Nvidia depends on how AI goes as they have been driving it for 10 years.
I’ve been long on NVDA for about 8 or 9 years, but I’ve trimmed my position by about 50% in the last few months. They’re doing well, but this definitely feels like a bubble to me. Ultimately what they’re selling (chips) is a commodity business. A quarter century ago, Intel seems unstoppable... until AMD and others started eating their lunch. There’s no reason to believe that NVDA has some sort of moat that will let them rule the AI space forever. Everyone wants a piece of their action, and when their competitors start delivering a comparable product, and they will, the party will be over.