Imani Moise

And rival Anthropic surprised investors by forecasting its first-ever quarterly operating profit, a rare feat in the cash-burning AI industry.

While investors wait for those monster debuts, many are looking for other ways to cash in on the frenzy.

European satellite stocks surged this week after SpaceX's filing ignited excitement across the industry.

France's Eutelsat jumped nearly 35%, while German satellite developer OHB climbed more than 28%.

Investors' obsession with finding the next big market winner may be creating a problem for the company sitting on top of the mountain.

Shares in NVIDIA, currently the most valuable company in the world with a valuation of more than $5 trillion, fell more than 4% over the week despite the chip giant reporting another blockbuster quarter.

CEO Jensen Huang told investors that demand for AI chips has gone, quote, parabolic as companies race to build AI agents and massive data centers.

The company posted more than $81 billion in quarterly revenue, up 85% from a year ago, while profits more than tripled.

But investors appear more interested in finding the next NVIDIA than rewarding the current one.

Take Intel, for example.

The once-struggling chipmaker has suddenly become one of Wall Street's hottest AI comeback bets.

Shares in the company surged 10% this week and are now up more than 220% this year, as investors bet Intel's processors could play a larger role in the next phase of the AI build-out.

The fatigue isn't limited to Nvidia.

Analysts say Wall Street has developed a kind of apathy toward the biggest AI winners to date, with investors increasingly rotating into underdogs they believe have more room to run.

According to Goldman Sachs, the AI chip trade has become so dominant that semiconductor companies now make up nearly 20% of the S&P 500, the highest concentration on record.

And AI isn't just reshaping stock indexes.

It's starting to reshape how investors make money.

For decades, investors could count on tech companies eventually rewarding shareholders through dividends and massive stock buyback programs.

But the AI boom is changing that equation.

Dividend investing has lagged the broader market this year, as excitement around artificial intelligence pushes companies to reinvest profits into data centers, chips, and computing power instead of returning that cash to shareholders.