At the big coming-out event for Nvidia’s latest artificial intelligence chip this month, chief executive Jensen Huang shared the spotlight with only one other tech boss — and even then, only momentarily. Michael Dell was seen waving from the front row, as Huang joked to the crowd that the PC pioneer would be happy to take their orders for new equipment capable of running AI.

For Dell, even that brief cameo had a point. Much of the tech world now revolves around Nvidia. Being able to get hold of enough of its chips is a big factor in meeting surging AI demand, and closeness to Huang has become key.

The reflected glory from Nvidia’s soaring stock price has also become apparent this year, as the AI boom has spread out more widely across Wall Street. Dell’s shares have tripled in the past year, including a 31 per cent leap on a single day this month, over signs that demand for servers embedded with Nvidia’s chips had brought a notable jump in orders.