Anything that puts pressures on Nvidia's margins is going to have an outsized effect imo - margins declining from 75% to ~50% would undo all of its projected 2027 growth of 70%.
And what about the purported "AI frontier slowdown" - if frontier labs stop pushing better and better models, the main way to grow the pie is more users and that will eventually stop, too. Then providers would probably stop buying new hardware hand-over-fist and move to a slower depreciation-based replacement.
And what about the purported "AI frontier slowdown" - if frontier labs stop pushing better and better models, the main way to grow the pie is more users and that will eventually stop, too. Then providers would probably stop buying new hardware hand-over-fist and move to a slower depreciation-based replacement.