1. I don’t think that’s a very strong argument. OpenAI and Anthropic don’t buy the vast majority of GPUs they use they rent capacity.

Nvidia could just the same rent those GPUs out for inference and actually have way better margins than they do right now. Antitrust and putting all your eggs in one basket are why they don’t, similar to TSMC.

2. Neither do AI labs. See Anthropic buying TPUs, deploying with AMD. OpenAI on Maia, Cerebras, their own wafers.