As the top chip company, Nvidia's chips are in high demand from the largest companies, like Amazon and Microsoft, that are building out huge AI businesses. They themselves are serving other giants with AI tools and services in partnership with Nvidia, offering access to the chipmaker's powerful technology.

A Bloomberg analysis of documents and company filings show how China is building giant data centers in the desert to fuel its AI ambitions — and looking to buy 115,000 banned Nvidia chips to power them.

The Commerce Department allows Nvidia to sell H20 AI chips to China despite security concerns, and experts are divided on the U.S. technological advantage.