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The Four Fragilities of Nvidia

Why the world's most valuable AI company may be more vulnerable than it looks

Dave Friedman's avatar
Dave Friedman
May 05, 2025
∙ Paid

Nvidia is the oxygen of the AI ecosystem

Nvidia builds the chips that train frontier models, defines the software stack that developers depend on, and sets the tempo for infrastructure buildout at hyperscalers and GPU clouds alike. To investors, it's become something close to inevitable.

Screenshot from Yahoo Finance.

But nothing in a complex system is tru…

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