It’s not the only indication that we are past the peak, I think. OpenAI’s failure to raise what they wanted, Anthropic’s likely junk rating, banks struggling to offload AI debt at fairly deep discounts, Oracle’s obvious problems, the strength of open weights and open source, a loss of confidence in Coreweave etc.

As you say, if Nvidia is chastened enough to slow its banking endeavours and that lets air out of the bubble in a progressive rather than dramatic way, that’s probably better for everyone (except OpenAI, who are probably hosed in that scenario, as they have huge commitments but are struggling to raise what they need; Anthropic might last long enough to reassess)