NVDA's moat is over-stated. There are several deep-pocketed players with pretty good AI chips. The big players are training models at such a large scale that th

NVDA's moat is over-stated. There are several deep-pocketed players with pretty good AI chips. The big players are training models at such a large scale that they can afford to back them by different architectures. Smaller players use frameworks like Pytorch and Tensorflow, but those are backed by big players buying from Nvidia. But valuation isn't the NVDA trade right now; it's that there's still a bigger fool.