1. The same isn’t necessarily true of the rest of the hardware stack which may be reused between accelerator generations.
2. You’re missing the “New Nvidia chips 10x B200, compute requirement grows less than 10*software improvements YoY -> buy less Nvidia.” Valuations are based on forward projections (>1T annual for NVDA) which can be revised down leading to a drop in valuation.
> If Amazon doesn't buy but Microsoft does
The big 3 all have their own proprietary accelerators. Meta is buying TPUs as well for now.
I would bet Nvidia’s major customers in 2 years are neoclouds and it seems that Jensen is making the same bet.
2. You’re missing the “New Nvidia chips 10x B200, compute requirement grows less than 10*software improvements YoY -> buy less Nvidia.” Valuations are based on forward projections (>1T annual for NVDA) which can be revised down leading to a drop in valuation.
> If Amazon doesn't buy but Microsoft does
The big 3 all have their own proprietary accelerators. Meta is buying TPUs as well for now.
I would bet Nvidia’s major customers in 2 years are neoclouds and it seems that Jensen is making the same bet.