Jensen Huang isn’t acting like a man who owns 80% of the world’s AI chip market. Even though Nvidia is currently the hottest company on the planet, its CEO spent his recent investor meetings sounding like an underdog preparing for a scrap.
The message was clear: the easy days are over. While Nvidia basically had the field to itself for the last two years, Intel and AMD have finally woken up. They’re coming for the crown, and Huang is making sure his shareholders are ready for the friction.
The Blackwell bridge
At the center of this defense is Blackwell, Nvidia’s newest family of AI chips. Huang told investors that demand for these chips is “insane,” but building them isn’t as simple as flipping a switch. There have been some engineering hiccups and delays, which competitors are hoping to exploit.
Intel is pushing its Gaudi 3 processor as a cheaper, more efficient alternative. Meanwhile, AMD is shipping its MI300X chips as fast as it can. For the first time in a while, big tech companies actually have options.
It isn’t just about the silicon
But Huang has a counter-argument that he’s been repeating like a mantra. He says Nvidia doesn’t just sell chips; they sell an entire ecosystem. When a company buys from Nvidia, they’re buying the software, the networking cables, and the cooling systems that make the AI work.
It’s a platform play. Think of it like the iPhone. You don’t just buy the phone; you buy the App Store and the way it connects to everything else you own. Huang wants to make it so painful for companies to switch to Intel or AMD that they won’t even try.
The coming months will be the real test. Nvidia has to prove it can ship Blackwell in massive quantities without more delays. If they stumble, Intel and AMD are standing right there, waiting to catch the customers who are tired of waiting.
The AI gold rush is still on, but the line to buy a shovel is getting a lot more crowded.