Nvidia

Nvidia’s competitive advantage is very durable. Its core GPU products are embedded in a vast AI and graphics ecosystem built around the CUDA platform. This creates massive “lock-in” and switching costs: large customers (e.g.

Google, Amazon, Microsoft) have written millions of lines of code against CUDA and would face prohibitive cost in switching to a rival platform. Nvidia’s lead in tooling, libraries and developer community is reinforcing its market share.

In other words, new or alternative chips (from AMD, Intel, custom ASICs) remain competitive on hardware specs but cannot easily displace Nvidia once workloads and software stacks are built around Nvidia’s ecosystem. In effect, Nvidia has secured an enduring ecosystem/network-effects moat that we rate as very wide.