AI helped save the chip industry. What happens if it turns out to be a bust?

Nvidia is now the first company to surge past $4 trillion in market capitalization, rebounding from its DeepSeek-induced slump earlier this year. Other AI chipmakers, including AMD and China’s Huawei, are reporting strong financial results. Nearly every major chipmaker is now centering its strategy on AI.

But what if AI doesn’t work out?

This isn’t just a hypothetical question. Some signs suggest that AI growth is stalling, or at least slowing down. New models no longer show...