Good morning. It's Sunday, May thirty-first, twenty twenty-six.

**Story one — Jensen Huang calls humanoid robots a $40 trillion market.** Nvidia's CEO didn't mince words ahead of GTC Taipei at COMPUTEX next week, declaring that humanoid robots represent a forty-trillion-dollar total addressable market for labor automation — a figure that dwarfs every consumer technology category that came before it. He compared it to the 1913 moving assembly line: the pattern is to buy the picks and shovels. Nvidia supplies the compute platform, Tesla's building Optimus production lines targeting one million robots a year at Fremont, and Wall Street is loading up on physical AI stocks. Huang also said AI spend could top four trillion dollars by 2027, and that Nvidia will spend up to 150 billion a year in Taiwan alone, which he called the epicenter of the AI revolution. This is the most bullish frame yet for the physical AI thesis — and with GTC Taipei kicking off June 1st, expect more announcements from Taipei this week.

**Story two — Dell stock soars 33 percent on AI server demand.** The PCmaker-now-datacenter-powerhouse posted blockbuster results on Friday, with shares surging 33 percent in what would be its biggest one-day gain if it holds. The driver? Revenue from Nvidia-powered AI servers, combined with successful price hikes on those systems. Dell has transformed from a commodity hardware company into one of the biggest direct beneficiaries of the AI data center boom — right alongside Nvidia itself. This is the pick-and-shovels thesis playing out in real time: when everyone's building AI, the companies selling the servers to run it all are printing money.

**Story three — ByteDance to spend up to $70 billion on AI infrastructure this year.** Bloomberg reports TikTok's parent company is considering more than doubling its capital expenditures, ramping from roughly thirty to as much as seventy billion dollars in a single year. That puts ByteDance in the same league as Meta's $125 to $145 billion capex guidance. They're building data centers, and they're also developing custom in-house AI CPUs with Samsung and TSMC for production this year. China's AI arms race isn't slowing down — it's accelerating. The message from Beijing's biggest tech companies is clear: if compute is profit, you can never have enough of it.

**Story four — Intel and 3DGS sign $3.3 billion semiconductor substrate deal in India.** Intel and 3D Glass Solutions have inked a memorandum of understanding with the state of Odisha to build a new glass-core substrate manufacturing facility in Bhubaneswar. This follows an April groundbreaking for what's billed as India's first advanced 3D glass semiconductor packaging facility. Glass substrates are the next-gen packaging technology that could replace organic substrates for advanced AI chips — more layers, better thermal performance, higher interconnect density. It's a supply chain play for the AI era, positioning India as a semiconductor hub beyond just assembly.

That's all for today. The picks and shovels keep selling — see you tomorrow morning.