AI chips explained: why Nvidia, Broadcom and Intel react so differently to the same news

Key takeaways:The AI chip industry has three layers: general-purpose chips, custom chips and manufacturing.General-purpose chipmakers like Nvidia benefit most from broad AI demand.Custom chip designers like Broadcom gain as big AI developers seek alternatives, but carry concentration and financing risks.Foundries need anchor customers to fill costly plants, which is why customer news moves Intel so sharply.Power supply, supplier diversification and concentrated manufacturing are shaping all…