I'm absolutely not going to short Nvidia stock, but it's plausible that they're overvalued. Nvidia GPUs are pretty flexible in terms of computation and extreme

I'm absolutely not going to short Nvidia stock, but it's plausible that they're overvalued. Nvidia GPUs are pretty flexible in terms of computation and extremely power hungry. It may be that a next generation of more specialized hardware, such as TPUs or something, outperforms Nvidia GPUs on machine learning tasks to such an extent that those GPUs are obsolete for those tasks. This next generation could come to market sooner than Nvidia anticipates. Another possibility is that ML researchers figure out some ways to radically reduce the amount of compute required for good training and inference on _less_ specialized hardware. It's really impressive what you can do with llama.cpp. If open source models running on consumer grade hardware ever get to 90% as good as ChatGPT (which, to be clear, is absolutely not the case currently), then those top end GPUs are overkill for most use cases. I don't think either of those scenarios is particularly likely, but they're at least plausible.