AI hype
On the other hand, it will be interesting to see how much money there is in "intelligence" the more abundant it becomes.
Those are five of the top ten companies in the world by market cap.
Not many more dot-coms on the list of top 100 though:
https://companiesmarketcap.com/
It was a winner-takes-all market with a few big winners and a lot of losers.
There's a lot of product to be made. AI is already transforming a lot of businesses. It's too early to tell who the big winners will be, how the market will be structured, or what will happen.
I suspect, in the metaphor, NVidia is the Cisco or the Sun Microsystems. They power the gold rush. Cisco is #60 on biggest companies, and Sun died 14 years ago. I suspect NVidia is now overvalued, but I suspect it should still be highly-valued.
I suspect things will self-correct if AMD, Intel, or one of the startups gets software in shape. The problem is that as much as NVidia can maintain competitive advantage, competition is likely to cap profit margin. If Intel is 30% less efficient than NVidia in compute-per-dollar, than NVidia's profit margin can be at most 30% more than Intel.