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, but the displacement story isn't "Cerebras replaces Nvidia." Inference is heterogeneous, and Nvidia is racing to sell all three form factors: GPU for training, CPU for orchestration, LPU for inference throughput. The transition from monopolist-margin chipmaker to platform-margin integrator is the real architectural bet at GTC this year.