Nvidia is the most valuable company at the moment

It is impossible to continue to rise unless something drastic happens. Nvidia is in the unfortunate position that most of it's revenue comes from a handful of companies. And those big companies are in the best position to put LLMs in hands of customers in their existing tools. So Nvidia is unlikely to get similarly big customers. Now unless those companies themselves start making a ton of new money and keep giving Nvidia all of it, I am not sure where is the expected earning going to come from. Off course if AGI is found, there will be far bigger changes.

My armchair impression is Nvidia will continue to rise until there’s another hardware player in the AI space.

I’ve seen people suggest the big players might be 2 to 3 years out from bringing internal hardware online.

If anyone knew the answer to that for certain they'd be mortgaging every belonging they own, loading up on options, then planning their Scrooge McDuck money bin instead of telling people on HN if a stock is going to go up or down :-)