Market analysis after Nvidia earnings: Jim Cramer says "the software era is over, semiconductors are leading"

After Nvidia’s strong earnings, Jim Cramer said AI investing is shifting from software to semiconductors.

He argued that chips and AI computing infrastructure are now the market’s center of gravity.

Software stocks are lagging, while semiconductor ETFs have surged and software ETFs have fallen this year.

Cramer said rising demand for AI infrastructure is weakening software companies’ pricing power.