THE FUTURE OF COMPUTE: NVIDIA'S CROWN IS SLIPPING

Summary from the TLDR newsletter

Nvidia has become the fastest-scaling hardware company in history, and with an immediate lack of alternatives, it will continue to print cash. However, the company's long-term durability may be affected by hyperscalers like Google, Microsoft, Amazon, and Meta developing competitive, highly-credible chip efforts. The sheer scale of compute needs is driving an enormous shift towards distributed, vertically-integrated, and co-optimized systems. This means that even though Nvidia has the highest-performing GPUs, it can still lose.