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The bet against Nvidia is that smaller AI models running directly on phones and laptops — rather than massive server farms — will handle most real-world AI work, leaving far less demand for the expensive data centre chips that drive Nvidia's growth and profits.
As AI models shrink enough to run directly on your phone or laptop instead of in the cloud, Apple's M-series chips are already well-positioned to handle that workload, making Apple a likely hardware winner even as the spotlight stays on Nvidia and the big cloud players.
If AI processing shifts from giant cloud data centers to ordinary desktop computers, Dell stands to sell a lot more machines to a lot more customers, making it a strong buy.