The shovel business is good as long as the gold rush lasts. Once the gold rush is over, you're going to have to deal with a significant decrease in volume, unless you can find other customers.

Crypto's over, gaming isn't a large enough market to fill the hole, the only customers that could fill the demand would be military projects. Considering the arms race with China, and the many military applications of AI, that seems the most likely to me. That's not a pleasant thought, of course.

The alternative is a massive crash of the stock price, and considering the fact that NVIDIA makes up 8% of everyone's favorite index, that's not a very pleasant alternative either.

It seems to me that an ultra-financialized economy has trouble with controlled deceleration, once the hypetrain is on it's full-throttle until you hit a wall.