Competitive Partnership Risk With NVLinkA major cloud provider's partnership with a competing GPU vendor on NVLink Fusion raises the risk that the company's switch and NVLink‑related design opportunities could be constrained in large‑scale deployments.
Scale‑up Market UncertaintyInvestor concerns about a potential slowdown or structural limitation in the scale‑up market have pressured the stock, reflecting uncertainty around the long‑term addressable market for scale‑up connectivity products.
Threat From Alternative Connectivity StandardsGrowing momentum behind alternative scale‑up connectivity options, including NVLink and Ethernet‑based solutions, may erode demand for PCIe/UALink‑based products and limit market share gains.