Nvidia is selling a ton of chips on hype.

Google is saving a ton of money by making TPUs, which will pay off in the future when AI is better monetized, but so far no one is directly making a massive profit from foundation models. It's a long term play.

Also, I'd argue Nvidia is massively overvalued.

Common in gold rushes but then they are selling chips. Are they overvalued? Maybe. Are they profitable (something WeWork and Uber aren't) ? Yes, quite.