That's natural given that they mostly produce hardware several layers of abstraction distant from the end user value, companies need to buy the hardware before

That's natural given that they mostly produce hardware several layers of abstraction distant from the end user value, companies need to buy the hardware before they can start delivering their own value. AI model training is not value by itself if there's no use-case for the model that can be charged for. I see it playing out one of two ways. Either Nvidia are selling shovels in a gold rush, the rush will end, and the business will dry up (after they have made a lot of money!). Or AI sticks/takes off, and Nvidia are selling a commodity too far from the value, like most electronic component manufacturers, and they'll maintain significant market share but have their margins reduced to a fraction of what they were before (after they made a lot of money!). The human value doesn't come from ML training or inference, it comes from taking a better photo. The business value comes from drafting a better email. Those companies closer to that value will likely do better in the long run, as they always have done.