科技乱炖

Nvidia Has No Monopoly, Only First-Mover Advantage — Take 90% of the Money and Someone Will Come Dig Up Your Foundation

Nvidia's moat is the CUDA software layer plus a hardware lead, but it has not formed a monopoly. The higher the gross margin, the stronger the incentive for model makers to build their own chips — swinging that shovel is partly about answering to the capital markets.