NVIDIA (NVDA): Moat Analysis
NVIDIA holds an exceptional moat via CUDA software lock-in, full-stack integration, and annual chip cadence, unbreached by any outside competitor at 80% share and 75% margins. The singular risk is that its hyperscaler customers (Google, Amazon, Microsoft, Meta) are building custom silicon to escape it, funded by NVIDIA's own pricing power. The moat is intact today but under a slow, largely invisible customer-competition threat.
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