AI Acceleration Splits the Tech Rally as Nvidia Leads

Nvidia’s strong results underscore ongoing AI demand, but the tech rally is splitting into winners and laggards: software stocks rebound and Nvidia climbs while peers like Marvell slide, Alphabet faces AI-infrastructure headwinds, and hyperscalers’ massive capex could face spend bottlenecks from labor and supply constraints, forcing investors to differentiate winners from losers even as acceleration remains the central theme.