There seems to be a non zero chance that AI is a transformative tech a la the internet. Then the bear case becomes is Nvidia the same as Cisco in 1999? Did Cisco have a moat like CUDA? Will the AI boom be like 1999? Do you compare p/e, forward p/e or p/s which all paint a different picture of how similar the stocks are.

I would suggest it’s not totally apparent what will happen with the Nvidia stock price, especially as the ramifications for the world could be so huge if AI is as transformative as speculated. It threatens the stability of many other markets / stocks.

Time will tell!