In my 20+ years of following NVIDIA, I have learned to never bet against them long-term. I actually do not know exactly why they continually win, but they do. The main issue they have a 3-4 year gap between wanting a new design pivot and realizing it (silicon has a long "pipeline"), it can seem that they may be missing a new trend or swerve in the demands of the market, it is often simply because there is this delay.

You could have said the same thing about Intel for ~50 years.

Fair, but the 75% margins can be reduced to 25% with healthy competition. The lack of competition in the frontier chips space was always the bottleneck to commoditization of computation, if such a thing is even possible