英伟达的护城河内部

How Nvidia drowns the competition. BY SHEON HAN forgive me for starting with a cliché, a piece of finance jargon that has recently slipped into the tech lexicon, but I’m afraid I must talk about “moats.” Popularized decades ago by Warren Buffett to refer to a company’s competitive advantage, the word found its way into Silicon Valley pitch decks when a memo purportedly leaked from Google, titled “We Have No Moat, and Neither Does OpenAI,” fretted that open-source AI would pillage Big Tech’s castle. A few years on, the castle walls remain safe. Apart from a brief bout of panic when DeepSeek first appeared, open-source AI models have not vastly outperformed proprietary models. …