A momentous week in the technology sector made it clear there is no sign the boom in building artificial intelligence infrastructure is slowing — despite the bubble talk.

Nvidia, whose processors are the AI revolution’s backbone, became the first company to surpass $5 trillion in market value. Microsoft and OpenAI inked a deal enhancing the ChatGPT maker’s fundraising ability and OpenAI promptly started laying groundwork for an initial public offering that could value the company at $1 trillion.

Amazon said it would cut 14,000 corporate jobs, just days before its cloud unit posted its strongest growth in nearly three years.

These developments, along with numerous earnings calls and interviews with executives, make clear that AI has cemented itself as the single biggest catalyst for global corporate investment and the engine of the market rally, even as some question the sustainability of both.

Soaring revenue at Microsoft,

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