Can Nvidia's Dominance Survive the Sea Change Under Way in AI Computing?

Nvidia's 73% GPU margins are structurally incompatible with an efficiency-first inference economy. The replacement thesis misses that inference is heterogeneous; Nvidia is racing to sell you all three form factors. Whether a monopolist-margin company can psychologically become a platform-margin company is the real bet. Jensen has shown he can reinvent the business; whether the multiple survives the transition is a different question.