How much of Nvidia's value do you think comes from the chips? Chips are a commodity, AMD's chips have been better and cheaper than Nvidia for many years.
The reason Nvidia's value has been so inflated is the software stack and the lock-in they offer. CUDA, CuDNN, that's where Nvidia's value lies.
And obviously, now that all relevant ML frameworks are designed for Nvidia's software stack, Nvidia has a monopoly on the supply. That's why their value is being inflated so much.
And Nvidia doesn't have produce the chips themselves, that's all contracted out as well.
The reason Nvidia's value has been so inflated is the software stack and the lock-in they offer. CUDA, CuDNN, that's where Nvidia's value lies.
And obviously, now that all relevant ML frameworks are designed for Nvidia's software stack, Nvidia has a monopoly on the supply. That's why their value is being inflated so much.
And Nvidia doesn't have produce the chips themselves, that's all contracted out as well.