Edward Conard

Top Ten New York Times Bestselling Author

  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
Upside of Inequality Oxford Unintended Consequences

AI Summary. Analysts at Omdia estimate Microsoft purchased 485,000 of Nvidia's "Hopper" artificial intelligence chips in a year, roughly twice as many as its next-largest US rival Meta at 224,000. Omdia estimates ByteDance and Tencent each ordered about 230,000 Nvidia chips, including the H20 model modified to meet US export controls.

Tim Bradshaw and Stephen Morris Financial Times
Date Posted:

Microsoft likely purchased 485,000 of Nvidia’s “Hopper” chips this year, twice the amount purchased by Meta, Nvidia’s second-largest American customer.

Which company bought the most Nvidia AI chips this year?

Core argument: Omdia estimates Microsoft bought 485,000 of Nvidia's "Hopper" chips this year, more than double the 224,000 purchased by Meta, Nvidia's next biggest US customer.

Microsoft bought twice as many of Nvidia’s flagship chips as any of its largest rivals, as OpenAI’s biggest investor accelerated its investment in artificial intelligence infrastructure. Analysts at Omdia estimate that Microsoft bought 485,000 of Nvidia’s “Hopper” chips this year. That put Microsoft far ahead of Nvidia’s next biggest US customer Meta, which bought 224,000 Hopper chips. With demand outstripping supply of Nvidia’s most advanced graphics processing units for much of the past two years, Microsoft’s chip hoard has given it an edge in the race to build the next generation of AI systems. Omdia estimates ByteDance and Tencent each ordered about 230,000 of Nvidia’s chips this year, including the H20 model, a less powerful version of Hopper that was modified to meet US export controls for Chinese customers. While Nvidia still dominates the AI chip market, its Silicon Valley rival AMD has been making inroads. Meta bought 173,000 of AMD’s MI300 chips this year, while Microsoft bought 96,000, according to Omdia.

Takeaways by Macro Roundup® AI

  1. Omdia estimates Microsoft bought 485,000 of Nvidia's "Hopper" chips this year, more than double the 224,000 purchased by Meta, Nvidia's next biggest US customer.
  2. Omdia estimates ByteDance and Tencent each ordered about 230,000 Nvidia chips this year, including the H20, a less powerful Hopper version modified to meet US export controls for Chinese customers.
  3. AMD has made inroads against Nvidia's dominance of the AI chip market, with Meta buying 173,000 MI300 chips and Microsoft 96,000 this year, according to Omdia.

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  • Big Tech Groups Say Their $100B AI Spending Spree Is Just Beginning — Microsoft, Alphabet, Amazon, and Meta together spent $106bn in the first half of the year and pledged further increases over the next 18 months, with Meta projecting capital spending could reach $40bn this year. Analysts at Dell'Oro Group expect as much as $1tn could flow into infrastructure such as data centers within five years.
  • Are We on the Brink of an AI Investment Arms Race? — Spending on AI chips and data centers was a bit below $100bn in 2023, around 0.4% of US GDP, and the broader set of companies exposed to AI-related investment has not yet seen a major jump in sales. The authors argue the underlying dynamics point to a spending surge large enough to shape the business cycle.
  • 2025 Capex Outlook: A Gradual Rebound After the Factory-Building Boom — Business capital spending growth is forecast to be roughly flat in the near term, held back by declining aircraft and manufacturing structures investment, before rebounding to about 5.4% growth over the following year. The projected rebound is attributed to equipment spending for newly built factories, AI investment, lower short-term borrowing rates, improved business sentiment, and reinstated tax incentives.
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