Thank you! Been trying to explain this for ages.

nVidia’s current stock price reflects the idea that they’re going to continue selling ungodly amounts of GPUs for ludicrous prices. Once neoclouds fold and there’s a glut of them on the market, and hyperscalers pause AI data center construction because they’ve overextended their capex, sales slow down and so does their stock price.

They’ll continue to sell GPUs but it’ll be far fewer of them for far less money and all those people excited to own their stock will stop buying it and the price will stagnate, if not drop, staying depressed for years.

Not to mention all their investments in these AI companies and neoclouds will drop to zero as they begin to fold. And all the circular financing will come back to bite them. They’re in for a rough time, possibly for decades.