Another point on your last sentence: in a near or post AGI world one might think that the value of the type of knowledge work (pure design as opposed to manufacturing) Nvidia does might start trending towards zero as it becomes easier for anyone with equal compute access to replicate. Not sure if it will be possible to maintain a moat on the basis of quality in software/hardware design in such a world.
Another point on your last sentence: in a near or post AGI world one might think that the value of the type of knowledge work (pure design as opposed to manufacturing) Nvidia does might start trending towards zero as it becomes easier for anyone with equal compute access to replicate. Not sure if it will be possible to maintain a moat on the basis of quality in software/hardware design in such a world.