Nvidia's moat is the IBM, Microsoft moat:

I am about to spend $20M, if I buy anything other than Nvidia, and things go wrong, I am going to get blamed, and if things go right I will get no credit. This is why AMD is making no progress outside of very narrow cases and supercomputing.

AMD Instinct is their direct competitor for compute and they are better per dollar, better per watt, and out competing on raw performance.

Only thing holding them back is fab capacity which nVidia keeps buying in bulk to keep them small.

I thought that Nvidia's moat was more in CUDA? Hardware is hard but we've already seen other companies like Google design neural processors with compute efficiency close to Nvidia.

General compute is also the worst solution to the problem.

Nvidia's entire business is dependent on Google not being able to make TPUs fast enough.

Oh great, good to know the shovel seller has the market cornered.

Now back to the conversation, do any of the gold miners have a moat? Or is this a race to the bottom?