Other hardware manufacturers also wastly more profitable - RAM, SSD, HDD and literally everyone in datacenter supply chain.
It goes back to the whole, you don't make money mining gold, you make money selling shovels. Nvidia has been playing every tech hype cycle recently. Question is, what will be next.
Not bad wealth redistribution, Big Tech had tons to spend! Red bar go brrrrr.
It's historically called: selling buckets and shovels during a gold rush.
The only way to get consistently rich in any bubble economy.