It's not like AI hasn't been delivering during these past 3 years, and it's just getting started.

There's no one stealing market share from Nvidia at the moment. Groq and Tenstorrent are extremely promising, but both are still private companies. Once Groq goes public, Nvidia will tank a bit for a while while all the "experts" announce the end of Nvidia. I wouldn't be surprised if then Nvidia would then also sell specialized AI accelerators, if they find that segment attractive enough due to losses in general GPU demand created by those companies.

I'm AI-positive (now), but yes this sounds like a chip bubble. NVIDIA seem to be good at chasing these bubbles -- first crypto mining, now AI. It wouldn't surprise me to find one of the major buyers is a speculator (hedge fund led by crypto bros, for example).