If there was serious competition for cards to do GPU training that might spell trouble for Nvidia. But so far we only went from needing an absurdly huge cluster of Nvidia cards to a huge cluster of Nvidia cards, with Nvidia having a near-monopoly on cards used in deep-learning training all the way down to networks that fit on single cards.

What was amazing output last year is today's slop.

NV is in no immediate danger; medium/long term, to anyone knowing what "75% gross margin" means it's no secret that there will be serious threats. You don't need DeepSeek for that particular realization.

History is littered with things that were made orders of magnitude better, people who claimed nobody would be happy until that happened, and then nobody writ large cared .

Tech in particular has a grand history of claiming we need to produce the technically best thing, but in practice, the market almost always chooses somewhere in the range of useful products, which is not the same at all - the technically best thing has rarely, if ever, become the market leader.