I wouldn’t doubt Nvidia’s commitment, capabilities and execution. But there is one factor that I think might limit their success in this area. Microsoft, OpenAI, Google, Apple, Amazon all have an enormous economic incentive to switch to their own hardware for AI compute. They are not stupid. They will do everything they can to try and give Nvidia less money.

Nvidia might have full dominance on the gaming end-user services around AI tech (DLSS and so on), but they do not have strong position in any other end-user facing AI services (LLM, gen AI etc.)