For sure NVIDIA is priced for perfection perhaps more than any of the other of similar market value. I think two threats are the biggest: First Apple. TSMC’s

For sure NVIDIA is priced for perfection perhaps more than any of the other of similar market value. I think two threats are the biggest: First Apple. TSMC’s largest customer. They are already making their own GPUs for their data centers. If they were to sell these to others they would be a major competitor. You would have the same GPU stack on your on phone, laptop, pc, and data center. Already big developer mind share. Also useful in a world where LLMs run (in part) on the end user’s local machine (like Apple Intelligence). Second is China - Huawei, Deepseek etc. Yes - there will be no GPUs from Huawei in the US in this decade. And the Chinese won’t win in a big massive battle. Rather it is going to be death by a thousand cuts. Just as what happened with the Huawei Mate 60. It is only sold in China but today Apple is loosing business big time in China. In the same manner OpenAi and Microsoft will have their business hurt by Deepseek even if Deepseek was completely banned in the west. Likely we will see news on Chinese AI accelerators this year and I wouldn’t be surprised if we soon saw Chinese hyperscalars offering cheaper GPU cloud compute than the west due to a combination of cheaper energy, labor cost, and sheer scale. Lastly AMD is no threat to NVIDIA as they are far behind and follow the same path with little way of differentiating themselves.