The whole market continues to go up.
I’m torn.
I think Nvidia is a bubble but shorting the greatest company of a generation is daunting. Jensen Huang argues that the AI market is huge and as the leader, companies building AI will continue to pile into Nvidia chips because they’re the standard, have the software stack and they’re still the best by far. He says that companies are taking a financial risk in betting on anything other than the industry standard (NVIDIA) is too high for CEOs to justify. That’s a powerful argument.
On the flipside, Google just proved you can build a model without Nvidia chips and that means others will as well. At a $5 trillion valuation, the market has priced in an enormous moat for Nvidia that just isn’t there. In that case it would be GOOG stock taking market cap from other companies
