Presumably because backorders will go down, production volume and revenue won't grow as fast, Nvidia will be forced to decrease their margins due to lower demand etc. etc.
Selling everything you make is an extremely low bar relative to Nvidia's current valuation because it assumes that Nvidia will be able to grow at a very fast pace AND maintain obscene margins for the next e.g. ~5 years AND will face very limited competition.
That's literally what I wrote in my post, which the parent disagreed with. You could disagree with the part that it is because inference is now cheaper - but again I'd argue that's just a different way of saying there's no moat.
Presumably because backorders will go down, production volume and revenue won't grow as fast, Nvidia will be forced to decrease their margins due to lower demand etc. etc.
Selling everything you make is an extremely low bar relative to Nvidia's current valuation because it assumes that Nvidia will be able to grow at a very fast pace AND maintain obscene margins for the next e.g. ~5 years AND will face very limited competition.