The last All in Podcast had an interesting take on this:

Most of the R&D and Capex going into LLMs/GenAI is speculative. The investments haven’t translated into real revenue yet. The expectation is that there will be a large pot of revenue at the end of the road, but we haven’t seen the killer apps to substantiate this. This makes for a perfect bubble if the promise doesn’t pan out.

Relatedly Nvidia’s revenue - as impressive as the recent growth has been - is fully exposed to this risk.

Of course it’s possible (likely?) that there will be major wins from this tech, but the fact that there isn’t definitive proof (in the form of revenue) yet represents real risk.