Nvidia's Biggest Risk Isn't Custom AI Chips From Broadcom or AMD -- It's Something That's Hidden in Plain Sight

While Broadcom and AMD are often cited as competitive threats to Nvidia's AI dominance, the article argues that Nvidia's greatest risk comes from its own major customers developing internal AI chips. These in-house solutions are cheaper, more available, and could erode Nvidia's pricing power, gross margins, and upgrade cycles.