$NVIDIA Corp(NVDA)$ I'm curious how much of their DC revenue is actually GPU vs. everything else. Nvidia is basically an ODM competing with HP, Dell, etc. How much of their revenue is the grace CPU, Bluefield DPU, Mellanox interconnect, the boxes, boards, etc. etc. Add in outside components (HBM, microcontrollers, etc.), and add in margin stacking on every single piece (that other ODM/OEMs can't get away with), and you have huge revenue/margins. And in trying to keep that for themselves, they compete with the other ODMs and restrict GPUs to them (this is where antitrust comes in in France or US). When other accelerators gain traction, those and the other various parts will be built/assembled by others, regardless of how many GPUs Nvidia sells. That's a lot of stacked margins and revenues to lose. They're sitting pretty for now, how long can Nvidia keep it all to itself? Short term looks good.
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