$NVDA needs to champion Opensource like Nemotron and become the defacto arms supplier to the Opensource ecosystem. I think it’s a gamble that might help it maintain marketshare against the onslaught of custom ASIC’s being developed. One thing is certain in the short to medium term, multiples will compress from the increase in risk from competition. This will likely be followed by margin compression as new customer orders will be harder to find to find if they have their own alternatives. They’re likely adopting a hyperscaler proxy model by becoming the godfather of the Neo Clouds via equity stakes and compute guarantees. The war for AI dominance has only begun…
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