I'm not sure your analysis is apples to apples.

Prior to the AI boom, the quality of GPUs slightly favored NVidia but AMD was a viable alternative. Also, there are scale differences between 2025 and before the AI boom -- simply put, there was more competition in the market for a smaller bucket and favorable winds on supplier production costs. Further, they just have better software tooling through CUDA.

Since 2022 and the rise of multi-billion parameter models, NVidia's CUDA has had a lock on the business side, but face rising costs due to terrible trade policy by the US, significant rebound from COVID as well as geopolitical realignments, inflation on the workforce, and rushed/buggy power supplies as their default supply options have made their position quite untenable -- mostly CUDA is their saving grace. If AMD got their druthers about them and focused they'd potentially unseat NVidia. But until ROCm is at least _easy_ nothing will happen there.

I merely comment on the concentration of customers and how it has not at all hurt Nvidia's margins. In fact, they have expanded quite dramatically. All of your other points are moot.

> "rising costs"

Nvidia's margin expansion would suggest otherwise. Or at least, the costs are not scaling with volume/pricing. Again, all we need to do is look at the margins.

> "their position quite untenable ... But until ROCm is at least _easy_ nothing will happen there"

Seems like you're contradicting yourself. Not sure what point you're trying to make. Bottom line is, there is absolutely no concern about monopsony as suggested by the GP. Revenue is booming and margins are expanding. Will it last? Who knows. Fat margins tend to invite competition.