There is a giant capital outlay required to produce a competitive model. Joe Schmo can’t jump into this market. Best he could do would be to ingratiate himself to an existing funding cartel. The moat surrounding a handful of market participants is billions of dollars wide.

There’s competition now among the American companies (who have a head start in this space) as always happens as the professional oligopolists try to manufacture their footholds in the new market.

Nor is it cynical to objectively appraise the interests and economics at play. People aren’t playing circular financing games out of the goodness of their hearts.

Nvidia clearly has competition, that's what this deal with Google is about (TPUs).