[apeescape]

>Lots of FAANGs with deep pockets started to invest in their own hardware, and it got good enough to start beating Nvidia.

It's not just hardware though: you can't run CUDA on non-Nvidia hardware, which in my understanding is a major moat for Nvidia. I'd love to hear rebuttals on this though, because GPU programming is something I've only dabbled with.

[shikharbhardwaj]

Agreed on CUDA being a big moat; Nvidia has spent a big chunk of the last 2 decades building this ecosystem and is now reaping dividends from it.

From what I've read, most of the investments by FAANGs/startups in building specialised hardware has been in the inference space.