How do NVIDIA investors view the significant surge in AMD and Intel?

AMD and Intel have been surging over the past two days, which might make many NVIDIA investors feel:

Has NVIDIA lost its appeal?
Is capital starting to abandon NVDA and shift towards AMD and Intel?
Did I miss out on more flexible investment targets again?

I don't think we need to think that way.

More accurately, this rally doesn't disprove NVIDIA's investment thesis; instead, it shows: The AI theme is not over; it's actually spreading.

The simplest market perception in the past was:

AI = NVIDIA.

Because NVIDIA is the most certain, most profitable, and deepest moat company in the entire AI infrastructure. Its advantages in GPU, CUDA, networking, full rack solutions, and customer stickiness are not something AMD and Intel can catch up to in the short term.

But as NVIDIA's market cap grows larger and expectations become more fully priced, short-term capital seeking higher returns will start to spread out, looking for targets that "can also tell an AI story, but with smaller market caps, lower valuations, and greater potential upside."

Therefore, the sharp rise in AMD and Intel essentially reflects the market repricing a logic:

AI doesn't just need GPUs; it also needs CPUs, servers, storage, networking, packaging, foundry services, power, and the entire data center infrastructure.

AMD is rising because it has both EPYC server CPUs and a catch-up story in AI GPUs, making it a flexible catch-up play within the AI supply chain.

Intel's rise is more about a turnaround story: its earnings and guidance gave the market confidence, combined with narratives around AI CPU demand, foundry services, and US manufacturing reshoring, leading capital to fully price in expectations all at once.

But one thing needs to be clarified:

Short-term upside potential does not equal long-term certainty.

AMD and Intel surging doesn't mean they are more stable than NVIDIA.
Intel is more of a turnaround play; the story is attractive, but execution risks are high.
AMD's quality is better than Intel's, but its AI GPU market share and profitability still need further proof.
Although NVIDIA has a large market cap and may not be the most explosive in the short term, it is the core asset in the current AI infrastructure that has already turned its story into profits.

So the biggest takeaway for NVIDIA investors from this rally is not "quickly chase AMD and Intel," but:

The AI theme remains very strong; it's just that capital is starting to spread from the core leader to other parts of the supply chain.

For ordinary investors with limited capital, the most important thing isn't to buy a little of everything, creating a semiconductor "family bucket."
Because these stocks may appear diversified, but in reality, many carry the same AI/semiconductor cycle risk. If valuation multiples compress, they will likely fall together.

Instead of chasing hot spots everywhere, it's better to think clearly about what theme you truly understand, can hold onto, and dare to overweight for the long term.

For me, NVIDIA is still the most stable, most certain, and most worthy company to hold as a core position in the AI theme.
AMD can be watched, and Intel can serve as a sentiment indicator, but they shouldn't easily replace NVIDIA's core position in the portfolio.

A final word:

The surge in AMD and Intel doesn't disprove NVIDIA's thesis; on the contrary, it shows that the prosperity of the AI supply chain is spreading.

But in a spreading rally, the easiest mistake to make is: seeing who's rising and wanting to chase them, ultimately leading to theme drift, loss of position control, and depletion of cash.

Some money doesn't belong to you; it's okay not to earn it.
Sticking to the theme you truly understand might be a more suitable choice for ordinary investors.