’s too weak. Seems like it would be trivial for Russians to import them from China or India or whomever really.