One word: Apple.
With Apple's significant work from hardware on up with AI there's a very near future where many AI applications will train models on a Mac[0] directly in XCode[1], bundle it with the iOS/Mac OS application (and browsers), and run inference directly on the device. Apple will also be deploying more and more of their own foundational models shipped in the hardware/OS. Most user AI applications will be as simple as "call this coreml API". With the links provided it could be said we're already there and they've been laying the groundwork for years.
This hits Nvidia and big GPU cloud providers two fold:
1) Training. We already see with the unified memory architecture of Apple Silicon that Apple can provide accelerated training with RAM capable of training/finetuning very large models[2]. 800GB/s bandwidth memory (192 GB!!!) is very close to the RTX 4090 (1TB/s). Also note how many PCIe X16 slots the Mac Pro has... You can be certain that follow up Apple Silicon will eat closer and closer to Nvidia datacenter GPU performance/capability and with Apple's resources potentially even surpass it for all but things like training massive LLM models from scratch a la Google, Meta, OpenAI, etc.
2) Inference. Why pay AWS or whoever to run your inference when users have already spent their money on hardware that does it faster (because network latency) and more privately on the devices they already have? iOS 17 already does some AI tuning (FINALLY) on device with auto-correct - expect to see this show up everywhere in iOS and iOS applications.
I don't make many predictions but this one is obvious. I'm convinced the next generations of Apple Silicon and the Apple software ecosystem, developer experience, etc will be the first very real threat to Nvidia. When this really gets going Intel and AMD will be permanently left at the starting line (where they are now) for all but very bespoke use cases and deployments like Frontier[3].
For people who take issue with MacOS look at the progress of Asahi...
Then, once Google/Android catches up things will get REALLY interesting. This is the future and the current grab for Nvidia GPUs and clouds will eventually look like crypto mining - a few great years to be capitalized on when the getting was good.
[0] - https://coremltools.readme.io/docs
[1] - https://coremltools.readme.io/docs/xcode-model-preview-types
[2] - https://www.apple.com/mac-pro/
[3] - https://www.amd.com/en/products/frontier