The other thing you didn’t talk about was the size of the market in general.

As onbaord CPUs were becoming popular the biggest reason for a GPU was games or video processing. Which, while significant markets, isn’t huge.

Over the past couple decades, GPUs have made headway as the way to do Machine Learning/AI. Nvidia spent a lot of time and money making this process easier on their GPUs which lead to them not only owning the graphics market, but the much bigger ML/AI market. And I say the AI/ML market is bigger is simply that they are being installed in huge quantities in data centers.