Nvidia is a victim of the compute marketplace it created

“More GPU and accelerator players are entering the market. Everyone wants to make their own silicon, but no one is making their own DRAM,” Nelms told me. “Until there’s a major technological breakthrough on HBM , a shift in supply and demand, or someone new , I think things will more or less persist as we see today.”

It’s a frustrating state of affairs for Nvidia, and largely a product of its own success. Having proven how valuable compute can be, the company finds itself at the center of a market everyone wants to be in — while simpler technologies and less interesting companies get rich on the sidelines.