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      <title>Nvidia&#39;s Real Moat: What Jensen Huang Told Dwarkesh Patel</title>
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      <pubDate>Tue, 28 Apr 2026 00:00:00 +0000</pubDate>
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      <description>&lt;h2 id=&#34;electrons-in-tokens-out&#34;&gt;Electrons In, Tokens Out&lt;/h2&gt;&#xA;&lt;figure&gt;&lt;img src=&#34;https://schristoph.online/assets/2026-04-28-nvidia-moat-cover.jpg&#34;&#xA;    alt=&#34;A layered cake made of technology layers from energy to applications&#34;&gt;&lt;figcaption&gt;&#xA;      &lt;p&gt;AI is a five-layer cake. Nvidia sits in the middle.&lt;/p&gt;&#xA;    &lt;/figcaption&gt;&#xA;&lt;/figure&gt;&#xA;&#xA;&lt;p&gt;Long weekend drive, sunny weather, and nearly two hours of Jensen Huang arguing with Dwarkesh Patel about whether Nvidia&amp;rsquo;s moat will hold. As far as podcast entertainment goes, it doesn&amp;rsquo;t get much better than watching two sharp minds disagree about the future of the AI industry while you&amp;rsquo;re cruising through the countryside.&lt;/p&gt;</description>
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