A) Still bullish for now. NVIDIA’s moat comes from far more than powerful chips. Its biggest advantage is the CUDA software ecosystem, which developers and AI companies have spent years building around. Switching away from NVIDIA often requires major redevelopment costs and performance trade-offs. The company also benefits from scale, strong relationships with cloud providers, rapid innovation cycles and leadership in AI networking through Mellanox. Its GPUs dominate AI training and increasingly inference workloads, creating a self-reinforcing ecosystem where more developers, customers and software tools attract even more users. Competitors may catch up in hardware, but matching NVIDIA’s integrated ecosystem and developer loyalty remains extremely difficult. Hence still bullish for now until competitors catch up.