NVIDIA's Q3 fiscal 2025 earnings release and subsequent call provided remarkable insights, yet, perhaps surprisingly, CEO Jensen Huang barely mentioned the word "semiconductor." Instead, he painted a bold vision of a multi-trillion-dollar AI revolution: traditional CPU-based data centers transforming into GPU-powered "AI factories," breakthroughs in AI applications across robotics and gaming, and entire industries running AI inference 24/7. While the earnings results were undeniably impressive, the spotlight now shifts to Huang's vision for the future—and investors are left asking how best to position themselves in this evolving landscape.
Looking beyond the financials, we wanted to explore NVIDIA's thematic ecosystem. Using Theia Insights Industry Classification (TIIC), Theia’s Thematic Factor Model and our Concept2Universe model, we dissected NVIDIA's business exposures and mapped its expanding ecosystem.
Beyond Semiconductors
NVIDIA Business Exposures per TIIC - as of 4Q 2024
How a company evolves over time is captured by TIIC and in stark contrast to NVIDIA’s business exposures today (as above), 10 years ago the company’s activities were concentrated in gaming, notably what TIIC captures as Video & Online Gaming (0.22), this was followed by Semiconductor Design & Manufacturing (0.21), Cloud Computing (0.18), Data Centres (0.15) and Mobile Applications (0.08).
And of course as a significant theme and business activity, the rise of AI isn't unique to NVIDIA - it's a global phenomenon spreading across industries and geographies. Below we show how this theme has evolved over the last decade and specifically where in the world AI companies have emerged.
What Drives NVIDIA's Stock Price?
At Theia, our self-learning industry classification system - TIIC - explains “who does what and by how much”, yet the market often tells us what really matters and when it matters most. Using Theia Insights’ Thematic Factor Model, we are able to quantify how sensitive NVIDIA's share price is to various themes (measured in basis points per one daily standard deviation move):
NVIDIA Thematic Factor Price Exposures - Oct 2024 - Data by Theia Insights
The coefficient measures how NVIDIA's share price changes in basis points if a theme's factor changes by one daily standard deviation. Themes like Data Centres, Semiconductors, and AI have the strongest influence, while 3D Technology, Cloud Computing, and others play a less significant role.
Mapping the NVIDIA AI Ecosystem
As touched upon above, Huang's vision extends far beyond NVIDIA itself. To see the landscape of the NVIDIA AI ecosystem, we used Theia's Concept2Universe (C2U) model to map the intricate ecosystem of companies driving and benefiting from the evolution of AI and its incredible impact on companies and industries worldwide.
Theia Insights’ Concept2Universe (C2U) model takes unique concepts, in this case "NVIDIA AI Ecosystem Impact" and provides a taxonomy of relevant sub-themes to the concept. It then systematically ranks and selects relevant companies from the entire global public markets to reveal the complete landscape of a concept's universe. Whilst these universes typically reach into the thousands prior to optimisation and filtering, we share the 100 most relevant companies within Appendix Item 1 below. The result reveals four key components of the ecosystem:
1. Core AI Infrastructure
GPU & Chip Architecture
- Direct competitors (AMD, Intel)
- Specialised chip designers (Broadcom, Marvell)
- Semiconductor equipment (ASML, Applied Materials)
Data Center & Computing
- Data center specialists (Super Micro Computer, Pure Storage)
- High-performance computing providers (HPE, IBM)
- Network infrastructure (Arista Networks, Cisco)
2. AI Platform & Services
Cloud Infrastructure
- Major providers (Microsoft Azure, Google Cloud, AWS)
- Enterprise cloud services (Snowflake, MongoDB)
- Edge computing specialists (Fastly, Akamai)
AI Development Tools
- AI platforms (C3 ai, SenseTime)
- Machine learning infrastructure (Palantir, Datadog)
- Enterprise AI integration (ServiceNow, Salesforce)
3. Vertical Solutions & Applications
Enterprise Solutions
- Process automation (UiPath, Blue Prism)
- Security & monitoring (CrowdStrike, Palo Alto Networks)
- Business intelligence (Alteryx, Splunk)
Industry Applications
- Automotive AI (Mobileye, Tesla)
- Healthcare AI (Veeva, Butterfly Network)
- Industrial AI (Rockwell Automation, PTC)
4. Supporting Infrastructure
Manufacturing & Supply Chain
- Foundry services (TSMC, GlobalFoundries)
- Component suppliers (Micron, Western Digital)
- Testing & quality assurance (Teradyne, Advantest)
Professional Services
- IT consulting (Accenture, Infosys)
- System integrators (Capgemini, Cognizant)
- Cloud migration specialists (Rackspace, VMware)
This ecosystem mapping reveals how NVIDIA's influence extends far beyond its traditional semiconductor roots, creating a complex value chain that spans from basic infrastructure to industry-specific applications.
The NVIDIA effect and its growing impact on the global economic landscape isn't just about chips - our analysis reveals a company positioning itself at the centre of a much larger multi-industry transformation, where the boundaries between hardware, software, and services are blurred among the services of AI-powered innovation. Jensen Huang's vision of AI factories may be closer than you think.
Want to explore how Theia's solutions can support your investment workflows, speed and accuracy of mapping the market and the global landscape of any theme - from robotics to AI to data centres - contact us at solutions@theiainsights.com or reach out to one of our team.
Appendix: The 100 MOST Relevant Companies in the “NVIDIA AI Ecosystem” per Theia’s Concept2Universe Model
NB relevance is judged by business activity alone, and does not indicate price co-movements, size of market cap or liquidity.
- Advanced Micro Devices (XNAS:AMD)
- Super Micro Computer Inc (XNAS:SMCI)
- Microsoft Corp (XNAS:MSFT)
- International Business Machines Corp (XNYS:IBM)
- Synopsys Inc (XNAS:SNPS)
- Applied Digital Corp (XNAS:APLD)
- Hewlett Packard Enterprise Co (XNYS:HPE)
- E2E Networks Ltd (XNSE:E2E)
- Arista Networks Inc (XNYS:ANET)
- Broadcom Inc (XNAS:AVGO)
- Pure Storage Inc (XNYS:PSTG)
- Alchip Technologies Ltd (XTAI:3661)
- Ambarella Inc (XNAS:AMBA)
- Lattice Semiconductor Co (XNAS:LSCC)
- Micron Technology Inc (XNAS:MU)
- Netweb Technologies India Ltd (XNSE:NETWEB)
- Texas Instruments Inc (XNAS:TXN)
- Snowflake Inc (XNYS:SNOW)
- Alphabet Inc (XNAS:GOOGL)
- Rackspace Technology Inc (XNAS:RXT)
- Salesforce Inc (XNYS:CRM)
- SenseTime Group Inc (XHKG:20)
- Semiconductor Manufacturing International Corp (XHKG:981)
- C3 ai Inc (XNYS:AI)
- SMART Global Holdings (XNAS:SGH)
- Lam Research Corp (XNAS:LRCX)
- Innodata Inc (XNAS:INOD)
- Western Digital Corp (XNAS:WDC)
- Persistent Systems Ltd (XBOM:533179)
- Dynatrace Inc (XNYS:DT)
- Marvell Technology Inc (XNAS:MRVL)
- MaxLinear Inc (XNAS:MXL)
- CrowdStrike Holdings Inc (XNAS:CRWD)
- Astera Labs Inc (XNAS:ALAB)
- Akamai Technologies Inc (XNAS:AKAM)
- Kingsoft Cloud Holdings Limited (XHKG:3896)
- Chinasoft International Ltd (XHKG:354)
- Palantir Technologies Inc (XNYS:PLTR)
- IONQ Inc (XNYS:IONQ)
- Nutanix Inc (XNAS:NTNX)
- Palo Alto Networks Inc (XNAS:PANW)
- Semtech Corp (XNAS:SMTC)
- ServiceNow Inc (XNYS:NOW)
- Novatek Microelectronics Corp (XTAI:3034)
- Seagate Technology (XNAS:STX)
- MongoDB Inc (XNAS:MDB)
- NetApp Inc (XNAS:NTAP)
- Giga Byte Technology Co Ltd (XTAI:2376)
- Baidu Inc (XNAS:BIDU)
- Unity Software Inc (XNYS:U)
- UiPath Inc (XNYS:PATH)
- EPAM Systems Inc (XNYS:EPAM)
- Analog Devices Inc (XNAS:ADI)
- NXP Semiconductor NV (XNAS:NXPI)
- Inspur Digital Enterprise Technology Limited (XHKG:596)
- KPIT Technologies Ltd (XBOM:542651)
- ASML Holding NV (XAMS:ASML)
- Applied Materials Inc (XNAS:AMAT)
- HIVE Digital Technologies Ltd (XTSX:HIVE)
- Tokyo Electron (XTKS:8035)
- Nordic Semiconductor ASA (XOSL:NOD)
- Intapp Inc (XNAS:INTA)
- Cadence Design Systems Inc (XNAS:CDNS)
- Bairong Inc (XHKG:6608)
- Himax Technologies ADR (XNAS:HIMX)
- Mobileye Global Inc (XNAS:MBLY)
- Infineon Technologies AG (XETR:IFX)
- Altair Engineering Inc (XNAS:ALTR)
- Datadog Inc (XNAS:DDOG)
- Cisco Systems Inc (XNAS:CSCO)
- Beijing Fourth Paradigm Technology Co Ltd (XHKG:6682)
- Lenovo Group Ltd (XHKG:992)
- ON Semiconductor Corp (XNAS:ON)
- Monolithic Power Systems (XNAS:MPWR)
- Appen Ltd (XASX:APX)
- Coherent Corp (XNYS:COHR)
- Zscaler Inc (XNAS:ZS)
- Axcelis Technologies Inc (XNAS:ACLS)
- SoundHound AI Inc (XNAS:SOUN)
- Amazon Inc (XNAS:AMZN)
- Oracle Corp (XNYS:ORCL)
- Lumentum Holdings Inc (XNAS:LITE)
- F5 Inc (XNAS:FFIV)
- DigitalOcean Holdings Inc (XNYS:DOCN)
- Infosys Ltd (XBOM:500209)
- Jamf Holding Corp (XNAS:JAMF)
- Accenture PLC (XNYS:ACN)
- HCL Technologies Ltd (XBOM:532281)
- Booz Allen Hamilton Holding Corp (XNYS:BAH)
- Juniper Networks Inc (XNYS:JNPR)
- Informatica Inc (XNYS:INFA)
- Confluent Inc (XNAS:CFLT)
- indie Semiconductor Inc (XNAS:INDI)
- Skyworks Solutions Inc (XNAS:SWKS)
- Grid Dynamics Holdings Inc (XNAS:GDYN)
- Vertiv Holdings Co (XNYS:VRT)
- HashiCorp Inc (XNAS:HCP)
- Silicon Motion Technology ADR (XNAS:SIMO)
- Ingdan Inc (XHKG:400)
- Domo Inc (XNAS:DOMO)
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