Is the Real Fight in AI Between Broadcom and Nvidia (NVDA)?

Market Overview - The market entered Q4 2025 with equities near all-time highs and monetary policy easing, indicating potential for continued momentum despite signs of a capital expenditure bubble [1] - Brasada Capital Management continues to invest selectively in companies with strong moats and cash flows while avoiding balance-sheet risks [1] Company Focus: NVIDIA Corporation - NVIDIA Corporation (NASDAQ:NVDA) is highlighted as a key investment, offering graphics, compute, and networking solutions [2] - The one-month return for NVIDIA was -3.29%, while its shares gained 32.59% over the last 52 weeks, closing at $175.76 per share with a market capitalization of $4.279 trillion on December 15, 2025 [2] Industry Analysis: OpenAI and AI Ecosystem - OpenAI's current position is compared to Microsoft Windows in the PC era, emphasizing its leverage through ChatGPT to build a massive user base [3] - This user base allows OpenAI to influence the entire AI value chain, from chipmakers to cloud providers, orchestrating the development of the AI ecosystem on its terms [3]