Nvidia obviously has an enormous, enormous moat but I do think this is one of the areas in which Apple may actually GAF. The rollout of Apple Intelligence is going to make them the biggest provider of "edge" inference on day one. They're not going to be able to ride on optimism in services growth forever.
It took almost a decade but the PA Semi acquisition showed that Apple was able to get out of the shadow of its PowerPC era.
Nvidia will remain a leader in this space for a long time. But things are going to play out wonky and Apple, when determined, are actually pretty good at executing on longer-term roadmaps.
