According to CoinMeta, in its second-quarter 2026 investor letter, Eagle Capital Management discussed its views on the leadership of NVIDIA (Nasdaq: NVDA) AI. The company noted that AI's enthusiasm for capital expenditure has driven strong earnings growth in the S&P 500, but it has also increased risks due to high valuations, concentrated demand, and aggressive investment assumptions. Eagle Capital believes that current earnings may overstate the underlying economic situation, as semiconductor equipment has a longer depreciation period, and the growth in free cash flow remains weak. The company expects that competition and additional capacity in the fields of AI laboratories, hyperscale cloud computing, and semiconductors will ultimately determine winners and losers. Eagle Capital also mentioned that NVIDIA's dominant position in the AI accelerator chip market may be affected by its largest customer's internal silicon wafer projects, leading to a gradual reduction in market share.