Dot com bust was 50% of S&P / 80% on Nasdaq... we survived it..
For Nvidia: all it will take is for one smart grad student to find a better training algorithm to destroy 75% of their value.
Why I think a better algorithm is out there:
Total installed GPU Tflops = 4 billion. Tflops of human brain = 1 million
I don't think so. We've already seen several generations of better training algorithms, but they all rely on CUDA, hence on NVidia.
It's questionable a mere algorithm would get us there without a fundamental change in computer architecture. (in terms of Intelligence / W)
that said, if all the current infrastructure could run brain-equivalent models at 20W each, I'd wager we would have much more demand than currently.