An excellent breakdown of how Nvidia is quietly becoming the “operating system” for autonomous driving. The analogy to Android is particularly apt once OEMs standardize on Nvidia’s end-to-end stack, the switching costs become prohibitive. Alpamayo’s focus on transparency and causal reasoning also addresses one of the biggest hurdles to L4 autonomy, moving beyond brute-force scaling. While China’s AV ecosystem is impressively coordinated and increasingly diversified, the CUDA + Omniverse + DRIVE flywheel, combined with Nvidia’s rapid cadence from Blackwell to Vera Rubin, keeps the moat widening. The real question may no longer be if Nvidia dominates physical AI infrastructure but how large that dominance ultimately becomes.

A thoughtful perspective on why 2025 challenged active managers despite elevated volatility. Mega-cap concentration and skewed return distributions clearly narrowed the opportunity set, even as dispersion rose. While implied dispersion and market broadening may improve the odds for stock selection in 2026, history reminds us that sustained active outperformance remains difficult. Opportunity may be increasing but execution and discipline will matter more than ever.