Nvidia's dominance of AI chip market at risk as big tech customers develop their own GPUs

• Nvidia is the main beneficiary of the AI revolution, dominating the market for AI-accelerating GPUs used in data centers. Demand has overwhelmed supply for its high-powered GPUs.

• Nvidia's 4 largest customers - Microsoft, Meta, Amazon, and Alphabet - account for 40% of its revenue.

• These top customers are developing their own AI chips to reduce reliance on Nvidia GPUs over time.

• Meta's 2024 GPU order from Nvidia is unusually large and unlikely to be duplicated going forward as Meta shifts to using more of its own AI chips.

• Wall Street is not paying enough attention to the risk of Nvidia's top customers moving away from its GPUs, which could spell trouble for its growth trajectory.