Two things I think are interesting in this context.<p>One is that Nvidia are giving companies investment (i.e. money) with a requirement that they spend it on buying GPUs from Nvidia. That doesn't seem totally the same as organic demand.<p>The second is Nvidia being valued higher than almost all US companies, where their business model is mostly selling things to said companies.<p>This doesn't make sense to me. Their next earnings statement is about a week away. I think that'll be an interesting evening.
I find it interesting that NVidia’s own tech could be used to one day undermine its patent moat by creating non-infringing variants. Maybe patents aren’t long for the world now.