At the core of Visa's strength is its vast and resilient global payments network. This network connects millions of merchants with thousands of financial institutions and their cardholders, creating a powerful moat that deters competition.

Catalysts AI GPU Ramp-Up: AMD’s MI350 series is launching with strong momentum, offering competitive performance and higher ASPs. The upcoming MI400 is expected to push performance even further. Market Positioning: AMD is becoming a cost-effective alternative to Nvidia, appealing to enterprise buyers seeking value.