I think everyone knows that Apple and MS provide a lot more value to their lives and the companies they work for than NVIDIA does. The problem is every tech company and countless startups have promised a very near term revolution to life on earth as we know it, due to AI. Now every single one of those companies is thinking the following:

1. A competitor might actually make the visionary future a reality, and so, falling behind is a corporate existential crisis

2. They’re nowhere close to making their vision a reality. I think companies knowingly continue to sell a healthy dose of BS to their customers in terms of AI capabilities, but I also think they’ve fooled themselves with their own arrogance. For example, Google learning in realtime with the rest of the world that their AI generated search results are sometimes outputting nonsense.

This is why I value NVIDIA over all software companies. I’m confident the latter group has hyped everything so much that most will eventually fail to meet expectations. NVIDIA just gets to sit back and watch it all play out.

I do think they’ll eventually deserve a $3T valuation some years down the line as models continue to improve and some industries truly get revolutionized.