A wave of giant fundraises by Google and SpaceX is pulling in huge amounts of money, and most of it looks set to land in the pockets of chipmakers like Nvidia.

• Google raised tens of billions in a single day for AI infrastructure, and about $80 billion in total by June.
• SpaceX followed with a $75 billion raise, bringing the combined haul to roughly $166 billion.
• That cash mostly gets spent on hardware, setting up a second big rally in chip and equipment stocks.
• Right after those raises, Nvidia lifted its growth forecast for next year from 48% to 70% — an increase in its order backlog close to the same $160 billion.
• The flip side: this much money flowing to a handful of AI players drains capital away from the rest of the market.

Outlook: Expect more of this money to show up as hardware orders, keeping chipmakers strong while other sectors compete for what's left.