Nvidia already seems to be pivoting to "Local inferencing" with stuff like RTX Spark laptops.

The problem is that local inference machines won't allow anywhere close to their current margins or gross sales figures. At the same time, the huge overbuild of GPUs is going to crash server sales and prices for around a half-decade as companies try to avoid hardware upgrades or buy cheap, used equipment to save costs.

I think Nvidia will survive, but they'll be back to something like a 1T (or lower) valuation.