Can anyone besides Nvidia make big bucks from chips?

ADAM SMITH would be baffled by microelectronics. When the great economist died in 1790 James Watt’s two-cylinder steam engine passed for the height of technological sophistication. If he recognised the prefix “nano”—a fair bet for a precocious classicist proficient in dead languages by 14—it would be as a derivation of the Greek word for “dwarf”, not as a reference to the billionths of a metre in which modern semiconductors are measured. The word “billion” had entered the English language by Smith’s time but the number it denotes would have seemed unfathomable. Some 200bn transistors etched onto a few halfpennies in Nvidia’s latest Blackwell artificial-intelligence (AI) chip? Black magic, even for an enlightened Scottish rationalist.