Comment by Culonavirus

Doesn't need to be the Chinese. It can be anyone without stratospheric Nvidia margins. The Gold Rush phase of AI economy (aka "the bubble") is beginning to slow down and the Optimization phase is just beginning to ramp up (we see this with massive bumps to token cost and token burn rate of pretty much all frontier models, plus the general pivot away from your typical individual chat end-users to businesses and employees of said businesses) and there will come a time when "nvidia has the best software stack" will not mean much for the big players. Organically, I think it already kinda does, it's just masked with the inertia of massive circular deals and Nvidia selling its services to itself (entities it backs/invests in).