layperson with no industry knowledge, but it seems like nvidia's CUDA moat will fall in the next 2-5 years. It seems impossible to sustain those margins without competition coming in and getting a decent slice of the pie
CUDA is one part, but another part of Nvidia's lead is their focus on bandwidth both memory and GPU-GPU communication. AMD dramatically falls behind Nvidia in training because of its terrible collective times (AllReduce, AllGather, etc.)