The new deal exposes one of the biggest risks facing Nvidia right now.

Nvidia ( NVDA ) has been perhaps the single biggest beneficiary of the boom in AI progress over the last three years. The company's market cap now tops $4.3 trillion, making it the most valuable company in the world. That's driven by continued demand for its market-leading graphics processing units (GPUs), which are essential for large language model training and inference .

Nvidia's financials show a massive company that's still growing sales and profits at a breakneck pace. But a couple of recent developments have put a question mark on how long Nvidia can continue to grow at a torrid pace. That includes a recent deal by one of its biggest customers with one of Nvidia's fiercest rivals.

The major risk

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