Nvidia probably doesn't really have really serious liabilities as long as it has actually produced all the GPUs it has sold on a buy-and-hold basis.

It's fabless, right? So they haven't even built out wasted manufacturing capacity.

As long as the GPUs they have sold are really sitting in a warehouse in Taiwan or somewhere in the USA, they are making properly concrete money.

The fact that nobody else is making real money, that will eventually come back to bite them, but Nvidia will just see its business shrink; it will have to scale back if the bubble bursts, but it will get out with much of that money intact.

The other parties swimming in money are memory chip makers. And I think list pretty much ends there. They might or might not over commit for future and eat the cost. But they too might be good with these profits even if future fabs lose some money.