Nvidia's real miss was not seeing that a frontier lab could never be funded by venture capital, so its compute suppliers had to become its investors.

semiconductors The chips and the companies that make them: NVIDIA, TSMC, ASML, and what a fab can and cannot do.

venture capital Raising money and what it does to the product: the funnel that forces hard choices, and what happens without it.

investing Putting money into markets on purpose: what a portfolio is for, whether active management earns its cost, and what money is actually a means to.