Yeah a lot of people bought into the idea of CUDA being a moat but we’re well past the point where it’s pretty trivial to jump to another equivalent stack on the software side.
In that sense AMD is still better positioned to give NVidia a run for their money but given the family connection and AMD's underdog status I am not very hopeful that we'll see meaningful competition in inference hardware any time soon.
NVidia is a much harder nut to crack than OpenAI or Anthropic. They are easily a decade ahead of viable competition. Check out the GB300 if you don't believe that.
High bandwidth flash will be here soon, I bet someone makes an economical competitor thats not quite as fast but much cheaper.