By Justin Pope
Publication Date: 2025-11-30 02:07:00
Nvidia was an early leader in AI and has reaped the rewards. But it may soon need to defend its crown.
The artificial intelligence (AI) market is booming, and could grow from $235 billion last year to $631 billion by 2028. The top AI stocks have already enjoyed tremendous returns since early 2023, and the future looks bright. Remember, the internet hasn’t stopped growing since its initial boom decades ago.
Nvidia has arguably been the most apparent AI winner thus far. Its GPU chips have become the de facto choice for AI hyperscalers training and operating AI models, a Golden Goose that has generated $187 billion in revenue over the past four quarters alone.
But most of that has come from a relatively small handful of these hypercalers. As spending for all these data center projects adds up, the pressure is building for hyperscalers to cut costs.
These three companies, which are, ironically, Nvidia’s own customers, could kill Nvidia’s Golden Goose. They are threats sitting in plain sight.
Image source: Getty Images.
1. Alphabet
After the recent unveiling of its Gemini 3 AI model, Alphabet (GOOGL +0.07%)(GOOG 0.05%) might pose the most serious threat to Nvidia’s AI dominance. From most accounts, Gemini 3 is a highly impressive step forward for AI models. But perhaps the most remarkable thing about Gemini 3 is that Alphabet apparently trained it on its own proprietary AI chips rather than Nvidia’s GPUs.
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