BlockBeats News, July 23rd, Citrini analyst Jukan published a retort to the idea that the "Chinese open-source model is irrelevant to NVIDIA," pointing out that the prosperity of China's open-source AI is essentially strengthening NVIDIA's dominant position. China is currently still using NVIDIA GPUs to train models and releasing versions optimized for NVIDIA hardware. Therefore, when models like DeepSeek V4 and Kimi K3 are making inferences, NVIDIA GPUs remain the most advantageous platform—no one would use TPUs or Trainium to run inference for these models.

This protects NVIDIA's moat from two perspectives: first, by continuing to hold the optimal platform position in the inference market, and second, by indirectly restraining the motivation of large-scale cloud providers to develop in-house ASICs to replace NVIDIA GPUs. Meanwhile, Neocloud service providers relying on NVIDIA GPUs for inference business are also benefiting from this. The prosperity of China's open-source models has provided them with a continuous source of computational demand.

Jukan pointed out that the real structural risk lies in the long term. If China achieves true computational independence and no longer relies on NVIDIA, the consequences will be far more than just losing the Chinese market itself. NVIDIA's dominant position will be significantly weakened, the relative competitiveness of alternative solutions such as TPUs and Trainium will be enhanced, and the Neocloud ecosystem, which NVIDIA sees as a critical strategic asset, will also face a blow.