> I don't see how NVIDIA can keep their spot as belle of the ball.

FWIW, people were saying "ASICs will kill CUDA demand!" since the crypto mining boom. Then a few months later, CUDA found another niche application in LLM applications.

With the mounting demand for robotics, surveillance and autonomous weapons, I don't see how Nvidia couldn't keep their spot. They have their pick of the litter with hundreds of market segments, and unlike the rest of FAANG they're not afraid to branch out.