> should nvidia be worth more than amazon + alphabet? Probably not. Alphabet has twice the profit, and they're developing their own ML accelerators with a mode

> should nvidia be worth more than amazon + alphabet? Probably not. Alphabet has twice the profit, and they're developing their own ML accelerators with a modest amount of success. Amazon and Alphabet might be able to catch up in ML training, but Nvidia certainly won't catch up in search engines and ecommerce. > what is going to stop them from growing very strongly in the next 2 years? I can't think of anything in the next 2 years specifically, but in the next 10 years there are plenty of risks. Competitors like AMD could improve their software and gain market share with lower prices. Giants like Apple could expand their in-house hardware development of ML accelerators, leading to demand for inference hardware. Geopolitical issues could disrupt TSMC's production. But most of all, trends in ML could shift away from LLMs. And the current top players in the LLM space could decide that what they need to spend more money on is data, rather than hardware capacity. Overall, I still think Nvidia is in a great place! But at its current valuation, there are lots of risks.