Perhaps the hottest question in technology investing circles today is whether Nvidia's (NASDAQ: NVDA) eye-popping growth and margins displayed over the course of the past two quarters is sustainable. If artificial-intelligence (AI) accelerators grow at a 50% annualized growth rate for the next five years as some think, Nvidia's stock may actually be cheap. But if competitive forces begin to eat away at its AI dominance, Nvidia's stock may be as expensive as its 100 P/E ratio looks.

At a recent industry conference, Lisa Su, the CEO of Nvidia competitor Advanced Micro Devices (NASDAQ: AMD), said of Nvidia's AI moat, "I'm not a believer in moats when the market is moving as fast as this."

That statement supposes Nvidia's current lead in the dynamic AI space isn't assured, even though it has a multiyear head start in AI accelerator hardware and software development.

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Source Fool.com