Selling the whole system, not just the chip
Nvidia’s answer is that it’s no longer just a graphics-chip company. Alongside its GPUs, it now sells CPUs, networking gear, software and fully integrated computing systems. The more of a data center Nvidia supplies, the more it can earn from each one, even if some customers shift certain workloads to rival chips.
Nvidia sees a potential opportunity of more than $40 billion for every gigawatt of AI data-center capacity built on its upcoming Vera Rubin platform. That is a forward-looking estimate of what the company could capture, not money already booked. Whether it materializes depends on customers actually building that capacity, and on those projects earning enough to make sense.