The valuation is completely nuts. It assumes that Nvidia's revenues will continue to grow at the same pace for many many years, without any competition. That's a very silly assumption IMO.
If AI isn't this productive then they are still the safest bubble company in the bubble.
This situation, to me, says that most people are unsure of how productive AI will be so they don't want to directly invest in it, but following dot com logic companies partaking in tech bubbles will still beat the market as long as their P/E isn't in the multi hundreds year on year. Nvidias' P/E is similar to intel back then iirc
The modern ai flavor has been there for almost two years now yet nothing hints to a productivity boost, nothing even remotely close to a scale that would be relevant.