They have no competitors.
That's what I was thinking last night when I was listening to Nvidia (NVDA) on a conference call where it's clear that the company is pulling away, once again, from all comers.
The area they are starting to dominate? Inference. Using artificial intelligence to spot fraudulent behavior at PayPal (PYPL) , create new twists on your favorite songs with MusicNet, or detecting breast cancer using ultrasound - much cheaper than an MRI - and now pretty much as accurate.
In other words Nvidia has GPUs that can learn and think and no one else has them.
Why is this so important? Because for the most part no one has a monopoly on anything in chips anymore, at least not like Intel (INTC) had with the microprocessor until Lisa Su of Advanced Micro Devices (AMD) finally cracked the code.
CEO Jensen Huang has built a better mousetrap. Or mousetraps. Every day his semiconductors learn new things that make it so voice activated, assistants can think and talk back. Right now they are attacking idiom. Another end of the company is creating computer generated designs that look exactly like the real thing.
You see where I'm going here? No one else is doing this. There are not four or five companies competing for large accounts and giving the product away to get in the door.
Think of that before you sell. If you have no competition then it really doesn't matter if gaming is pausing. What matters is that they are so far ahead in artificial intelligence that you have a multi year growth path that others don't seem to even bother to compete with.