Only CUDA/Nvidia managed to build something profitable with it, a competitive advantage that could also go down the drain once more investment is put into CUDA alternatives.
And this is counting on AI hype to continue (likely, but maybe demand for hardware might eventually stabilise).
Even though semiconductors is a highly specialized industry, it's a CAPEX heavy business, you need both fabs and research and you also have too many players in the market.
People talk a lot about TSMC and the bleeding edge business(computers, phones), but that's just one part of it, but there's a whole industry of embarked software that will likely be much bigger.
I don't doubt that the sector will grow(in revenues), but I doubt they'll be able to produce a profit as high as some companies in the tech sector like advertising etc, that are much more asset-light.
I really fail to see what people see even in Nvidia/Cuda, it won't take long until others catch up, and they'll likely move back to margins closer to the industry, which are extremely low. There's even more money to be made in sectors like energy drinks.