You’re right but Nvidia enjoys an important advantage Intel had always used to mask their sloppy design work: the supply chain. You simply can’t source HBMs at scale because Nvidia bought everything, TSMC N3 is likewise fully booked and between Apple and Nvidia their 18A is probably already far gone and if you want to connect your artisanal inference hardware together then congratulations, Nvidia is the leader here too and you WILL buy their switches.

As for the business side, I’ve yet to hear of a transformative business outcome due to LLMs (it will come, but not there yet). It’s only the guys selling the shovels that are making money.

This entire market runs on sovereign funds and cyclical investing. It’s crazy.