Phase 1: Collect underpants. Phase 2: ?? Phase 3: Profit.

Everybody has starry dollar signs looking at last part. CEOs are really bunch of pretentious little boys (and few girls) cargo culting each other, and showing very little innovation or originality... Clearly enough for markets, till its not.

It's profitable for a large swath of hardware and datacenter adjacent companies. Look at AVGO, now trading at 1.5 trillion (which may or may not be overvalued, but the ryzen evaluation does reflect significant windfalls from AI spending). Optical interconnect/photonics companies, actual server rack builders, you name it, the pick and shovels companies are having an absolute boom in real terms, not just valuations.

I think the article points quite well out, these profits cannot be taken at face value, if they are financend by Nvidia in the form of investments.