To that end, Nvidia bears frequently highlight custom AI chips from big technology companies like Amazon ( AMZN 2.48%) and Alphabet ( GOOGL -1.51%) ( GOOG -1.54%) as cause for alarm. While both companies have designed custom silicon for their data centers, recent commentary should put Nvidia investors at ease.

At Nvidia’s AI Summit in Tokyo this week, Jensen Huang, chief executive of Nvidia, and Masayoshi Son, the head of SoftBank, expressed regrets that the former did not privatize Nvidia a decade ago when the latter offered him money to do so.