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Nvidia’s real moat was never the chips. AI has started rewriting it.

The Next Web

TechnologyThe Next Web·Aug 3, 2026·1 min read

Nvidia’s real moat was never the chips. AI has started rewriting it.

The usual story about Nvidia is a hardware story: the fastest chips, in the shortest supply, at the highest price. The more important part is software. For two decades the company’s real moat has been CUDA. It is the layer that turns its…

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