> NVidia has enormous operating margins, so a competitive solution doesn't have to match or beat NVidia's scale efficiencies; it just has to beat delivered cost.

But then that means you have no actual moat against the behemot, right? Your competitor can move into the market as soon as they want to, at much better cost (so at slightly better price)... and Nvidia certainly can adapt much faster around hard hardware specs innovation than a new entrant ever could.