Nvidia has hordes of raucous gamers on the prowl waiting to tear their chips out of their hands the moment hyperscaler demand falters; plus, China has made sure there will always be plenty of open models to run for hobbyists and neoclouds, even if training compute were to drop off a cliff. They'll be just fine.

True, but Nvidia has 10x'd their market cap since the AI boom. They'll be fine, but their current financials can't be sustained by gamers alone.

I want to see the number of gamers that tear the chips from the dead hands of hyperscalers to make up for the implosion of that market. If I had to guess, half of humanity does not have interest in dedicated gaming chips. Memory, that's another story.

The market for video game hardware is absolutely puny in comparison to the datacenter GPU boom.

I saw it put quite well in a comment on reddit:

> In 2020, the gaming segment was 47% of revenue at around 8 billion. Today it's doubled to 16 billion, or 7% of revenue. That's right, data center went from 6 billion 2020 to around 198 billion today.

Even if gaming revenue doubles again when the AI bubble pops, their total revenue will still drop by something like 80%. I'm neither smart nor dumb enough to be confident about whether that's something Nvidia can survive.