The thing with Nvidia is that it doesn't have a large "sticky" customer base that is guaranteed to spend money year after year on new products. If you look at other large tech companies with similar valuations (Apple, Microsoft, Amazon, Google, Meta), none of them are in danger of their core business disappearing overnight. In Nvidia's case, if large tech companies decide they don't need to continue loading up on AI chips and building larger data centers then they are back to where they were in ~2020 ($100-150B market cap from selling GPUs to gamers and professionals working on graphics-intensive apps).
