> - industry standard used and preferred by most practitioners

by now the industry standard for LLMs is shifting to a small number of higher level frameworks which abstract implementation details like CUDA 100% away.

Even before in the last many years a AI researcher using CUDA explicitly per hand was super rare. TensorFlow, PyTorch etc. was what they where using.

This means since 5+ years CUDA, DDN and similar where _hidden implementation details_.

Which means outside of mindshare Nvidea is surprising simple to replace as long as anyone produces competitive hardware. At least for LLM-style AI usage. But LLMs are dominating the market.

And if you look beyond consumer GPUs both AMD and Intel aren't really that far behind as it might look if you only look at consumer GPUs suitability for AI training.

And when it comes to inference thinks look even less favorable for Nvidea, because competitive products in that area already exist since quite a while (just not widely consumer available).

> the low-cost leader

At least for inference Nvidea isn't in that position at all IMHO. A lot of inference hardware comes bundled with other hardware and local inference does matter.

So inference hardware bundled with phone, laptop but also IoT chips (e.g. your TV) will matter a lot. But there Nvidea has mainly marked share in the highest end price segment and the network effect of "comes bundles with" matters a lot.

Same applies to some degree to server hardware. If all you servers run intel CPUs and now you can add intel AI inferrence cards or CPUs with inference components integrated (even lower latency) and you can buy them in bundles, why should you not do so? Same for AMD, same for ARM, not at all the same for Nvidea.

And during a time where training and research dominates it's quite likely to push inference cards to be from the same vendor then training cards. But the moment inference dominates the effect can go the other way and like mentioned for a lot of companies weather it used Nvidea or AMD internal can easily become irrelevant in the near future.

I.e. I'm expecting the marked to likely become quite competitive, with _risk_ for Nvidea, but also huge chances for them.

One especially big risk is the tensions LLMs put on the current marked model of Nvidea which is something like "sell high end GPUs which are grate for games and training allowing both marked to subvention each other and create an easy (consumer/small company) availability for training so that when people (and companies) start out with AI they likely will use Nvidea and then stick to it as they can somewhat fluently upscale". But LLMs are currently becoming so large that they brake that as GPUs for training for them need to be too big to still make sense as high end consumer GPUs. If this trend continuous we might end up in a situation where Nvidea GPUs are only usable for "playing around", "small experiments" when it comes to LLM training with a friction step when it comes to proper training. But with recent changes with AMD they can very well fill in the "playing around", "small experiments" in a way which doesn't add additional friction as users anyway use more high level abstractions.