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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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      "text": "As more clouds/labs attempt to evade the “NVIDIA Tax,” so too might many sovereign efforts.",
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      "text": "Despite making up just ~10% of forecasted annual revenue, sovereign AI remains one of NVIDIA’s strongest new demand drivers. The recent push by American labs to develop custom ASICs and continued Chinese indigenization will place more pressure on this key high-growth category.",
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      "text": "Yet, despite Huang’s globetrotting, some new sovereign projects have even begun diversifying away from NVIDIA’s offering. For example, G42 announced its intention to tap AMD and Cerebras for supply of some of the computing capacity at its planned UAE-US AI campus.",
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      "text": "Every country needs to own the production of their own intelligence... It codifies your culture, your society's intelligence, your common sense, your history — you own your own data. — Jensen Huang at the World Governments Summit in Dubai",
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