Nvidia might not be the stock market darling any more but it still has big fans. Billionaire IT entrepreneur Leo Koguan has bought one million shares in the chip maker and said he plans to invest more.

“I bought 1 million shares of NVDA last night; plan to buy more. I am convinced AI is NOT a bubble, it is only the beginning,” Koguan wrote on social-media platform X.

Koguan is co-founder of software firm SHI International and one of Tesla’s largest individual shareholders, which is the primary source of his wealth.

“Tesla is embodied physical AI; NVDA is an enabler foundational layer of AI. AI is information that thinks, reasons, acts, walks, works and lives,” Koguan wrote.

While Koguan didn’t disclose details of the price of the purchase, the timing suggests he spent around $180 million on Nvidia shares, with the stock in the middle of a monthslong period of range-bound trading.

Nvidia shares rose 0.2% on Thursday as investors digested earnings from its chip making peer Broadcom. The results echoed Nvidia’s forecast of continued growth in artifcial-intelligence chip demand but also suggested a fiercer competitive environment ahead.

The growth of Google’s Tensor Processing Units (TPUs)—which Broadcom helped design—has brought the biggest competitive challenge yet to Nvidia in the AI chip sector.

Broadcom said there was strong demand this year for the seventh-generation Ironwood TPU and it expects that to increase in 2027 with future TPU generations. It also said that customers were increasingly using its custom AI chips—which it calls XPUs—for training AI models, an area where Nvidia’s graphics-processing units, or GPUs, have dominated.

“Many of our XPUs are used both in training as well as inference…[Broadcom’s customers] will start to develop two chips each year simultaneously: one for training, one for inference, to be specialized,” Broadcom CEO Hock Tan told analysts on an earnings call.

“There may be some anxiety… for Nvidia investors because Broadcom’s share gains could lead to Nvidia’s losses, but I think that there’s room for both stocks,” said Paul Meeks, head of technology research at Freedom Capital Markets.

Meanwhile, Nvidia has halted production of its H200 chips for the Chinese market and is shifting its manufacturing focus toward its next-generation Vera Rubin processors amid continued uncertainty over whether Beijing and Washington will allow AI processor exports to China, the Financial Times reported Thursday, citing unnamed sources.

Nvidia declined to comment on the report.