You're probably correct, but I feel like I have to raise the issue of Zuckerberg spending a comparable amount on VR which was much more speculative.

Zuck is founder and owner. So is Huang (Nvidia CEO). They call all the shots.

Whereas AMD's CEO was appointed, and can be fired. Huge difference in their risk appetite.

I'm reminded of pg's article "founder mode": https://paulgraham.com/foundermode.html

I think some companies simply aren't capable of taking big risks and innovating in big ways, for this reason.

Zuckerberg owns Facebook though. It’s a lot easier to make bold decisions when you’re the majority shareholder.

Edit: though emphasis should be put on “easIER” because it’s still far from easy.