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swept up in the AI excitement. So have providers of
other computing infrastructurenwhich includes
everything from those colourful cables, noisy air-condi-

tioning units and data-centre oor space to the so ware
that helps run the AI models and marshal the data. An
equally weighted index of 30-odd such companies has
risen by 40% since ChatGPTss launch in November,
compared with 13% for the tech-heavy Nasdaq index (see
chart). tA new tech stack is emerging,u sums up Daniel
Je ries of the AI Infrastructure Alliance, a lobby group.

Shovel readiness
Stockmarket indices, Nov 30th 2022*=100
150
NASDQ
AI “picks and shovels” index †
composite
125
100
S&P 500
75
2022 2023
*ChatGPT Iaunched
† Equallly weighted index of 32 AI-proximate companies
Source : Refinitiv Datastream; The Economist

On the face of it, the AI gubbins seems less exciting
5
than the clever tlarge language modelsu behind Chat
GPT and its fast-expanding array of rivals. But as the
model-builders and makers of applications that piggy-
back on the models vie for a slice of the future AI pie,

they need computing power right nownand lots of it.

390 Nvidia is not the only firm cashing in on the AI gold rush