Should You Look for the “Next Nvidia” — or Just Buy the Real Thing? - 24/7 Wall St.

In the wake of the artificial intelligence boom, NVIDIA has emerged as the dominant player in AI computing, sparking widespread debate over whether its stock has already peaked. Despite its remarkable... Read original →

NVIDIA’s moat lies not in silicon but in the deep entrenchment of CUDA within AI infrastructure. Its GPUs have become 'OS-level' hardware for hyperscalers, locking Microsoft and Meta into architectural dependency. AMD’s MI300 gains in 2026 remain tactical—without a cohesive software stack, systemic displacement is unlikely. Technologically, EUV capacity is shifting toward HBM3e and CoWoS packaging, raising entry barriers. Geopolitically, U.S. export controls may boost near-term U.S. chip sales but accelerate parallel AI stacks in Taiwan, China and mainland China. Over the next 12–24 months, the real threat isn’t valuation but delayed CUDA openness, which could trigger cloud alliances to fund a credible alternative. Current low multiples mask NVIDIA’s structural advantages in cash flow and ecosystem control.