In a recent interview, Microsoft CEO Satya Nadella said something curious that should give Nvidia investors pause. While Microsoft is investing heavily in AI computing capacity, Nadella essentially predicted an oversupply sometime in the next few years.

Nadella said the lesson was how “you have to not only get the tech trend right, you also have to get where the value is going to be created with that trend.”

Microsoft CEO Satya Nadella in a recent interview said that his company missed out on what turned out to be the biggest business model on web: search. Talking to Dwarkesh Patel, he further predicted that AI will not be a winner-take-all model.