1. The hardware isn't nVidia's primary moat. CUDA is. Currently all machine learning tooling assumes you have a CUDA device.
2. The hype cycle may be real, but nobody really knows how much better AI will become. The uncertainty is driving the hype (which is obviously on the optimistic side), but it could well be that models become so good that everyone "needs" an AI chip like how we "need" a smartphone today.
3. The gaming/graphics market is probably going to slowly shrink. There's only so many pixels you can push to the eye. There's very real diminishing returns there. At some point people literally won't be able to tell the difference between the newer/better/faster graphics and the older generation, at which point the GPU vendor's margins drop significantly.
People really don't appreciate this. So many times I see people comment that AMD should implement CUDA and not try to get software to move standard.
AMD have a massive task ahead because they NEED to get CUDA unseated just to play on a level playing ground, let alone win.
If you haven't yet, buy some bitcoin and stop letting the government steal your hard earned money through inflation.