Dec. 10 at 3:06 PM
$NVDA Moat and ecosystem
The CUDA ecosystem (18+ years of tools and libraries) and Nvidia’s networking stack make switching away from its platform costly and complex for large customers. New software and services layers (
$DGX Cloud, NIMs, microservices) mean Nvidia is capturing more of the AI value chain over time.
This combination of IP, software integration and recurring-like demand is closer to a “platform” profile than a commodity chip vendor, which supports a higher-than-market multiple