Investors don't even know what NVIDIA is selling, I was listening to a random investor podcast and they were talking about Intel, AMD and NVIDIA, but no one knew what exactly they are selling, they only knew they are part of this AI bubble so that's why you should invest in them

How much of Nvidia's value do you think comes from the chips? Chips are a commodity, AMD's chips have been better and cheaper than Nvidia for many years.

The reason Nvidia's value has been so inflated is the software stack and the lock-in they offer. CUDA, CuDNN, that's where Nvidia's value lies.

And obviously, now that all relevant ML frameworks are designed for Nvidia's software stack, Nvidia has a monopoly on the supply. That's why their value is being inflated so much.

And Nvidia doesn't have produce the chips themselves, that's all contracted out as well.

Nvidia is a fabless chip designer. They design chips and software to go with the chips, but contract out the actual manufacturing.

They can't make them fast enough to satisfy hype-driven demand; they are not scaling like a tech company, but their market cap is being inflated like one.