[matwood]

You don't need external competition to have NVDA correct. All it takes is for one or more of the big customers to say they don't need as many GPUs for any reason. It could be their in house efforts are 'good enough', or that the new models are more efficient and take less compute, or their shareholders are done letting them spend like drunken sailors. NVDAs stock was/is priced for perfection and any sort of market or margin contraction will cause the party to stop.

The danger for NVDA is their margins are so large right now, there is a ton of money chasing them not just from their typical competition like AMD, but from their own customers.