Nvidia vs. Meta: Is Custom Silicon a Critical Threat to Nvidia's AI Moat?

The article is an opinion/analysis piece on Nvidia’s AI moat and the competitive threat from Meta’s custom silicon strategy. It argues that Nvidia still dominates the AI chip and software stack, but Meta is trying to reduce dependence by building its own hardware and opening its models. The key market implication is that the AI infrastructure value chain may split: Nvidia can retain leadership in chips and software, while Meta can gain efficiency and bargaining power through in-house silicon. The piece frames the rivalry as economically important for both companies and suggests investors should view the threat as real but not necessarily existential for Nvidia, since the companies may win in different layers of the AI market.