Yes it is - but Nvidia has larger contracts _right now_. Nvidia has been investing more money in producing more GPUs for longer, so it’s only natural that they have an advantage now.

But now that there’s a larger incentive to produce GPUs, their moat will eventually fall.

TSMC runs at 100% capacity for top tier processes - their bottleneck is more foundries. These take time to build. So the question becomes - how long can Nvidia remain dominant? It could be quarters or it could be years before any real competitor convinces large customers to switch over.

Microsoft and Google are producing their own AI hardware too - nobody wants to depend solely on Nvidia, but they’re currently forced to if they want to keep up.