Citi: To justify the cost, ASICs must outperform merchant GPUs like $NVDA ’s solution in specific use cases or deliver significant cost savings. We estimate that the ASICs shipment of $AMZN, $GOOGL and $META together can reach about 4.5m units or more in 2026 and Nvidia would continue to dominate the AI server market, holding over 80% of the market value with both large scale AI models in both training and inference.