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.
FWIW, NVDA is the leader in AI right now, but can’t meet demand. AMD is arguably 2nd or 3rd, will be able to fill the gap for 1/3 the price with equal and sometimes greater performance, and they don’t rely entirely on TSMC.