I wouldn't bet too hard against NVIDIA. Sure their margins/extortion pricing can go down with fewer customers, but LLMs are here to stay. Datacenter and mediocre models (Open AI) and getting good ROI from buying from NVIDIA is what is nearly impossible. US models tend to all concentrate on megalithic US military Skynet ambitions, and every release is a step towards Skynet. Open models, mostly from China, tend to be smaller (in GPU/memory requirements) but have better quality/cost ratios including use on accessible (non datacenter) hardware.
It's the datacenter gpu customers, and mediocre software/llms renting/owning them, that are the huge risk. At the same time, US empire bankster allies will invest for Skynet.