The Moat Anatomy · Moat & Competition
AMD Is Catching Nvidia on Silicon. It's the Software It Can't Catch.
Everyone frames the AI-chip race as a hardware fight. It isn't. AMD's EPYC CPU already holds a third of the x86 server market and its Instinct GPUs powered El Capitan — the world's fastest supercomputer from its debut in November 2024 through June 2026 — yet to compete in AI it had to secretly fund a project just to run Nvidia's software at all.
8 min