Frankly gaming is still their only reliable base. Their AI lead is going to get competed away from every angle within 12-24 months. The AI boom is very much like the Crypto boom.
Gaming might be their worst business from a growth and narrative perspective. Wall street in general doesn't really care about gaming, just see how those companies are priced.
Enterprise compute has been and will continue to be NVidias bread and butter going forward, and they have been betting on this for the past decade. Whether enterprise compute will be for AI, studio graphics, simulation, FSD, etc. those are all more lucrative and imo more interesting from a growth perspective vs their gaming segment. b2b companies have much higher ceilings than b2c.
There is way too much money involved for anyone with the capability to not get into the area. Intel is starving for growth opportunities, investing heavily into the GPU space and very enterprise oriented.
AMD is shitting the bed but might find partners in this space.
Apple is a dark horse and they are very much into the on-device AI abilities.
Amazon, Microsoft, Google can all throw endless amounts of software and hardware at the problem and there have been many advances in the AI space regarding training smaller models that can compete with the big ones.
Open source is going nuts in this space, as well as a ton of academic research. This is likely the biggest dark horse. Major advances are happening weekly.
Honestly I'd watch for Intel. No chance their GPUs are as good within a couple years, but they could easily be 80% as good for half the price or less. Intel is willing to lose money for a while on this to grow their gpu reputation. If theyre is able to create that product and reliably stock it nvdia will have to cut their prices.
Nvidia effectively has no competition right now due to AMDs software issues. It's hard to see how that can continue with how big their cap is. Someone will be able to create a competitive product.
