Nvidia(US:NVDA) Jing Ji Guan Cha Wang·2025-09-26 10:26Core Insights - Nvidia has emerged as a prominent player in the global market, with significant investments in AI and partnerships with major companies like Intel and Alibaba, indicating a strategic shift from merely providing tools to becoming a core player in the AI ecosystem [1][4] Investment Strategy - Nvidia's investment approach has evolved from supporting startups that enhance its GPU ecosystem to making substantial investments in leading AI companies, such as Cohere and Inflection AI, reflecting a deeper commitment to the AI sector [1][4] - The speed and scale of these investments suggest a transition from an ecosystem builder to a key stakeholder in the AI industry [1] Relationship with Cloud Giants - Nvidia sells a vast number of chips to major cloud service providers like Amazon, Microsoft, and Google, while also offering its DGX Cloud services through these platforms, creating a complex competitive and cooperative relationship [2][4] - This dual role allows Nvidia to not only supply hardware but also provide high-end services directly to powerful clients [2] Platform Strategy - Nvidia aims to replicate the success of its CUDA ecosystem by transitioning to a platform-based strategy, encouraging users to subscribe to its services and software rather than just purchasing hardware [3] - This shift positions Nvidia as a comprehensive solution provider, evolving from a chip supplier to a software and service provider akin to Microsoft in the AI era [3] Competitive Landscape - Nvidia faces potential threats from its largest clients, the cloud giants, who have the resources to develop their own chips, which could undermine Nvidia's market position [4] - To mitigate this risk, Nvidia is embedding itself deeper into the operations of AI companies through investments and software platforms, making it more challenging for clients to switch to competitors [4] - The overarching goal for Nvidia is to become a foundational infrastructure provider in the AI landscape, moving beyond the traditional role of a chip vendor [4]