While the long-term outlook for AI remains encouraging and this technology has real-world applications in most industries around the globe, Nvidia's chances of becoming Wall Street's first $5 trillion company are likely going to be thwarted by history.

Microsoft was Nvidia's largest customer in 2024, buying a reported 485,000 of its GPUs, more than twice the amount of its second-largest customer, Meta Platforms. Taken all together, it looks like ...