80-90% of AI costs are related to inference. Once zAI served their new model entirely on Chinese chips for free then the nVidia jig is up.

who is going to pay back the money nVidia invests in AI labs, AI datacenter companies if the models are being served dirt cheap.

the Chinese are not the only competitor - Amazon with their Trainium, Google with their TPUs etc.

Nvidia might have a moat on training but on serving it's gonna be a blood bath.

But for now they're capturing 80% of all the AI spend so they gonna keep making money.

Pretty much fanfic. The gap between premise and execution remains limiting. Nvidia has adapted to changing markets better than anyone else up to this date which is what got them to the top in the first place. What makes you think "this time it's different?"

The fallacy I see repeatedly is someone spots a legitimate issue that could hurt Nvidia and by the time they have stood up the challenge to pull that off, Nvidia has pivoted and addressed it. Or more recently, they just acquired it like Groq.

For your premise to hold, you're asserting Nvidia is blind to inference. And yet his public positioning suggests otherwise.

https://qz.com/nvidia-gtc-2026-jensen-huang-keynote-takeaway...

What makes you think they've hit some sort of metaphorical iceberg and all they'll do before they sink is rearrange deck chairs?

> But for now they're capturing 80% of all the AI spend so they gonna keep making money.

And this is why the stock remains high. This hasn't even started to make a dent in Nvidia's bottom line yet.

These comparisons to Enron are absurd when Nvidia is generating this much cash flow.

Let's see the other alternatives come online and start taking away sales.

There is the Law of Demand. As ai costs plummet, demand increases, just nobody knows the curve shape yet. But could be that cheap inference is how all the AI supply meets the demand