The chips are down, or are they?

At the beginning of the new year, at the Consumer Electronics Show (CES), tech firms showcase their gadgets, services, and vision. In 2026, two major chipmakers told different stories about their futures. The world’s largest, Nvidia, had the confidence of a group that knew what it represented, and where it was heading. Qualcomm, a competitor, had the restlessness of a firm that only knew that it had to find, and explore new spaces, could stay where it was. The contrast was stark, visible, and evident. Nvidia’s vision revolved around a single, dominant idea. Qualcomm’s seemed like a catalogue.