ING analyst Jan Frederik Slijkerman says NVIDIA's ability to sustain current margins is uncertain as major customers — Microsoft, Alphabet and Amazon — build custom chips to cut AI infrastructure costs and improve capex efficiency. He warns this could increase pricing competition beyond recent years and make it harder for NVIDIA to maintain its very high margins over the long term, despite the company's expansion into new business lines.

2026-07-07

ING analyst Jan Frederik Slijkerman says NVIDIA's ability to sustain current margins is uncertain as major customers — Microsoft, Alphabet and Amazon — build custom chips to cut AI infrastructure costs and improve capex efficiency. He warns this could increase pricing competition beyond recent years and make it harder for NVIDIA to maintain its very high margins over the long term, despite the company's expansion into new business lines.